Ministry of Trade, Industry and Energy

Japan’s Toray Industries to invest KRW 500 bln in Gumi City, North Gyeongsang Province

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 22 that it entered an investment cooperation memorandum of understanding (MOU) on May 22 in Seoul with Gumi City, North Gyeongsang Province, and Japan’s Toray Industries on the establishment of an advanced materials production plant.   According to the MOU, Toray Industries plans to invest a total of KRW 500 billion in Gumi City through 2023–2025 to build facilities for producing carbon fiber, aramid fiber, information technology (IT) film materials, and secondary battery separator film. MOTIE, along with North Gyeongsang Province and Gumi City, will be providing the necessary financial and administrative support in this investment plan implementation.   The world’s leading carbon fiber composite materials producer, Toray Industries has invested an estimated five trillion won and created 4,000 job openings in Korea over the last 60 years.   The MOU was inked following Toray Industries’ aramid fiber plant investment declaration submitted in April during Minister Ahn’s visit to Tokyo. MOTIE will be providing support from multiple facets for the successful investment implementation and for expanding cooperation to aerospace and defense as well. date2024-05-23

Korea to advance cooperation with Global South by jointly nurturing local industrial talents

Deputy Minister for Trade Yang Byeong-nae chaired a seminar on May 22 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with the participation of relevant industries, academia, and institutions on “Joint Nurturing of Global South Industrial Talent” and discussed measures for training and utilizing local talents in the Global South.   During the seminar, Korea Institute of Industrial Technology (KITECH) shared how the steel manufacturer POSCO is in partnership with local Indonesian schools to train professional talent in steel industry areas prior to recruiting them at local POSCO plants. KITECH added that POSCO plans to nurture 300 and 900 private and public sector talents this year, respectively, and proposed that the Government consider supporting similar demands of other private companies to heighten public-private synergy.   Addressing the shortage of industrial and technology R&D talents, the Office of Strategic R&D Planning explained the need to secure quality R&D talents by supporting the cost of stay for those who have finished studying for degrees here to encourage plans for employment in Korea, underscoring the need for cooperation in technology development, demonstration, and deployment based on quality people exchanges with the Global South.   Deputy Minister Yang said that “Countries in the Global South are showing considerable interest in collaborating with Korea in areas of industrial talent training in nurturing their manufacturing sectors, and locally operating Korean firms are sensing the need for cooperation as well,” and stated that MOTIE will bolster joint talent training with the Global South. date2024-05-23

Vice Minister chairs 5th Export Items Assessment Meeting

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the fifth Export Items Assessment Meeting on May 21 at the Government Complex Seoul to discuss May export outlook and promotion measures by item. date2024-05-22

Korea's exports climbing strong amid expectations for continued growth in May

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the fifth Export Items Assessment Meeting on May 21 to take stock of this month’s exports situation.   Since snapping the losing streak in October 2023, Korea’s exports are showing strong growth and leading the country’s overall economic advancement in Q1 2024. Early this month, the Organization for Economic Cooperation and Development (OECD) revised its forecast for Korea's economic growth for 2024 to 2.6 percent, up 0.4 percent from its previous February forecast.   Korea’s aggregate export value through January–April in 2024 reached USD 220 billion (up 9.6 percent year-on-year), strongly backed by double-digit growth of IT goods like semiconductors (up 52.0 percent), displays (up 13.4 percent), and computers (up 36.4 percent). Major items like automobiles (up 4.7 percent), ships (up 47.5 percent), and general machinery (up 0.9 percent) likewise achieved growth.   Vice Minister Kang remarked that “Whereas semiconductors spearheaded the export growth in the first quarter, growth was seen across all IT items and major export items during the month of April,” and added that he looks forward to seeing May's exports and trade balance maintain this growth momentum and that public-private joint efforts will be made to reach the record high export target set for this year.   To this end, MOTIE will increase financial, marketing, and certification support for exporters and provide tailored support according to business category and company size. The vice minister stated that further measures for pan-ministerial export support will be established in tandem with the Ministry of Economy and Finance (MOEF) and other related ministries. date2024-05-21

Korea-Cambodia Business Forum

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Cambodia Business Forum, co-hosted by the two countries’ Chambers of Commerce, on May 16 in Korea on the occasion of Cambodian Prime Minister Hun Manet’s visit. A total of six memorandums of understanding (MOUs) were signed at the forum.   The forum was attended by approximately 250 persons, consisting of representatives of the two countries' governments, companies, and related institutions, to discuss measures for Korea-Cambodia economic cooperation, investment and promising sectors, and Korean companies’ Cambodia market entry success cases. date2024-05-20

Korea and Cambodia hold Business Forum

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Cambodia Business Forum, co-hosted by the two countries’ Chambers of Commerce, on May 16 in Korea on the occasion of Cambodian Prime Minister Hun Manet’s visit.   The forum was attended by approximately 250 persons, consisting of representatives of the two countries' governments, companies, and related institutions, to discuss measures for Korea-Cambodia economic cooperation, investment and promising sectors, and Korean companies’ Cambodia market entry success cases.   In his congratulatory address, Minister Ahn stated that it is the optimal opportunity for the two countries to step up their economic cooperation, noting the signing of the bilateral Free Trade Agreement (FTA) and Regional Comprehensive Economic Partnership (RCEP) joint participation, and proposed measures for expanding trade and investment, upgrading advanced industrial cooperation, and achieving carbon neutrality by 2050.   A total of six memorandums of understanding (MOUs) were signed at the forum. Korea Chamber of Commerce and Industry (KCCI) and Cambodia Chamber of Commerce (CCC) entered an MOU for supporting both countries’ companies through business partner matchings and trade and investment information provision. In addition, four financial cooperation MOUs and one infrastructure cooperation MOU were sealed, signaling the vitalization of private economic cooperation as well. date2024-05-20

Trade Minister attends "Trade Liberalisation: FTAAP" session

Minister for Trade Inkyo Cheong attended the "Trade Liberalisation: FTAAP" session at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting on May 18 in Arequipa, Peru and discussed new directions for FTAAP within APEC in view of the changing trade landscape. date2024-05-20

Trade Minister meets Indonesia’s Trade Minister

Minister for Trade Inkyo Cheong met with Indonesia’s Trade Minister Zulkifli Hasan on May 18 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed bilateral trade issues, including electric vehicles and battery cooperation. date2024-05-20

Trade Minister meets China International Trade Representative

Minister for Trade Inkyo Cheong met with Wang Shouwen, China International Trade Representative and Vice Minister of Commerce, Ministry of Commerce, on May 18 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed bilateral economic cooperation. date2024-05-20

Trade Minister meets U.S. Trade Representative

Minister for Trade Inkyo Cheong met with U.S. Trade Representative Katherine Tai on May 17 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed bilateral trade issues. date2024-05-20