Ministry of Trade, Industry and Energy

Minister Ahn chairs 3rd Global Trade Strategy Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the third Global Trade Strategy Meeting today in Seoul with the participation of relevant experts and representatives of economic groups and major industries including semiconductors, automobiles, battery, and steel.  Today’s meeting was held to take stock of the current situation in the lead up to the U.S. presidential elections with related investor companies and industries and to discuss public-private joint response measures. Based on experts’ analyses on the possible economic and political impact from election results, attendees engaged in in-depth talks on Korea’s U.S. outreach progress, future plans, as well as industries’ response measures. Industries’ representatives asked that the Government establish stable cooperative ties with the incoming U.S. regime to ease export and investment uncertainties, while also acting as their spokesperson. They further shared that they are working through numerous private sector channels to reduce U.S. trade risks. Minister Ahn highlighted that based on the solid Korea-U.S. alliance, the Korean government plans to strengthen industrial and trade cooperation with the U.S. and concentrate policy endeavors on prioritizing support for Korean firms’ smooth business management, ensuring that industries will be promptly updated on related information and that the public-private joint team will swiftly and proactively respond to the varying global trade risks. The Ministry of Trade, Industry and Energy (MOTIE) plans to hold another Global Trade Strategy Meeting subsequent to U.S. elections to discuss major trade issues and response measures with the participation of public and private sectors.   date2024-10-31

Trade Minister Cheong discusses trade and economic cooperation with Louisiana Governor

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Louisiana Governor Jeff Landry today and discussed Korean companies’ investment in the state of Louisiana and measures for stronger Korea-U.S. economic and trade cooperation.  During the talks, Trade Minister Cheong mentioned that he looks forward to deeper collaboration with the state of Louisiana in areas like petrochemicals, hydrogen, and CCUS (carbon capture, utilization, and storage), as it is the third largest natural gas producing state in the U.S. With regard to creating a stable business environment for Korean firms engaging in joint projects and investment in the U.S., both sides concurred that continuity of major U.S. policies is important, especially those likely to directly impact the two countries’ trade and economic cooperation such as the inflation reduction act (IRA), which incentivizes clean hydrogen production and carbon capture. They further noted that this kind of policy continuity is beneficial for not only bilateral economic cooperation, but for the U.S. economy as well. The two sides also agreed that current Korea-U.S. relations are more solid than ever on account of the bilateral summit and the Camp David Summit. They shared the view that bilateral ties are growing closer and stronger centering on advanced industries, giving a joint nod towards the need to maintain stable cooperative relations for both countries’ development.   date2024-10-31

From latest global trends to export strategy, Overseas Certification Trends 2024 provides one-stop update

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the Overseas Certification Trends 2024 (“Trends 2024”) on October 31 at the Seoul Trade Exhibition Center (SETEC) together with 13 overseas certification assistance institutions, including the Korean Standards Association (KSA) and the Korea Trade-Investment Promotion Agency (KOTRA). With the participation of 170 attendees from export businesses and relevant organizations, the event was held to help companies at the forefront of certification issues through several programs, including a session dedicated to addressing the latest global certification trends on cybersecurity, environmental, social, and governance (ESG) principles, halal, and trade, followed by briefings on export assistance programs by KOTRA, Korea SMEs and Startups Agency (KOSMES), and the Korea International Trade Association (KITA). Meanwhile, another session engaged participants in consultations on overseas certifications concerning key items like electrical and electronic devices, textiles, and daily necessities. MOTIE plans to further launch these kinds of certification assistance briefings and consultations on a greater scale with focus on specific regions and items, while strengthening the ministry’s three main support policies in the following ways: by continuously broadening the range of items for which overseas certifications can be obtained within Korea under mutual agreement; by building more equipment and infrastructure for domestic testing to boost the competitiveness of high-tech industries such as future mobility and medical devices; and by enhancing cooperation with testing and certification bodies and export assistance institutions in order to resolve onsite issues. KATS President Jin Jong-wook stated that cooperation with related institutions is vital when it comes to overseas certifications due to the wide range of countries and products involved, adding that KATS will give full measure to help Korea’s export companies swiftly respond to the changing regulatory environment.   date2024-10-31

Deputy Trade Minister meets U.S. economic delegation

Deputy Minister for Trade Park Jong-won at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea met the U.S. economic delegation led by U.S.-Asia Institute (USAI) Vice Chair Tami Overby on October 30 in Seoul and discussed measures for wider bilateral trade and industrial cooperation. date2024-10-31

Deputy Trade Minister discusses bilateral economic & industrial cooperation with U.S. delegation

Deputy Minister for Trade Park Jong-won at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea met the U.S. economic delegation led by the U.S.-Asia Institute (USAI) today and discussed measures for wider bilateral trade and deeper cooperation in bio and other advanced industries. Headed by USAI Vice Chair Tami Overby and composed of representatives of companies like Coupang, Organon, MPSC, and FedEx, the delegation visited Korea to bolster Korea-U.S. economic cooperation and create new business opportunities, expressing strong interest in the Asia-Pacific Economic Cooperation (APEC) Summit 2025 to be hosted by Korea.  During the talks, Deputy Trade Minister Park took stock of U.S. firms’ business situation in Korea and articulated the Korean government’s commitment to strengthening bilateral economic cooperation. He highlighted the need for companies’ active cooperation for the two countries’ relations to advance towards a solid alliance of high-tech industries and supply chains. Meanwhile, the deputy trade chief remarked that Korea is giving full measure to host a successful APEC summit upon its resuming the APEC chairmanship in 20 years and asked for U.S. business leaders’ interest and support so that the summit can serve as a platform for cooperation across the Asia-Pacific region’s political, economic, social, and such diverse areas.   date2024-10-30

Korea launches “K-FEZ DAY in Singapore”

The Ministry of Trade, Industry and Energy (MOTIE) held “K-FEZ DAY in Singapore” on October 29 in Marina Bay Sands, Singapore, to promote Korea’s free economic zones (K-FEZs). The event was attended by approximately 90 persons from Singaporean companies, venture capital firms, and financial institutions. A group composed of authorities from the Gyeonggi, Gwangyang Bay Area, Busan-Jinhae, Ulsan, and Incheon FEZs led the local K-FEZ promotion, taking advantage of their first opportunity to promote K-FEZs to Singaporean investors. A prominent investor through the Government of Singapore Investment Corporation (GIC) and Temasek, Singapore recently invested in Korean firms such as Kakao Entertainment and Celltrion. The Southeast Asian country’s accumulated investment in Korea amounts to USD 33 billion. Following an overview on K-FEZs, each of the K-FEZ Authorities presented their respective economic zone’s local strengths and held one-on-one consultations with Singaporean investors. In addition to Korea’s existing investors, those from 50 major investor companies including Enterprise Singapore (ESG), Temasek, and GIC’s PE also took part in the consultations.   date2024-10-29

Trade Minister Cheong meets Korean firms operating in local Brazilian market

Korea’s Minister for Trade Inkyo Cheong held a meeting with Korean firms operating in the local Brazilian market on October 25 in São Paulo and discussed business issues. date2024-10-28

B20 Trade Ministers' Session

Korea’s Minister for Trade Inkyo Cheong attended the B20 Trade Ministers' Session on October 25 in Brazil and asked for business leaders’ active participation in the APEC CEO Summit 2025 following his presentation under the theme of governance, resilience, and stronger efficiency for sustainable trade and investment. date2024-10-28

Trade Minister meets South Africa’s Deputy Minister of Trade, Industry and Competition

Minister for Trade Inkyo Cheong of the Republic of Korea met South Africa’s Deputy Minister of Trade, Industry and Competition Zuko Godlimpi on October 24 in Brazil for bilateral talks on Korea-South Africa economic cooperation on margins of the G20 Trade and Investment Ministerial Meeting. date2024-10-25

Trade Minister meets UK’s Secretary of State for Business and Trade

Minister for Trade Inkyo Cheong of the Republic of Korea met UK’s Secretary of State for Business and Trade Jonathan Reynolds on October 24 in Brazil for bilateral talks on Korea-UK trade issues on margins of the G20 Trade and Investment Ministerial Meeting. date2024-10-25