Ministry of Trade, Industry and Energy

31st Korea-Japan Business Conference

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn attended the 31st Korea-Japan Business Conference on October 18 in Seoul, co-hosted by the Federation of Korean Industries (FKI) and the Japan Business Federation. The event was attended by the organizations' chairmen Jin Roy Ryu and Masakazu Tokura along with the participation of both countries’ business leaders. date2024-10-21

40th Trade Promotion Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 40th Trade Promotion Committee meeting on October 17 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and led discussions on key agenda items and plans regarding the Trade Policy Roadmap implementation, upcoming U.S. presidential elections, and bilateral Supply Chain Partnership Arrangements (SCPAs). date2024-10-17

40th Trade Promotion Committee seeks swift implementation of Trade Policy Roadmap to curb global uncertainties

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 40th Trade Promotion Committee meeting today at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and led discussions on key agenda items and plans regarding the Trade Policy Roadmap implementation, upcoming U.S. presidential elections, and bilateral Supply Chain Partnership Arrangements (SCPAs). At the meeting, representatives of economy and trade related ministries agreed to swiftly establish plans for implementing the Trade Policy Roadmap announced this August in order to respond to the increasingly volatile trade environment and intensifying geopolitical risks. They also discussed the U.S. presidential election situation and exchanged views on plans going forward. Concerning the bilateral SCPA signed with Singapore on October 8 on the margins of the Korea-Singapore summit, attendees discussed measures to expand the supply chain partnership network by pushing SCPAs with other major countries as well. In view of recently increasing global uncertainties and geopolitical crises, Trade Minister Cheong noted the importance of minimizing business uncertainties for companies through the prompt implementation of the Trade Policy Roadmap and careful preparation with respect to the U.S. elections.  The trade chief further shared plans to build multilevel supply chain solidarity by widening the scope of the SCPA, which is the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement upgraded to a bilateral agreement.   date2024-10-17

Boom-Up Korea Week 2024 to launch on historic scale, boosting exports and local economies

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the launching of Boom-Up Korea Week 2024 (“Boom-Up”) from October 16–31, during which invited buyers from around the world will be visiting Korea to strike business deals with prospective companies.  This year, the Boom-Up will be held on an unprecedented scale, integrating 20 industry exhibitions and cultural tour programs. Substantial companies from all parts of the country intend to showcase their products and technologies to global buyers at various exhibition sites including Offshore Korea 2024 in Busan, Korea Electronics Show (KES 2024) and Semiconductor Exhibition (SEDEX 2024) in Seoul, Daegu International Future Auto & Mobility Expo 2024, and RobotWorld 2024 and the Korea International Construction Equipment Exhibition (CONEX KOREA 2024) in Ilsan.  Whereas previous Boom-Ups were mainly organized by the Korea Trade-Investment Promotion Agency (KOTRA) and centered around the Seoul metropolitan area, this year’s Boom-Up is promoted nationwide and held across a number of major exhibition centers including COEX, BEXCO, KINTEX, and EXCO, involving the participation of a wide range of export assistance institutions such as exhibition operators, local government bodies, and the Korea Tourism Organization. An all-time high number of 1,000 buyer companies from 62 countries and 3,000 Korean firms are taking part in the event.  This year’s Boom-Up organizers are also concentrating effort to enhance buyer-oriented export marketing by streamlining services so that buyers’ needs can be better met by relevant product matching and business consultation sessions through cooperation among nationwide exhibitions, with further assistance for transport service between exhibition sites.  Moreover, the Ministry of Culture, Sports and Tourism (MCST) and local authorities are collaborating to provide culture and tour experiences tied to each local exhibition. All buyers will be given local tourism vouchers they can use in paying for lodging, meals, and excursions such as cruises on the Han River and visits to local markets and Korea’s landmarks like Gwanghwamun Gate, Gyeongbokgung Palace, and Imjingak Peace Nuri.  This greater scale Boom-Up is anticipated to weave Korea’s diverse exhibitions and tourism events into a singular program for invigorating both the domestic economy and exports. During their two-week visit, buyers will be provided information on promising business opportunities and engage in in-depth consultations leading to tangible outcomes.  MOTIE Minister Dukgeun Ahn stated that he looks forward to this year’s Boom-Up serving as a catalyst for Korea’s latter half export drive and fueling the domestic economy amid the recent inflation.   date2024-10-15

G7 Industry and Technological Innovation Ministerial

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki attended the G7 Industry and Technological Innovation Ministerial on October 10 in Rome, Italy, as Chief Delegate of the Korean government.   The session was attended by representatives of the G7 members (Italy, Canada, EU, France, Germany, Japan, UK, U.S.) for discussions on global challenges with regard to the resilience and sustainability of the critical materials supply chain and related policy measures. date2024-10-11

Hallyu Expo 2024 to launch in Tokyo, spurring further export momentum and bilateral exchanges

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea will hold the Tokyo Hallyu Expo 2024 (“Hallyu Expo”) from October 12–13 in Tokyo through joint organization with Korea’s Ministry of Culture, Sports and Tourism (MCST), Ministry of Agriculture, Food, and Rural Affairs (MAFRA), Ministry of SMEs and Startups (MSS), and the Korea Trade-Investment Promotion Agency (KOTRA). The Hallyu Expo is an event organized to promote brand awareness and overseas market entry of Korea’s promising consumer goods and services across global regions experiencing Hallyu (Korean Wave). With the 60th anniversary of Korea and Japan’s normalization of diplomatic relations and the Osaka Expo both slated for next year, the Hallyu Expo’s launch in Tokyo will serve as a jumpstart to providing support for Korean companies’ Japanese market penetration. This year’s Hallyu Expo will host a large-scale trade show through collaboration with K-POP artists. A total of 428 buyers from home and abroad will take part in the trade show and roughly 40,000 people coming for the K-POP concert will be participating in the Hallyu Expo as well. The Hallyu Expo’s opening ceremony will share congratulatory video messages from some of the two countries’ representatives including Korea’s Ambassador to Japan Park Cheol-hee and Japan-Korea Friendship Association Federation Chairman and Japan’s former Prime Minister Suga Yoshihide. Since the establishment of diplomatic ties in 1965, Korea-Japan relations have advanced to an important partnership for economic cooperation. With increasing intergovernmental and people-to-people exchanges, the number of mutual travelers reached 9.27 million in 2023 and the two countries expect the number to surpass an all-time high of 10 million this year. MOTIE aims to make use of the occasion to promote Korean consumer goods like food and cosmetics, services, and MPE (materials, parts, equipment) companies to Japanese buyers and directly communicate the strengths of Korean products to Japanese consumers. The Hallyu Expo will also take active advantage of online platforms to incorporate the changing consumer trends, showcasing various programs for participants to gain firsthand experience of Korea’s industry and culture.   date2024-10-11

Korea highlights importance of policy coordination for global supply chain resilience at G7 Ministerial

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki attended the G7 Industry and Technological Innovation Ministerial on October 10 in Rome, Italy, as Chief Delegate of the Korean government. The session was attended by representatives of the G7 members (Italy, Canada, EU, France, Germany, Japan, UK, U.S.) for discussions on global challenges with regard to the resilience and sustainability of the critical materials supply chain and related policy measures. Deputy Minister Roh assessed that the recent global challenges, such as geopolitical tensions, climate change, and digital transition, are exposing vulnerabilities of the existing supply chain and shared how Korea is taking steps to reduce dependence on other countries through the “3050” strategy to halve its import dependence of critical items by 2030, while enhancing disruption predictability and minimizing repercussions through the Early Warning System.  He also added that Korea is in the process of establishing the Industrial Supply Chain Data Platform, which will enable companies to exchange valuable supply chain data without having to disclose trade secrets. Highlighting that global supply chain resilience and sustainability are difficult goals for countries to attain solely by individual effort, the deputy minister emphasized that long-term strategy and joint policy coordination are essential. He stated that Korea, as the inaugural chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network (CRN) and next year’s chair of the Asia-Pacific Economic Cooperation (APEC), is committed to cooperating with G7 members in turning the global challenges into opportunities for growth and innovation.   date2024-10-11

Korea and Singapore sign 10 MOUs on margins of bilateral Business Forum

MOTIE Minister Dukgeun Ahn and Singapore’s Minister for Manpower and Second Minister for Trade and Industry Tan See Leng attended the Korea-Singapore MOU signing ceremony on October 8 in Singapore on the margins of the bilateral Business Forum with the participation of the two countries governments, companies and institutions, where they signed 10 MOUs in energy, infrastructure, high-tech industries, retail, and commerce. date2024-10-10

Korea and Singapore advance cooperation in supply chains, energy, and high-tech industries

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 8 that the ministry will be expanding forward-looking cooperation in areas like supply chains, energy, and high-tech industries with Singapore, the global hub of logistics, technology, and energy, on the occasion of Korean President Yoon Suk Yeol and First Lady Kim Keon-hee’s state visit. First, on the margins of the Korea-Singapore summit talks (October 8), MOTIE entered into three intergovernmental memorandums of understanding (MOUs) with Singapore’s Ministry of Trade and Industry (MTI). The two ministries sealed the Supply Chain Partnership Arrangement (SCPA), Korea’s first bilateral supply chain partnership agreement. Under the SCPA, Korea and Singapore will closely monitor and exchange supply chain disruptions, convene emergency meetings, and provide mutual customs support. MOTIE also inked an MOU with Singapore for cooperation in liquefied natural gas (LNG) areas such as LNG swaps and joint purchases with an aim to stabilize domestic natural gas supplies and reduce costs. Lastly, the two ministries forged a technology cooperation MOU to push joint R&D in future mobility, artificial intelligence (AI), renewable energy, and other high-tech industries, through which both sides look forward to creating synergy from Singapore’s advanced innovative capacity and Korea’s high-tech manufacturing technology. The MOU signing ceremony was followed by the Korea-Singapore Business Forum, organized by the Korea Chamber of Commerce and Industry (KCCI) and Singapore Business Federation (SBF) with the participation of 250 persons, including MOTIE Minister Dukgeun Ahn and Singapore’s Minister for Manpower and Second Minister for Trade and Industry Tan See Leng. The two countries’ companies and institutions signed 10 MOUs in energy, infrastructure, high-tech industries, retail, and commerce. In hydrogen, LNG, and other energy and infrastructure areas, the two sides sealed five MOUs. They plan to engage in joint research in next-generation energy systems, hydrogen technology, and clean energy areas with the participation of both countries’ businesses and universities. In high-tech, two MOUs were inked, including one on the commercialization and market expansion of autonomous cars. Through the MOU, it is expected that Korea’s self-driving carmakers will be able to establish a base for entry into Southeast Asian markets. In retail and commerce, Korea and Singapore closed two MOUs, spurring anticipation for Korean food and retail businesses’ further entry into Asia’s logistics hub. In entertainment, the two sides inked an MOU for promoting K-POP performances and events across Singapore and other Asian markets as well as supporting the discovery of new artists. MOTIE plans to provide active assistance so that the MOUs forged on this occasion can lead to tangible outcomes.   date2024-10-10

FDI pledged to Korea in Q1–Q3 reach historic $25.2 bln

The Ministry of Trade, Industry and Energy (MOTIE) announced today that the accumulated foreign direct investments (FDIs) pledged to Korea through January–September in 2024 (Q1–Q3) rose 5.2 percent year-on-year to an unprecedented USD 25.2 billion. The manufacturing sector soared 36.4 percent to $12.3 billion, renewing the quarterly high reached in Q3 2023. Electrical/electronics (up 35.9 percent to $4.5 billion), machinery/equipment/precision medicine (up 128.5 percent to $1.7 billion), and pharmaceuticals (up 136.4 percent to $0.7 billion) are among sectors that enjoyed steep climbs. Meanwhile, the service sector slowed to $12.0 billion (down 13.3 percent) as a result of the base effect from last year’s large-scale investments. FDI pledged from Japan hit historic highs at $4.7 billion (up 412.7 percent), followed by investments from China (up 316.3 percent to $4.6 billion), the EU (down 1.4 percent to $4.0 billion), and the U.S. (down 39.9 percent to $3.1 billion). By type, M&A investments pledged to Korea shrank 12.7 percent to $6.3 billion, whereas greenfield investments pledged to Korea grew 12.9 percent to $18.9 billion. FDI commitments made to non-capital regions hiked 2.7 percentage points to 26.4 percent of the entire FDI pledged to Korea.   date2024-10-02