Ministry of Trade, Industry and Energy

Korea and Malaysia hold trade ministerial talks

Minister for Trade Inkyo Cheong of the Republic of Korea met with Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz today in Seoul on the occasion of Malaysian Prime Minister Anwar Ibrahim’s visit to Korea (November 24–26) and discussed various pending issues including measures for the swift conclusion of the Korea-Malaysia Free Trade Agreement (FTA), clean energy projects in green hydrogen and carbon capture, as well as local business issues experienced by Korean companies in Malaysia. Notably, the two sides agreed to step up Korea-Malaysia FTA negotiations with the goal of reaching a deal by 2025. Malaysia is Korea’s third largest trading partner and fourth largest investment destination among ASEAN countries. In view of their mutually complementary trade structure, the bilateral FTA is anticipated to serve as a strong trade and investment foundation for Korea in the ASEAN market. On the margins of the Korea-Malaysia summit (November 25), MOTIE and Malaysia’s Ministry of Economy entered a memorandum of understanding (MOU) for cooperation in carbon capture and storage (CCS) with both countries’ leaders present. This agreement establishes the groundwork for cooperation on the smooth implementation of the two countries’ cross-border CCS project, while also facilitating discussions for the bilateral agreement on cross-border transport of carbon dioxide and thereby kicking related companies’ business endeavors into high gear. Korean President Yoon Suk Yeol proposed that the two countries seriously push forward bilateral efforts for greenhouse gas (GHG) reduction based on the CCS cooperation MOU sealed this day. Both leaders agreed that achieving carbon neutrality and transitioning to a green economy are vital for facilitating sustainable development. Meanwhile, Korea’s energy and industry institutions and companies signed three MOUs with their Malaysian counterparts for cooperation in minerals, trade, and hydrogen. MOTIE plans to strongly back these MOUs so that they can translate into tangible outcomes. Prior to the trade ministerial talks, the Korea-Malaysia Business Forum was jointly hosted by the Malaysian Investment Development Authority (MIDA) and the Malaysia External Trade Development Corporation (MATRADE), attended by approximately 200 representatives of both countries’ governments and institutions. During the forum’s Q&A session, Prime Minister Ibrahim listened to local investment issues facing Korean firms in the Malaysian market.   date2024-11-25

Startups now rising as key partners for middle-market businesses in open innovation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held a forum today in Seoul to spur shared growth between middle-market companies and startups, with the participation of roughly 130 attendees from relevant companies and institutions. Launched in 2020 by MOTIE and convened on an annual basis, the forum aims to catalyze joint growth through combining middle-market companies’ business capacity and startups’ innovative technologies. This year, the forum consisted of a presentation session for sharing best practices of global companies, middle-market firms, and startups; an artificial intelligence (AI)-based development program demonstration; and startups’ promotion of their leading technologies. In introducing best practices, India’s Tata Consultancy Services and Korean startups like Byucksan, Techcross Water & Energy, and Daewon CTS shared their experience and knowhow on joint projects with startups. DLIT gave a demonstration of its AI-based solutions for handling overseas firms’ RFx, developed through collaboration with a startup. In addition, four startups—Hulampro, Metazone, Kaier, and GUPSA—showcased their respective technology solutions for human resources (HR) automation, VR- and AR-based ultra-immersive interactive experience, and project-based interdivisional collaboration assistance. In this year alone, MOTIE uncovered seven project models for collaboration between middle-market companies and startups, providing support in areas of technical verification and new business development training.   date2024-11-25

Trade Minister chairs conference assessing trade landscape for firms in Vietnam

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy concerning Vietnam under the new U.S. administration and to take stock of the possible impact on Korean businesses operating in the local Vietnamese market. The conference was attended by relevant ministries, institutions, and companies including KITA, KOTRA, KIEP, Samsung Electronics, and POSCO. date2024-11-25

Trade Minister chairs conference to assess trade landscape for Korean businesses in Vietnam

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy concerning Vietnam and to take stock of the possible impact on Korean businesses operating in the local Vietnamese market. The conference was attended by relevant ministries, institutions, and companies. Following the previous conference on Mexico, today’s conference aims to seek public-private joint measures regarding Vietnam, Korea’s third largest trading partner and home to 9,000 Korean businesses. Korea is Vietnam’s largest investor with firms locally operating in various areas including semiconductors, textiles, and electrical and electronics. Possible policy shifts toward Vietnam under the Trump administration may also impact Korean businesses in the market. MOTIE plans to thoroughly examine global trade environment changes based on today’s discussions to closely communicate with related industries and seek measures for policy assistance so that companies can effectively respond to changes.   date2024-11-25

Korea and Germany to deepen standards cooperation

Jin Jong-wook, President of the Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea, gave an opening message at the Korea-Germany Standards Dialogue jointly launched by KATS and the German Institute for Standardization (DIN) and the German Commission for Electrical, Electronic & Information Technologies (DKE) of DIN and VDE today in Seoul, attended by roughly 100 standards experts of both countries. date2024-11-22

Trade Minister chairs conference taking stock of trade landscape shifts

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul on response measures for the U.S.’ shifts in trade policy regarding Mexico and take stock of the possible impact on Korean businesses operating in the local Mexican market. The conference was attended by representatives of Kia Motors, Hyundai Mobis, POSCO, LG Innotek, and other companies and institutions. date2024-11-22

Minister Ahn meets U.S.-Korea Business Council Chairman

Minister for Trade, Industry and Energy (MOTIE) Dukgeun Ahn of the Republic of Korea met U.S.-Korea Business Council Chairman Evan Greenberg on November 20 on the occasion of Chairman Greenberg’s visit to Korea and discussed the two countries’ business and economic cooperation. date2024-11-22

Korea and Germany Strengthen Standards Cooperation to Address Climate Crisis

Korean Agency for Technology and Standards (KATS), under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea, collaborated with the German Institute for Standardization (DIN) and the German Commission for Electrical, Electronic & Information Technologies (DKE) to hold the Korea-Germany Standards Cooperation Forum (“Forum”) today in Seoul. The event brought together approximately 100 standards experts from both countries, marking a significant step in bilateral collaboration. The Forum began with the introduction of the two nations’ national standards strategies: Korean Government National Standardization Strategy for the High-tech Industry and Germany’s SMART Standards for the Future. This was followed by discussions on technical issues related to Sustainability and Digital Transformation, with active participation from standards experts on both sides. The program included panel discussions in seven technology areas—artificial intelligence (AI), smart manufacturing, battery technologies, hydrogen, climate change/carbon neutrality, smart standards and direct current power sources—to share technical standards trends, exchange policy directions, and explore opportunities for joint international standards projects. KATS also announced plans to strengthen bilateral standards activities with DIN and DKE in clean energy sectors, building on the agreement reached during the bilateral summit in July to enhance Korea-Germany collaboration in addressing the climate crisis and other global challenges. As part of this initiative, the two countries agreed to establish a working group of standards experts to achieve tangible outcomes, such as joint research and the development of international standard proposals in areas including hydrogen, battery technologies, and other clean energy fields.   date2024-11-22

Trade Minister chairs public-private conference to take stock of changing business landscape

Minister for Trade Inkyo Cheong of the Republic of Korea chaired a conference today in Seoul with related ministries, institutions, and companies on response measures for the U.S.’ shifts in trade policy regarding Mexico to take stock of the possible impact on Korean businesses operating in the local Mexican market. Home to numerous Korean automakers and car parts manufacturers, Mexico is a favorable destination for nearshoring investments as companies can benefit from duty-free trade and subsidies upon fulfilling related requirements. Meanwhile, it is projected that possible policy shifts under the new U.S. regime may considerably impact Korean businesses operating in the Mexican market. Trade Minister Cheong stated that the Korean government will make efforts to minimize business uncertainties by activating intergovernmental cooperation channels with Mexico. The ministry plans to hold further meetings to seek public-private joint measures and assess the situation through the Global Trade Strategy Meeting and other platforms.   date2024-11-22

Korea Trade Commission launches investigation on alleged patent infringement of uninterruptible power system

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on November 21 during its 454th KTC meeting the decision to launch investigations on the alleged uninterruptible power system (UPS) patent infringement of Japanese supplier “A” at the request of another Japanese company TMEIC. As for investigations requested by Japanese company Semiconductor Energy Laboratory on the alleged smartphone secondary battery patent infringement by a Chinese smartphone manufacturer and a Korean importer, the KTC issued the determination that the respective respondents have not committed patent infringement. Meanwhile, the KTC overturned its previous judgment (January 20, 2017) ruling in favor of investigation requestor Infineum Korea on the alleged infringement of its patent on lubricant additives upon the patent being found invalid, determining that infringement was not committed.  At the request of camping equipment company Naturehike, the KTC has also launched investigations on a domestic camping gear importer’s alleged infringement of Naturehike’s tent and sleeping gear trademark.   date2024-11-22