Ministry of Trade, Industry and Energy

Vice Minister visits Ulsan petroleum storage facility

Trade, Industry and Energy Vice Minister Namho Choe visited the Ulsan petroleum storage facility on November 14 and received a briefing on petroleum storage operations and issues and encouraged employees. date2024-11-15

Vice Minister attends Korea Energy Terminal (KET) completion ceremony

Korea’s Trade, Industry and Energy Vice Minister Namho Choe attended the Korea Energy Terminal (KET) completion ceremony on November 14 in Ulsan with the attendance of executive leaders and employees from the Korea National Oil Corporation (KNOC), SK Gas, Ulsan Metropolitan City, and Ulsan Port Authority (UPA), and gave a congratulatory message and presented government awards to project contributors. date2024-11-15

Minister Ahn attends Korea Sale FESTA

Minister for Trade, Industry and Energy Dukgeun Ahn visited the major designer brand stores at the Korea Sale FESTA on November 13 in Pangyo and introduced the event at a live show. date2024-11-15

Korea’s auto industry enjoys triple growth in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile production, domestic sales, and exports all posted growth in October, a first in 16 months since June 2023. October automobile production reached 367,624 units (up 7.8 percent year-on-year), which can be attributed to automakers’ new model releases as well as the higher number of working days (+ 1 weekday) in the month compared to last year. Domestic sales snapped the 11-month downward streak and recorded 145,756 units (up 3.1 percent), helped by a new model release and hybrid electric vehicles (HEVs) selling a historic 49,257 units (up 50.3 percent). Meanwhile, exports advanced 5.5 percent to $6.2 billion, selling 243,367 units overseas and coming in at an all-time high for October. HEVs achieved $1.1 billion in export, surpassing the previous record set in August 2024 and driving Korea’s January–October accumulated export value over $59.1 billion (up 2.0 percent year-on-year).   date2024-11-14

Korea’s ICT exports advance 22% in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the export and import of Korea’s information and communications technology (ICT) goods for October 2024 logged USD 20.8 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $7.5 billion. ICT exports for the month of October increased 22.0 percent year-on-year to enter the $20 billion thresholds for the third consecutive month on the backs of robust demand for major items like semiconductors, mobile phones, and computers and peripherals.  Semiconductors soared 39.9 percent to an all-time October high at $12.6 billion. Memory chips (up 63.9 percent to $7.4 billion) and system chips (up 13.1 percent to $4.6 billion) both performed strong. Finished mobile phones (up 47.2 percent to $0.4 billion) and parts (up 15.9 percent to $1.4 billion) both advanced, retaining their growth rates since March 2024. Computers and peripherals grew 48.4 percent based on sharp demand for solid-state drives (SSDs) (up 67.9 percent to $0.7 billion). By region, ICT exports to China (including Hong Kong) climbed 9.9 percent to $8.3 billion, achieving growth for the 12th consecutive month, thanks to demand for semiconductors and mobile phones. Exports to Vietnam (up 6.4 percent to $3.4 billion) increased for the 15th consecutive month, with semiconductors and mobile phones at the helm. Exports to the U.S. (up 35.6 percent to $2.4 billion) grew for the 12th consecutive month as semiconductors (up 66.3 percent to $0.8 billion) and computers and peripherals (up 143.8 percent to $0.5 billion) jumped, driven by demand for servers and datacenters. EU-bound ICT exports (up 13.4 percent to $1.0 billion) maintained growth for the eighth consecutive month, led by mobile phones (up 122.9 percent to $0.2 billion) and computers and peripherals (up 44.2 percent to $0.2 billion). Exports to Japan (down 7.3 percent to $0.3 billion) contracted despite growth of semiconductors and displays, owing to decreased mobile phone shipments.   date2024-11-14

Korea Energy Terminal starts commercial operation

Korea’s Trade, Industry and Energy Vice Minister Namho Choe attended the Korea Energy Terminal (KET) completion ceremony today in Ulsan with the attendance of executive leaders and employees from the Korea National Oil Corporation (KNOC), SK Gas, Ulsan Metropolitan City, and Ulsan Port Authority (UPA), among other project contributors. The completion of KET is significant in three main aspects. First, KET is a key project under Korea’s Northeast Asia Energy Hub Project and the second domestic energy hub to be completed following the Oilhub Korea Yeosu Co. (OKYC) completed in 2013. Based on Korea’s favorable geopolitical location and port environment, OKYC is currently in successful operation, leading to anticipation of Ulsan KET’s smooth operation as well. Second, KET is Korea’s first mixed terminal for storing both petroleum and gas. In accordance with the recent changes in the global energy paradigm, the design for KET has evolved from the initial petroleum-centered model to a mixed terminal capable of dealing with other sources like natural gas. An innovative model built to address changing needs, KET has the potential and capacity to function as a terminal for storing various clean energy sources such as hydrogen and ammonia, and for carbon capture and storage (CCS) going forward. Third, KET is a culmination of public-private cooperation. The government has been concentrating effort on improving the institutional framework to expand the terminal’s scope of use by newly installing the international petroleum trading business under the Petroleum Business Act and permitting the blending of domestic oil products within the general bonded area. KNOC has contributed to designing and building a safe terminal facility based on its experiences in large-scale oil stockpile facility projects. In the private sector, SK Gas responded swiftly to Ulsan’s private sector demand for liquefied natural gas (LNG) by proposing the establishment of the city’s first LNG terminal, thereby dramatically boosting KET’s commercial value. With companies around the world showing heated interest in KET, its 4.4 million barrels of storage space for oil and gas are fully rented out at the moment. Oil storage space of 1.7 million barrels is to be used for trading of overseas companies’ petroleum products, while 2.7 million barrels—equivalent to 200,000 metric tons—of gas storage are to be provided to domestic companies for new power generation and industrial fuel purposes. Vice Minister Choe stated that KET is an example of best practice of synergy between values of public benefit and private sector creativity. During the completion ceremony, he presented government awards to KNOC, SK Gas, and UPA for their contribution to KET completion.   date2024-11-14

Korea and Indonesia discuss energy cooperation including renewal of critical minerals MOU

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and the Ministry of Energy and Mineral Resources of Indonesia held the 15th Korea-Indonesia Energy Forum (“Forum”) today in Seoul to share energy policy directions and investment support measures, with the participation of a total of 60 attendees from both countries’ governments, public companies, and energy firms. Launched in 1979 as a bilateral resources cooperation committee, the Forum has convened on an annual basis since 2007 and helped to enhance Korea-Indonesia energy cooperation and create business opportunities.  At today’s Forum, MOTIE proposed to the Indonesian government that the two countries renew their memorandum of understanding (MOU) on critical minerals supply chain cooperation, which was inked in 2022 and expired this February. The ministry also asked for the Indonesian government’s special attention so that Korean companies operating in the local Indonesian market or buying liquefied natural gas (LNG) from Indonesia are granted stable LNG supply at a reasonable price.  With regard to the Korea-Indonesia small modular reactor (SMR) cooperation proposed by the Indonesian president at the G7 summit in 2023, the two sides discussed follow-up measures to the SMR collaboration MOU entered between Korea Hydro & Nuclear Power (KHNP) and Indonesia’s PLN NP. As for Korea Gas Safety Corporation’s safety management support program, Korea requested that the two countries share bilateral data on safety management and that Indonesia provide the main gas facilities and training venue. Meanwhile, an investment business session was also held on the margins of the Forum to facilitate investment cooperation between Korean companies and the Indonesian government.   date2024-11-13

Minister Ahn attends Design Korea 2024 opening ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn attended the opening ceremony of Design Korea 2024 today at COEX in Seoul, held with the participation of 46 booths set up by 400 companies under the theme of people’s changing daily lives with the advent of AI. The ceremony was attended by representatives of relevant institutions and businesses including Korea Institute of Design Promotion (KIDP) and Korea Fashion Designer Association (KFDA).   date2024-11-13

Groundbreaking ceremony of JSR Corporation’s metal oxide resist plant

Deputy Minister for Trade and Investment Kim Dae-ja of the Republic of Korea attended the groundbreaking ceremony of Japanese company JSR Corporation’s metal oxide resist (MOR) production plant on November 12 in Ochang, North Chungcheong Province. date2024-11-13

JSR Corporation to establish EUV metal oxide resist production base in Korea

Deputy Minister for Trade and Investment Kim Dae-ja of the Republic of Korea attended the groundbreaking ceremony of Japanese company JSR Corporation’s metal oxide resist (MOR) production plant today in Cheongju, North Chungcheong Province. Established in 1957, JSR Corporation is a world-leading semiconductor photoresist manufacturer, and has been steadily increasing investment in Korea since building its display materials plant in Ochang in 2003. Today’s groundbreaking ceremony makes JSR Corporation the first company in the world to establish a production base in Korea to manufacture metal oxide resists for extreme ultraviolet lithography (EUV) processing. Capable of replacing low-end chemically amplified resists, EUV metal oxide resists play a key role in securing competitiveness in ultra-fine processes, on which major chip producers are concentrating all their effort. JSR Corporation plans to complete the plant construction and begin mass-producing metal oxide resists by 2026, through which Korea expects to better meet domestic demand and boost its semiconductor industry competitiveness.    date2024-11-12