Ministry of Trade, Industry and Energy

Korea and Japan launch 17th bilateral Industrial Technology Fair

Deputy Minister for Trade Park Jong-won at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea attended the 17th Korea-Japan Industrial Technology Fair (“Fair”) today in Seoul. Launched in 2008, the Fair has since acted as a bilateral channel for business exchanges and industrial and technology cooperation between the two countries. Roughly 250 Korean and Japanese business leaders are taking part this year, including representatives of key industries such as Korea-Japan Economic Association Chairman and Samyang Holdings Chairman Kim Yoon and Japan-Korea Industrial Technology Co-Operation Foundation (JKF) Senior Director Uchida Toshiaki, as well as those from the Japanese Embassy in Korea and other government officials. The Fair is hosting one-on-one business consultations for Korean and Japanese information technology (IT) firms and materials and parts companies; technical consultations between Japanese experts and Korean businesses; and a Korea-Japan Cooperation Seminar for discussions on current trends and strategies regarding environmental, social, and governance (ESG) principles.  A part of the program is also dedicated to awarding six industry and academia figures for their contribution to bilateral industrial technology cooperation. In his congratulatory message, Deputy Minister Park assessed that industrial and technology cooperation is a strong driver in the development of Korea-Japan relations and highlighted that the Korean government will provide strong support towards these bilateral collaborations amid the increasing global trade uncertainties.   date2024-10-22

Korea and Austria discuss stronger economic cooperation

The Republic of Korea’s Minister for Trade Inkyo Cheong met with Austria’s Federal Minister for Labor Martin Kocher on October 21 in Sejong City for talks on bilateral measures for stronger cooperation in trade, investment, industries, and Korea-EU trade. Austria is Korea’s 12th largest trade partner in the EU, their trade volume reaching USD 2.9 billion in 2023. In terms of investment, the two countries are expanding the scope of business cooperation centering on high-tech areas such as electric vehicle (EV) batteries and semiconductors. With Korea’s strength in industrial technology and Austria’s competitiveness in basic science fields, the two countries can look forward to extensive collaboration across diverse future-oriented areas like advanced manufacturing, digital, and hydrogen. In view of increasing bilateral cooperation in wide-ranging areas including bio and information and communications technology (ICT) through Eureka and other R&D platforms, Trade Minister Cheong proposed that Korea and Austria continue to support bilateral cooperation in high-tech industry sectors like hydrogen and artificial intelligence (AI) to further invigorate industrial technology collaboration among their companies and research labs. Moreover, addressing hydrogen energy as a future growth engine and an effective means for decarbonization, the trade chief noted the two countries’ progressing joint research in hydrogen mobility and suggested that they continue these efforts for the realization of hydrogen economies. Lastly, he articulated that Korean firms’ entry into Austria’s EV battery and car parts market is contributing to the Central European country’s economic growth, and asked the Austrian government’s interest and support with regard to Korean companies’ concerns over the EU’s battery bills and other economic legislations. date2024-10-21

Korea to serve as Steering Group member for Climate Club

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 18 that Korea has been appointed to serve in the Steering Group for the Climate Club, a multilateral consultative body launched under the objective of accelerating the effective implementation of the Paris Agreement and carbon neutrality in the industry sector.  It was decided at the time of launch in December 2023 that a Steering Group will be formed when the Climate Club body reaches 40 members or more. Accordingly, with the number of members amounting to 40 as of August 2024, seven members were appointed to serve as the Steering Group, consisting of Australia, Egypt, the EU, Indonesia, Korea, Türkiye, and the UK. While leading the efforts for decarbonization in the industry sector, which takes up 30 percent of the entire global carbon emissions, the Climate Club is also taking the initiative in setting the norms for relevant issues such as low-carbon steel definition, interoperability considerations for emissions calculation, and low-carbon product transaction standards. During the first Steering Group meeting held on October 18, members discussed carbon leakage issues and Climate Club management measures going forward.   date2024-10-21

Korea and Japan’s business leaders seek synergy from bilateral economic cooperation

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn attended the 31st Korea-Japan Business Conference today in Seoul, co-hosted by the Federation of Korean Industries (FKI) and the Japan Business Federation.  Launched in 1983, the Korea-Japan Business Conference is held on a regular basis as a channel for highest-level private-sector economic cooperation and has contributed with valuable suggestions to developing the bilateral economic cooperation. In his congratulatory message, Minister Ahn expressed appreciation for both countries’ business leaders’ efforts to advance Korea-Japan relations and vowed support for bilateral economic cooperation through close intergovernmental communication amid increasing global uncertainties. In commemoration of next year marking the 60th anniversary of the normalization of diplomatic relations between Korea and Japan, the minister shared plans to deepen bilateral cooperation through the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju City and the Osaka Expo, both slated for 2025. He ensured the Korean government’s active assistance in gaining outcomes over areas such as economic security cooperation, global green growth leadership through the Carbon Free Energy (CFE) Initiative, and joint efforts with the Global South and other third countries.   On the margins of the bilateral conference, Korean and Japanese economic groups discussed measures for cooperation with regard to realizing a sustainable society through digital transformation and hydrogen utilization, trade and investment issues including the Korea-U.S.-Japan trilateral cooperation, as well as future collaboration for expanding people-to-people exchanges and making preparations for the 60th anniversary of the normalization of diplomatic relations.   date2024-10-18

Minister Ahn discusses Korea-U.S. economic cooperation with North Dakota Governor

The Republic of Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held talks with U.S. Governor of North Dakota Doug Burgum today on the occasion of the governor’s visit to Korea and discussed the importance of establishing stable cooperative relations for Korea and the U.S.’ development, noting that the two countries’ alliance is advancing towards one of high-tech industries and supply chains through concerted efforts such as the Korea-U.S. summit and the joint statement declared at Camp David in 2023. During the talks, Minister Ahn addressed the need for continuity of U.S. major policies that are capable of directly impacting the Korea-U.S. economic and investment cooperation, including the Inflation Reduction Act (IRA) and CHIPS and Science Act, so as to spur positive business expectations among Korean firms collaborating with U.S. counterparts. Both sides shared the understanding on the importance of Korea-U.S. relations in view of the two countries’ cooperation as key economic partners and agreed to further efforts in establishing stable and forward-looking bilateral relations. Minister Ahn also expressed high regard for the cooperation potential between Korea and North Dakota in light of Korea’s aim to nurture its hydrogen industry and achieve carbon neutrality through enhanced carbon capture technologies, as well as North Dakota’s key role in the Heartland Hydrogen Hub, and asked for Governor Burgum’s interest and support towards fostering a stable investment and business management environment to promote Korean companies’ investments in not only North Dakota but across the whole of U.S.   date2024-10-18

Korea’s automobile exports grow 4.9% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s automobile exports for the month of September advanced 4.9 percent year-on-year to USD 5.5 billion, surpassing the previous high set in September last year ($5.2 billion).  The growth can be attributed to exports of Kia’s new electric vehicle (EV) model, increased SUV exports, and GM Korea’s export recovery. The accumulated export value through January–September 2024 also reached a historic $52.9 billion (up 1.6 percent year-on-year). The export of eco-friendly vehicles grew 12.3 percent to $2.0 billion, turning to an expansion for the first time in four months on the backs of robust demand for hybrid electric vehicles (HEVs) (up 75.6 percent to $1.0 billion). In spite of the lower number of working days (-1 weekday) compared to that of September 2023, domestic production inched up 1.7 percent, recovering the 300,000-unit thresholds in three months with 307,026 units as major automakers are boosting production on account of global demand.  Domestic sales sank 2.3 percent to 130,685 units. Meanwhile, eco-friendly car sales climbed 37.9 percent to 58,983 units, of which HEV sales soared 63.9 percent to an all-time monthly high of 45,773 units.   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

Korea to host International AI Standards Summit 2025

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea stated that it was officially announced at the Global Standards Symposium held in New Delhi on October 15 that the International AI Standards Summit 2025 will take place next year in Seoul through December 2–3. An alliance of the International Electrotechnical Commission (IEC), International Organization for Standardization (ISO) and the International Telecommunication Union (ITU), the World Standards Cooperation (WSC) proposed the need for the International AI Standards Summit as advised in the Governing AI for Humanity report released by the AI Advisory Body (AIAB) under the United Nations (UN), to which the ISO suggested Korea’s hosting the event in conjunction with the World Standards Forum 2025, which is expecting numerous high-level industry figures. Going forward, the WSC will be launching the AI Standards Summit 2025 with an active effort to draw the participation of various high-level figures in not only AI businesses but also in wide-ranging AI application areas including semiconductors, telecommunications, mobility, energy, and services.   date2024-10-16