Ministry of Trade, Industry and Energy

Korea bolsters global LNG supply cooperation network to stabilize energy supply

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is making effort to reinforce liquefied natural gas (LNG) supply chain cooperation with other countries in response to volatility risks in the global energy market with aim to stabilize the domestic natural gas supply. First, through the Korea-Singapore LNG memorandum of understanding (MOU) signed between MOTIE and Singapore’s Ministry of Trade and Industry (MTI) on the margins of the Korea-Singapore summit (October 8), the two countries plan to secure supply flexibility via LNG swaps capitalizing on their discrepant summer and winter supply patterns and raise price negotiability through joint purchases. As Korea is the world’s third largest LNG importer and Singapore is a global trading hub with its world-leading infrastructure and professional talent, the two countries’ bilateral cooperation is anticipated to create significant synergy. Second, Korea is pushing LNG cooperation with Japan as well. On the occasion of the LNG Producer-Consumer Conference 2024 (PCC) held on October 6 in Hiroshima, MOTIE and Japan’s Ministry of Economy, Trade and Industry (METI) agreed to kick LNG cooperation into high gear. Both countries’ governments, Korea Gas Corporation (KOGAS), and JERA will work together to monitor the global supply situation, strengthen information exchanges, make joint purchases, and roll out an LNG swap pilot project. Based on these endeavors, they intend to forge agreements going forward to bolster intergovernmental and corporate cooperation so that the two countries can secure stable LNG supplies during global supply chain uncertainties. As of 2023, Korea and Japan are the world’s third and second largest LNG importers, respectively. Based on geographic proximity, the two countries’ collaboration is meaningful in that they can enhance LNG supply flexibility and supply chain resilience even in times of global energy crises. Third, another outcome of the LNG PCC 2024 was that an Early Alert Mechanism (EAM) pilot project should be launched with the participation of major LNG producers like Australia, Canada, and the U.S. and importers like the EU, Japan, and Korea. The EAM is a natural gas supply chain crisis sharing system for swift information spreading and joint response against accidents that may potentially damage natural gas field facilities and disrupt the natural gas supply chain. Not only that, but each country’s LNG storage volume, LNG terminal usage rate, weather, and other basic industrial information are to be shared within permissible range of disclosure. The Korean government plans to take part in the EAM on a regular basis to prepare for potential risks by monitoring and analyzing provided information, while also forecasting accidents and identifying market anxiety factors in advance to help stabilize the domestic natural gas supply.   date2024-10-15

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

Korea and ASEAN to cooperate for launch of bilateral Trade and Economic Think Tank Dialogue in 2025

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced plans today with regard to launching the Korea-ASEAN Trade and Economic Think Tank Dialogue (“Dialogue”), proposed by Korean President Yoon Suk Yeol during the 25th Korea-ASEAN Summit held on October 10 in Vientiane, Lao PDR. The Dialogue was first proposed as a concrete joint project on the occasion of the bilateral Korea-ASEAN diplomatic relations advancing to a comprehensive strategic partnership in commemoration of this year marking the 35th anniversary of the establishment of the Korea-ASEAN dialogue relations, as well as a follow-up measure to the Korea-ASEAN Solidarity Initiative (KASI) announced by the Yoon administration at the 23rd Korea-ASEAN Summit in November 2022. Through the joint organization of MOTIE and the ASEAN Secretariat, the Dialogue is to function as a regular consultative channel involving the participation of Korea and 10 ASEAN countries’ major trade and economic research institutions. Korea and other ASEAN chair countries will be launching joint research projects, forums, and seminars on a regular basis, the results of which will be shared via high-level Korea-ASEAN economic platforms like the Senior Economic Officials Meeting (SEOM) and the ASEAN Economic Ministers (AEM) Meeting. MOTIE plans to convene the inaugural Dialogue meeting in the first half of 2025 in Seoul through close communication with ASEAN so as to establish the Dialogue as a chief economic cooperation platform between Korea and ASEAN.   date2024-10-14

Korea’s ICT exports climb 24% in September

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 September 2024 logged USD 22.4 billion and $12.5 billion, respectively, and the trade balance stood at a surplus of $9.9 billion. ICT exports for the month of September (up 24.0 percent year-on-year) came in second highest following those of March 2022, maintaining an upward climb for the 11th consecutive month.  Semiconductor exports hit unprecedented highs and led overall ICT exports, advancing 36.3 percent year-on-year to $13.6 billion. Memory chips (up 60.7 percent to $8.7 billion) and system chips (up 5.2 percent to $4.4 billion) both increased. Exports of finished mobile phones (up 0.5 percent to $0.3 billion) and parts (up 31.2 percent to $1.4 billion) rose simultaneously, maintaining the double-digit growth since March 2024. Computers and peripherals (up 104.8 percent to $1.6 billion) are enjoying robust demand as solid-state drives (SSDs) (up 168.8 percent to $1.2 billion) surpassed the $1 billion monthly export value for the second consecutive month. By region, ICT exports to China (including Hong Kong) climbed 22.6 percent to $9.2 billion, achieving growth for the 11th consecutive month on the backs of demand for major items like semiconductors and mobile phones. Exports to Vietnam (up 8.7 percent to $3.4 billion) expanded for the 14th consecutive month thanks to growth across key items. Exports to the U.S. (up 39.9 percent to $3.0 billion) grew for the 11th consecutive month as semiconductors (up 88.0 percent to $1.2 billion) and computers and peripherals (up 250.6 percent to $0.7 billion) hiked sharply, boosted by demand for servers and datacenters. EU-bound ICT exports (up 11.3 percent to $1.1 billion) sustained growth for the seventh consecutive month with mobile phones (up 361.2 percent to $0.2 billion) and computers and peripherals (up 116.6 percent to $0.2 billion) displaying strong growth. To Japan (up 2.3 percent to $0.4 billion), exports of semiconductors and computers and peripherals increased.   date2024-10-14

Korea and Germany launch 1st Industrie 4.0 & Dataspace Forum

Industries and Enterprises Deputy Minister Oh Seung-cheol at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea attended the first Korea-Germany Industrie 4.0 & Dataspace Forum (“Forum”) today in Seoul, held with the participation of roughly 100 persons of both countries’ government bodies, academia, industries, and research institutions including Germany’s Federal Ministry for Economic Affairs and Climate Action. The Forum was held as a follow-up measure to the Korea-Germany ministerial talks (June 2023) and the third Korean-German Industry Working Group meeting (September 2024) for bilateral industry data sharing and platform cooperation. It also served as an inaugural event for facilitating detailed discussions among the entities of the private sector cooperative system established this April in accordance with the joint statement issued by the Korea Institute for Advancement of Technology (KIAT) and Germany’s Plattform Industrie 4.0 on creating an industry data ecosystem. The Forum’s launch signals the initial stride of cooperation between Germany’s industry data platform (e.g., Catena-X, Manufacturing-X) and that of Korea’s, which is to be developed in proportion to Korea’s industrial situation. Both countries’ Forum participants exchanged information on industry data platform policies and discussed measures for sharing and diffusing standards for platform synchronization. On the margins of the Forum, Korea Industrial Complex Corporation (KICOX) and Germany’s Labs Network Industrie 4.0 signed a memorandum of understanding (MOU) for industrial complex data sharing and data standards development support. Deputy Minister Oh stated that the Korea-Germany industry data platform cooperative system will act as a foundation in accelerating the industrial artificial intelligence (AI) transformation and that the two countries plan to broaden the scope of bilateral cooperation through joint research on industry data standards and mutual recognition.   date2024-10-14

Korea and EU launch 6th negotiating round for bilateral Digital Trade Agreement

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that government delegations of Korea and the EU will be entering the sixth official negotiating round for a bilateral Digital Trade Agreement (DTA) from October 15–17 in Seoul. With the shared vision to establish high-level digital trade norms based on the Korea-EU Digital Trade Principles agreed on the margins of the Korea-EU Trade Committee meeting convened in November 2022, the two sides have held five negotiating rounds since announcing the joint statement to launch DTA negotiations (October 2023). The sixth negotiating round will focus on seeking ways to move the negotiations forward through continued discussions in view of outcomes gained thus far. The Korea-EU DTA is anticipated to invigorate the bilateral trade of digital goods and services through an upgrade of digital trade rules, while also widening doors of opportunity for Korean businesses’ global market entry and collaboration by creating a more stable digital business environment.   date2024-10-14

EPC companies seek measures for Korea’s plant industry development at policy forum

Minister for Trade Inkyo Cheong attended the second Plant EPC Policy Forum (“Forum”) today in Seoul held to seek forward-looking strategies for Korea’s engineering, procurement, and construction (EPC) industry and discuss ways to achieve this year’s USD 33 billion overseas plant bid target. Forum attendees gave presentations on the Clean Hydrogen Production Standard (CHPS), financial assistance, and strategies with regard to the changing market ecosystem. Korea Power Exchange (KPX) introduced the clean hydrogen power bidding market launched this year in relation to hydrogen plants as a future growth engine and proposed business opportunities for each stage of the value chain from production to utilization, such as overseas project development, winning ammonia-powered container ship project bids, establishment of cargo handling and storage infrastructure, and domestic construction of hydrogen power plants. This was followed by the Export Credit Agency (ECA)’s presentation, which drew much interest from the EPC industry by providing an overview of the various overseas project funding programs run by relevant institutions like K-SURE and the Export-Import Bank of Korea (KEXIM).  In his congratulatory message, Trade Minister Cheong stated that winning overseas plant bid projects is a key means of export recovery, expressing hopes that the Government’s recent push for stronger cooperation with the Global South translates into diverse business opportunities across Korea’s plant sectors.   date2024-10-14

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