Ministry of Trade, Industry and Energy

Korea and Czech Republic to push comprehensive economic cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on September 20 that Korea and the Czech Republic will be extending the scope of economic cooperation in all areas such as trade, investment, high-tech industries, and carbon-free energy on the margins of President Yoon Suk Yeol’s state visit to the Czech Republic. MOTIE and the Ministry of Industry and Trade of the Czech Republic held a ceremony on September 20 in Prague for the signing of four intergovernmental memorandums of understanding (MOUs) with the attendance of Korean President Yoon Suk Yeol and Czech Prime Minister Petr Fiala for bilateral cooperation on the Trade and Investment Promotion Framework (TIPF), Supply Chain and Energy Dialogue (SCED), Vltava High-Tech Industry Cooperation Vision, and battery collaboration. The Czech Republic is Korea’s 25th TIPF partner worldwide and fifth among EU member states. The Korea-Czech TIPF Agreement articulates the two countries’ goal of expanding economic cooperation over a variety of areas including trade, investment, industries, energy, and supply chains and is anticipated to spur joint project support and collaboration between their relevant businesses and institutions. The SCED is a ministerial-level communication channel with emphasis on supply chains and energy areas, through which the two sides plan to manage director general-level meetings across the following five areas: trade/investment/supply chain; advanced manufacturing; carbon-free energy; nuclear energy; and joint action such as market entry into third countries. The Vltava High-Tech Industry Cooperation Vision MOU addresses the two countries’ organized support for joint research, talent exchange, and technical demonstrations in advanced industries like robot, future mobility, and semiconductors. The collaboration synergy is expected to be substantial as both countries are manufacturing-intensive with a competitive edge in high-tech sectors. The battery cooperation MOU aims for comprehensive cooperation in the exchange of market information, sharing of best practices for supply chain response, and joint technology development. As a Korean maker of finished cars is already operating in the local Czech market and many Korean battery firms have entered the Polish and Hungarian markets, Korea and the Czech Republic look forward to the establishment of a battery cooperation ecosystem in the near to longer term. The Korea-Czech Business Forum and Korea-Czech Industry and Energy Technology Cooperation Forum, held in Prague on September 20, saw the inking of bilateral MOUs between the two countries’ research institutions and businesses for cooperation on talent training and technology exchange in battery, robot, and future mobility, which are expected to catalyze research and industrial collaboration in conjunction with the aforementioned intergovernmental MOUs.   date2024-09-23

Korea and Czech Republic hold policy dialogue aiming to establish bilateral policy exchange network

The Ministry of Trade, Industry and Energy (MOTIE) held the Korea-Czech Policy Dialogue (“Dialogue”) on September 20 as part of measures to establish a policy exchange network between the two countries’ related institutions. The Dialogue was organized in tandem with the Korea-Czech Business Forum and served as a venue for both countries’ government officials, businesses, and institutions to gain firsthand insight from experts’ in-depth analysis, discussions, and policy recommendations on promising economic cooperation prospects. The Korea Institute for International Economic Policy (KIEP), Korea Institute for Industrial Economics & Trade (KIET), and the Korea Economic Research Institute (KERI) each presented on Korea-Czech cooperation in view of the era of economic security, strategic approaches concerning bilateral investment, and measures for industrial collaboration across major strategic sectors. David Müller, Director General of the European Union and Foreign Trade Section of the Czech Ministry of Industry and Trade, presented on the progress and future of Korea-Czech economic cooperation. Noting that Korea and the Czech Republic are like-minded countries with export-oriented economic structures, KIEP President Siwook Lee stated that the two countries’ cooperation is essential in restoring free trade principles and responding to rising global protectionism, expressing anticipation of the Dialogue opening up new horizons for bilateral collaboration.   date2024-09-23

Korea and Czech Republic to establish cooperative system over entire nuclear energy cycle

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced that Korean President Yoon Suk Yeol and Czech Prime Minister Petr Fiala attended the memorandums of understanding (MOUs) signing ceremony on September 20 at Doosan Škoda Power in Pilsen, Czech Republic, for the two countries’ bilateral cooperation across the entire nuclear energy cycle. First, MOTIE Minister Dukgeun Ahn and the Czech Industry and Trade Minister Jozef Sikela signed an MOU for Korea-Czech nuclear cooperation, agreeing to collaborate not only on nuclear reactor construction but to push across-the-board cooperation including manpower training and technological development. To this end, the two countries will be launching a director general-level consultative channel to discuss detailed cooperation measures. Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and Doosan Škoda Power sealed an agreement on the Czech new reactor project’s turbine supply, which Doosan Škoda Power will undertake upon KHNP’s inking of the final contract in March 2025. Doosan Škoda Power, acquired by Doosan Enerbility in 2009, owns foundational technology for steam turbine manufacturing and has supplied for the Dukovany (Units 1–4) and Temelin (Units 1 and 2) power plants. The Czech Republic’s Brno University of Technology (BUT) and Korea’s KEPCO International Nuclear Graduate School (KINGS) also forged an MOU on training nuclear energy talent. They agreed to establish a nuclear cooperation center at BUT to nurture master’s and doctoral graduates, train incumbent workers, and launch joint research projects in an effort to raise professional manpower. The Korea Atomic Industrial Forum (KAIF) and Czech Power Industry Alliance (CPIA) signed an MOU for localization cooperation, aiming to seek wide-ranging joint project opportunities for both countries’ businesses and provide support for the development of the materials and equipment supply chain. The Korean Energy Technology Evaluation and Planning (KETEP) and the University of West Bohemia entered into an MOU on technology cooperation for nuclear technology information exchange, joint research, talent exchange, and mid-to-long term research collaboration.  The two countries’ nuclear energy firms and related institutions sealed further MOUs for cooperation over a variety of areas such as materials and equipment, construction, design, trial operation, nuclear fuel, and radioactive waste management. Meanwhile, MOTIE plans to discuss with the Czech authorities the prompt launching of a director general-level consultative channel for a thorough implementation of follow-up measures.   date2024-09-23

Korea and Czech Republic seek wider cooperation via joint Business Forum

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that a large-scale Korea-Czech Republic Business Forum (“Forum”) was co-hosted by the Korea Chamber of Commerce and Industry (KCCI), Czech Chamber of Commerce, and the Confederation of Industry of the Czech Republic today (local time) in Prague on the occasion of Korean President Yoon Suk Yeol’s state visit to the Czech Republic. The Forum was attended by roughly 470 persons, including Korea’s economic delegation comprising representatives of economic groups, large- and medium-sized companies, SMEs, public institutions, and relevant associations. Forum attendees took stock of the Korea-Czech collaboration in advanced industries and infrastructure, exchanging views on promising areas for future cooperation. Among advanced industries, the potential for bilateral cooperation is considered high in future mobility, battery, and robot. For infrastructure, strong synergy is anticipated in high speed rail and the Ukraine recovery and reconstruction project. Moreover, Korea entered into a total of 14 memorandums of understanding (MOUs) with the Czech Republic to further expand its industrial cooperation base with the Central European manufacturing powerhouse across various areas like corporate support, advanced industries (battery, future mobility), energy (hydrogen), nuclear reactors, and infrastructure (high speed rail, Ukraine reconstruction project). On the margins of the state visit, 20 more MOUs are to be sealed through nuclear and advanced industry related events. Taking this Forum as an opportunity to look back on the bilateral cooperation outcomes spanning the past 30 years since the establishment of diplomatic relations in 1990, Korean and Czech business leaders were able to build a shared understanding for comprehensive and across-the-board economic cooperation in not only nuclear energy but over diverse industrial sectors. The Korean government plans to continue consultations with the Czech authorities for wider bilateral cooperation, while also assisting corporate activities to ensure that the MOUs develop into tangible business projects. date2024-09-20

Korea shares nuclear policies at Roadmaps to New Nuclear 2024

Deputy Minister for Energy Policy Lee Ho-hyeon attended the Roadmaps to New Nuclear 2024 conference on September 19 at the OECD Conference Center in Paris, France, where he introduced Korea’s nuclear energy policies. The conference was attended by high-level government officials of 20 countries, CEOs of 40 nuclear energy companies, as well as relevant experts for discussions on measures to expand nuclear new build projects worldwide and accelerate the distribution of small modular reactors (SMRs). The second of its kind since launched last year, Roadmaps to New Nuclear 2024 serves as a meaningful opportunity for Korea in sharing its robust nuclear industrial ecosystem and knowhow in construction and operation safety, particularly in view of recent outcomes such as the selection as preferred bidder for the new Czech nuclear reactor project.  In the first session, the Korean delegation was asked to present its nuclear policy progress and best practices in reactor construction and operation alongside the U.S., France, the UK, and other major nuclear operating countries, followed by a Q&A session. On the occasion of the conference, representatives of the 20 participating countries adopted a joint statement for implementing the global expansion of nuclear reactors. The joint statement reaffirms nuclear energy’s contribution to attaining carbon neutrality and economic stimulation, while also acting as an international pledge for cooperation across diverse areas, such as the development of SMRs and other next-generation technologies, expediting of licensing procedures, and the establishment of a stable supply chain. Lastly, the OECD NEA announced that Korea will be co-hosting Roadmaps to New Nuclear 2025 in September next year.   date2024-09-19

Korea’s automobile exports log $5.1 bln in August

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s automobile exports for August 2024 reached USD 5.1 billion, logging the second highest export value for the month despite the slight decline year-on-year. The accumulated export value through January–August totaled $47.4 billion, outpacing last year’s all-time high by 1.3 percent. The monthly value of hybrid electric vehicle (HEV) exports ($1.07 billion) soared 61.9 percent in terms of shipment volume, surpassing the previous high achieved in April last year ($1.06 billion). Exports of automotive parts sank 3.5 percent to $1.8 billion, impacted by the industry’s lower number of working days (-1 weekday) compared to last year. Domestic production decreased 7.1 percent to 289,948 units amid the ongoing facility repair at Kia’s Hwaseong plant and GM Korea’s Bupyeong plant, as well as the wage and collective bargaining agreement (CBA) negotiations at GM Korea. Major automakers have settled negotiations, setting off anticipation of revitalized exports and production in September. Domestic sales shrank 1.9 percent to 128,199 units. Meanwhile, sales of HEVs (up 21.5 percent) and EVs (up 60.0 percent) both posted double-digit growth, boosting the overall domestic sales of eco-friendly cars to 51,366 units (up 29.7 percent).   date2024-09-19

Korea’s ICT exports climb 28.5% in August

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s export and import of information and communication technology (ICT) goods for the month of August 2024 reached USD 20.6 billion and $11.6 billion, respectively, and the trade balance stood at an estimated surplus of $9.0 billion. ICT exports (up 28.5 percent year-on-year) logged double-digit growth for the eighth consecutive month on the backs of robust growth of semiconductors (up 37.6 percent), mobile phones (up 60.1 percent), and computers and peripherals (up 144.2 percent). By item, semiconductors posted double-digit growth for the 10th consecutive month as memory chips (up 71.7 percent to $7.3 billion) and system chips (up 2.7 percent to $4.1 billion) simultaneously advanced. Mobile phone exports surged over 60 percent as finished products (up 95.0 percent to $0.3 billion) and parts (up 53.0 percent to $1.3 billion) enjoyed strong demand. Computers and peripherals skyrocketed as solid-state drives (SSDs) hit a monthly export value of $1.3 billion (up 249.8 percent). By region, exports increased for most destinations, including China (including Hong Kong) (up 27.0 percent), Vietnam (up 7.5 percent), the U.S. (up 57.6 percent), and the EU (up 44.3 percent), whereas exports to Japan declined (down 17.2 percent).   date2024-09-13

Trade Minister Cheong engages in wide-ranging outreach to U.S.

Korea’s Minister for Trade Inkyo Cheong met various key figures in the Biden administration, U.S. Congress, academia, and financial circles in Washington D.C. and New York City during his visit from September 11–12 as part of outreach activities to advance the mutually beneficial economic and trade cooperation between Korea and the U.S. amid increasing changes in the trade environment. Among those in the current administration, Trade Minister Cheong met with Deputy Secretary of Commerce Don Graves and discussed the outcomes and follow-up measures to the Korea-U.S. Supply Chain and Commercial Dialogue Ministerial Meeting and the Korea-Japan-U.S. trilateral Commerce and Industry Ministerial Meeting held in June, as well as Korea’s Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network chairmanship and other trade issues.  The trade chief met U.S. Representative Young Kim to discuss visa issues and asked support for investment incentives under the Inflation Reduction Act (IRA) and other agendas of interest for Korean businesses. He also met with former Representatives Ron Kind, Jim Davis, and Tom Davis to discuss response measures to future U.S. industrial and trade policies. At Google’s New York headquarters, he sat down with executives to exchange views on digital trade policy development and ways to deepen Korea-U.S. advanced technology cooperation in AI, smart devices, and cloud computing before touring the cutting-edge working environment at Google’s New York campus.   Meanwhile, Trade Minister Cheong took part in the various events convened on the occasion of his visit. He attended the Korea-U.S. Economic Cooperation Seminar and Investors Roundtable for wider scope of bilateral cooperation and gathered business issues from locally operating Korean companies. On the last day of his trip, he met with experts from LG Business Research and U.S. law firm Arnold & Porter at the Korea-U.S. Economic Cooperation Seminar to take stock of trade, investment and technology cooperation outcomes. Lastly, the trade minister met Eurasia Group President Ian Bremmer among other leaders of major think tanks like Asia Society to assess the Korea-U.S. alliance and its role amid the rapidly changing global dynamics. In view of the growing geopolitical importance placed on East Asia, they discussed tasks to tackle for Korea to rise as a key country in terms of trade, economy, and security. Trade Minister Cheong stated that this trip to the U.S. leading up to its presidential elections is expected to further catalyze the two countries’ economic exchanges going forward.   date2024-09-13