Ministry of Trade, Industry and Energy

SMR Alliance to push for incorporation into formal association in 2025

Trade, Industry and Energy Vice Minister Namho Choe attended the first General Assembly of the SMR Alliance marking its one-year anniversary on July 3 at the Plaza Hotel Seoul, where he shared the strategy for global SMR leadership.   MOTIE’s policy directions on building global SMR leadership includes the following key strategies: supporting the construction and operation of Korea’s unique i-SMRs; accelerating SMR-based private businesses; establishment of foundries; and maintenance of infrastructure. The ministry plans to nurture a KRW 80 billion policy funding necessary for the construction and management of the ongoing development of the first-of-a-kind SMR (i-SMR), establishment of a private-led corporation, backing related demonstration projects, and for investment in SMRs and nuclear power industries. It is anticipated that the expansion of SMRs will lead to more opportunities for private sector creativity in areas of project development and marketing across Korea’s nuclear power industry.   Meanwhile, the SMR Alliance’s 44 member companies announced the plan of incorporating the Alliance into a formal association with aim to better support its SMR project developments. As the 11th Basic Plan on Electricity Supply and Demand takes SMRs into consideration and conditions for commercialization have improved, member companies declared the vision to launch preparations this year to convert the SMR Alliance into a form of an association by H1 2025, which would enable the private sector to take the reins while serving as a communication channel with the Government authorities and lawmakers. date2024-07-03

MOTIE and MSIT launch Nano Korea 2024

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) are hosting the 22nd International Nano Tech Symposium and Exhibition (“Nano Korea 2024”) for three days starting July 3 at KINTEX in Ilsan.   One of the three largest global nanotechnology events, Nano Korea acts as a venue for exchanges and collaboration between nano convergence companies and researchers.   Samsung and LG are among this year’s 356 companies exhibiting various nanotechnology products at 661 booths, showcasing the transparent display demonstrated at CES 2024 among other technologies applied across various advanced industries. Visitors can check out promising future items like special eco-friendly materials and graphene-based nano materials. Buyer and supplier companies can also engage in one-on-one business matching.   Experts from 28 different countries are gathering at Nano Korea 2024 to give professional lectures on 16 areas, including materials for extreme conditions, energy, and bio. At the opening ceremony, contributors to the development of the nanotechnology industry and R&D innovations are awarded Prime Minister’s Awards and Minister’s Awards from MOTIE and MSIT.   Those wanting to participate in Nano Korea 2024 can either pre-register or register onsite (https://nanokorea.or.kr). date2024-07-03

MOTIE announces K-Shipbuilding Super Gap Vision 2040

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the second K-Shipbuilding Super Gap Tech Alliance on July 2 at Panasia, an eco-friendly ship materials and equipment producer, where he announced the K-Shipbuilding Super Gap Vision 2040.   Over the past six months, the Chief Technology Officers (CTOs) of Korea’s three major shipyards have worked in tandem with roughly 100 experts in related academia, industries, and research institutions, to establish the public-private joint roadmap for shipbuilding industry’s technological development, namely the K-Shipbuilding Super Gap Vision (“the roadmap”).   The Ministry of Trade, Industry and Energy (MOTIE) selected 100 core technologies (351 subtechnologies) considered essential for Korea’s shipbuilding industry to secure and develop in green, digital, and smart areas.   First, for eco-friendly, the roadmap aims to develop eco-friendly fuel propulsion, materials and equipment for green innovation, and offshore hydrogen and ammonia plant technologies with the goal of completing the zero-carbon emission shipyard technology portfolio by 2040. Moreover, focus will go towards securing foundational technologies for LNG carrier cargo, large-sized electric propulsion ships, and offshore demonstrations.   Second, for digital, MOTIE aims to secure automation across all stages from design to production to shipyard management with the goal of reaching 50 percent process automation by 2040. Priority is on developing technologies for automating high-risk, high-difficulty tasks like welding and vessel painting automation, as well as cooperative robot technologies. In the mid-to-long term, the ministry plans to secure 24-hour automated ship block construction technology and push for the establishment of a testbed.   Lastly, MOTIE will secure smart technologies necessary for the commercialization of fully autonomous vessels, including those related to sensors, materials and equipment, and integrated management systems. Simultaneously, efforts will be made to secure safety technology for preparation against emergencies and technologies enabling human-robot collaboration in place of crew services.   In these three areas (green, digital, smart), MOTIE proposed 10 flagship projects for developing super gap technologies. Prospective projects include ammonia propulsion ships, liquid hydrogen carriers, carbon capture and storage (CCS) systems, self-navigation platforms, and autonomous manufacturing processes, which will receive support for innovative technology development, demonstration for securing track record, and standardization, so as to intensively nurture the shipbuilding industry as the next growth engine. To this end, a public-private joint team will invest a minimum of approximately USD 1.4 billion (2 tln won) over the next decade for accomplishing the 10 projects.   The Korean government and the three major domestic shipyards shared the understanding that it is imperative to resolve site issues to improve productivity, entering a memorandum of understanding (MOU) for developing several site response technologies in the following areas: collaborative robotic welding; virtual reality (VR) education system for welding and painting; artificial intelligence (AI) chatbot for foreign manpower site support; and shipyard-contractor joint production platform development. date2024-07-02

Korea and EU launch 4th negotiating round for Digital Trade Agreement

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 2 that the fourth official negotiating round for the Korea-EU Digital Trade Agreement is held through July 2–4 in Seoul with the participation of both governments’ delegations, composed of roughly 30 members.   With the consensus on establishing a high-level digital trade agreement grounded on the Korea-EU Digital Trade Principles signed in November 2022, the two sides have thus far held three negotiating rounds. In this fourth round, they aim to seek measures for narrowing down differences and make further progress.   It is anticipated that the Korea-EU Digital Trade Agreement will establish the trade order for the digital economy, lay down new digital trade rules for accelerating related innovations, and bolster the Korea-EU digital trade network. date2024-07-02

Korea's H1 2024 exports climb 9.1%

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 1 that Korea’s exports for June rose 5.1 percent year-on-year to USD 57.1 billion, while imports declined 7.5 percent to $49.1 billion and the trade balance stood at a surplus of $8.0 billion.   The month of June posted the second highest export value ($57.1 billion) of all time, achieving growth for the ninth consecutive month. The average daily export value, accounting for the number of working days, likewise hit a historic high of $2.7 billion (up 12.4 percent), the highest in 21 months.   By item, six out of 15 major items advanced, with all of IT items (semiconductors, displays, computers, wireless communication devices) showing growth for the fourth consecutive month and raising overall exports. Semiconductors hit an all-time high of $13.4 billion in particular (up 50.9 percent), soaring for the eighth consecutive month. Displays (up 26.1 percent to $1.8 billion), computers (up 58.8 percent to $1.2 billion), and wireless communication devices (up 3.9 percent to $1.1 billion) logged growth for the 11th, sixth, and fourth consecutive month, respectively.   Affected by the lower number of working days in June (-1.5), automobile exports remained flat at $6.2 billion (down 0.4 percent year-on-year). On the whole, however, they managed to enter the $6 billion thresholds every month this year with the exception of February when the Seollal holidays landed. In addition, petroleum products (up 8.4 percent to $3.6 billion) and petrochemicals (up 4.8 percent to $3.7 billion) showed an expansion for the fourth and third consecutive month, respectively.   By region, five out of nine major destinations saw growth in June. Exports to the U.S. posted $11.0 billion (up 14.7 percent), resetting the monthly record each month since November 2023 after snapping the downward streak in August last year. China-bound exports showed growth for the fourth consecutive month, reaching $10.7 billion (up 1.8 percent) and the daily average export value (up 8.9 percent to $0.5 billion) increased for the seventh consecutive month. India-bound exports reached record highs for June as well (up 8.5 percent to $1.6 billion). Exports to ASEAN grew for the third consecutive month (up 11.8 percent to $9.6 billion), while those to the Middle East snapped the losing streak in one month (up 2.1 percent to $1.7 billion).   June imports decreased 7.5 percent year-on-year to $49.1 billion. Energy imports inched up 0.4 percent to $10.0 billion despite the fall in the import of gas (down 2.5 percent) and coal (down 25.7 percent), as crude oil imports increased (up 8.2 percent).   The trade balance led a 13-month winning streak and recorded $8.0 billion in surplus, up $6.8 billion in comparison with June 2023 and logging the biggest surplus in 45 months.   As for the first half of 2024 (Jan–June), exports climbed 9.1 percent year-on-year to an accumulated $334.8 billion. Quarterly growth rates are also on an upward trajectory since Q4 2023 (up 5.7 percent), with exports of Q1 and Q2 of 2024 posting 8.1 percent and 10.0 percent growth, respectively. Imports of H1 2024 shrank 6.5 percent to $311.7 billion and the trade balance stood at a surplus of 23.1 billion, a record high since H1 2018.   By item, nine out of 15 major export items increased, with semiconductor exports marking a second highest record for the first half (up 52.2 percent to $65.7 billion), owing to rising memory prices and growing demand for server-related downstream industries. Automobiles enjoyed robust demand for hybrid electric vehicles (HEVs) (up 19.5 percent), amounting to $37 billion (up 3.8 percent), a historic high for a H1. The tailwind driving ship exports since 2023 continued to boost exports throughout this year’s first half (up 28.0 percent to $11.8 billion).   By destination, six out of nine major regions a date2024-07-01

Korea and Vietnam hold Business Forum in Seoul on occasion of Vietnamese PM's visit

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Vietnam Business Forum, co-hosted by the Korea Chamber of Commerce and Industry (KCCI) and the Vietnamese Planning and Investment Ministry, on July 1 in Seoul on the occasion of Vietnamese Prime Minister Pham Minh Chinh’s visit to Korea (June 30–July 3).   The Forum was also attended by approximately 500 attendees comprising the two countries’ government officials, related institutions’ representatives and business leaders, including Minister-Chairman of the Government Office Tran Van Son, Korea’s Hyosung Group Vice Chairman Cho Hyun-sang, and Supex Pursuit Council Chairman Choi Chang-won to discuss measures for bilateral economic cooperation.   In his welcome address, Minister Ahn congratulated the launching of the Forum in Seoul this year with the participation of both countries’ business leaders following last year’s in Hanoi, and proposed directions for bilateral economic cooperation and more vigorous exchanges through larger-scale trade and investment, stronger supply chain cooperation, and energy collaboration.   At the Forum, a total of 23 memorandums of understanding (MOUs) were sealed in not only traditional areas of Korea-Vietnam cooperation, but also in energy solution, bio, semiconductors, artificial intelligence (AI), education, healthcare, building anticipation for a more active collaboration between the two countries’ private sectors. date2024-07-01

Government holds 6th National Strategic High-Tech Industries Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced that the Korean government held the sixth National Strategic High-Tech Industries Committee meeting on June 27 and led the deliberation and resolution on plans for designations of national strategic high-tech industries for bio, as well as the new designation and alterations regarding national strategic advanced technologies.   The Government announced that, as a result of evaluations conducted on the eleven regions that have applied for the bio specialization complex (period of public notice: December 2023–February 2024) in terms of anchor companies, investment scale, industry ecosystem potential, regional balanced development, and such criteria, the following five regions have been designated as Korea’s national strategic high-tech bio specialization complexes: Incheon/Gyeonggi (Siheung), Daejeon (Yuseong), Gangwon (Chuncheon, Hongcheon), Jeonnam (Hwasoon), and Gyeongbuk (Andong, Pohang).   Under the National High-Tech Strategic Industry Act, the above bio specialization complexes will be provided assistance similar to what the specialization complexes received after designation in July 2023, including “time-out” for swift licensing, deregulation, tax and budget support, easing of floor area ratio (FAR) cap, power and water and such basic infrastructure, as well as pan-ministerial support for management and nurturing of the specialization complexes. The detailed plan for tailored development of each bio specialization complex will be established in the second half of this year.   Moreover, the Government will be further designating new technologies as “national high-tech strategic technologies” in addition to the 17 technologies of the semiconductor, displays, secondary battery, and bio sectors designated in May 2023. The new and upcoming designation will take the rapidly changing advanced industries’ competitive environment into consideration and factor in technological innovations around the world.   In accordance with the first basic plan on nurturing and protecting National High-Tech Strategic Industries and the action plan for 2024, future mobility, robots, nuclear power, and defense are some of the industries under review for designation as national high-tech strategic industries. Furthermore, the Government will review whether there exist additional technologies eligible for designation as national high-tech strategic technologies in the initially designated four industries (semiconductor, display, secondary battery, bio).   The Government plans to begin conducting surveys on the relevant industries beginning this July, which will be followed by the National Strategic High-Tech Industries Committee’s deliberation process for additional designations. date2024-06-28

Korea-U.S. global standards cooperation picks up pace in advanced industries

Korea Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) held the Korea-U.S. Standards Cooperation Forum 2024 on June 28 at the National Press Club in Washington D.C. with the attendance of approximately 70 experts of both countries, including representatives from the American National Standards Institute (ANSI), National Institute of Standards and Technology (NIST), Intel, and IBM.   The Korea-U.S. Standards Cooperation Forum 2024 held in-depth discussions on the two countries’ joint progress in standards development in five advanced technology areas, namely semiconductors, artificial intelligence (AI), future mobility, quantum technology, and carbon neutrality/clean energy, with the addition of “digital ID” as a sixth new area, with participants agreeing to propose five new international standards for semiconductors, quantum technology, and solar cells and to launch a new global standards project in bio-semiconductor development.   On June 27, KATS and NIST sealed a memorandum of understanding (MOU) for supporting the two countries’ intergovernmental standards cooperation in facilitating joint efforts and information sharing of international and regional standards organizations, as a follow-up to the Korea-U.S.-Japan trilateral summit held at Camp David last August. On the same day, KATS also held a regular bilateral meeting to discuss measures for private sector collaboration, such as the sharing of advanced technology standards strategies and promoting standards talent exchanges. date2024-06-28