Ministry of Trade, Industry and Energy

Korea and U.S. hold Supply Chain and Commercial Dialogue (SCCD) Semiconductor Forum

Trade, Industry, and Energy Minister Dukgeun Ahn and U.S. Secretary of Commerce Gina Raimondo attended the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) Semiconductor Forum on June 27 in Washington D.C., co-hosted by the two countries' semiconductor associations, as part of implementing the agreed outcome of the first Korea-U.S. SCCD Dialogue (April 2023) on deepening public-private bilateral semiconductor cooperation.   The SCCD Semiconductor Forum was attended by representatives of the Ministry of Trade, Industry and Energy (MOTIE), U.S. Department of Commerce (DOC), both countries’ semiconductor companies, and related organizations, including Samsung Electronics, SK Hynix, Intel, IBM, Synopsis, Korea Planning & Evaluation Institute of Industrial Technology (KEIT), and Invest Korea. Attendees covered the semiconductor industry’s current issues in technological development, talent nurturing, supply chain stability, and discussed measures for strengthening bilateral cooperation.   Korea Semiconductor Industry Association (KSIA) and the U.S.' Semiconductor Industry Association (SIA) entered a memorandum of understanding (MOU) for semiconductor supply chain cooperation and agreed to cooperate in technological development, talent training, business and investment facilitation in artificial intelligence (AI) and other emerging markets, as well as for regularizing the Forum.   In his opening address, Minister Ahn stated that the ministry aims to increase global R&D project investments and support technology cooperation between the two countries through the Korea-U.S. Industry and Technology Cooperation Centers. He also expressed anticipation towards seeing the Korea-U.S. AI Semiconductor Innovation Center contribute to both countries’ industry exchanges upon its establishment in the U.S. during the second half of 2024 and for the SCCD Semiconductor Forum to serve as a channel for bilateral public-private communication. date2024-06-28

Joint Readout: United States-Korea Supply Chain and Commercial Dialogue Ministerial Meeting

Joint Readout: United States-Korea Supply Chain and Commercial Dialogue Ministerial Meeting   FOR IMMEDIATE RELEASE Thursday, June 27, 2024   WASHINGTON, D.C. - Today, U.S. Department of Commerce Secretary Gina Raimondo and Korean Minister of Trade, Industry, and Energy (MOTIE) Ahn Duk-geun held the second United States-Korea Supply Chain and Commercial Dialogue (SCCD) Ministerial Meeting. The Secretary and Minister reviewed progress made to-date between Commerce and MOTIE to deepen bilateral economic and commercial cooperation between the countries.   Secretary Raimondo and Minister Ahn noted the significant, substantive progress that is being undertaken through the SCCD working groups, which include: Advanced Manufacturing and Supply Chain Resilience including Semiconductors, Dual-Use Export Controls, Healthcare and Healthcare Technologies, and the Digital Economy. They also instructed staff to continue discussions through an SCCD critical minerals Sub-Working group to deepen U.S.–Korea critical minerals supply chain collaboration.   The Secretary and Minister noted deepening semiconductor investment cooperation, including the Department of Commerce recently signing non-binding preliminary memoranda of terms with Samsung Electronics to support a state-of-the-art leading-edge ecosystem in Central Texas, and with Absolics, an affiliate of the Korea-based SKC, to support a facility in Georgia for the development of advanced packaging substrates technology. The Secretary and Minister celebrated this progress at the U.S.-Korea SCCD Semiconductor Forum, co-hosted by the Semiconductor Industry Association and Korea Semiconductor Industry Association, which was held immediately before the SCCD Ministerial meeting. The Forum highlighted U.S.-Korea semiconductor cooperation in the key areas of supply chain, workforce development, and R&D as outcomes of the SCCD.   Secretary Raimondo and Minister Ahn acknowledged the increasing momentum under the SCCD healthcare and healthcare technologies working group, including a joint Commerce–MOTIE telehealth virtual showcase that was held in May 2024 with 72 attendees, and a U.S.-Korea Biopharma Roundtable at the 2024 BIO International Convention in San Diego at the beginning of June. They committed to further strengthening cooperation on healthcare innovation and supply chains between the two countries. The Secretary and Minister also acknowledged the meaningful outcomes of the Advanced Manufacturing working group, including an October 2023 Commerce-MOTIE hosted Additive Manufacturing Industry Showcase with over 100 U.S. and Korean companies who were able to learn about opportunities to compete and invest in one another’s markets.   Recognizing the need to protect our critical and emerging technologies from countries that may misuse them to undermine peace and security, they agreed to continue existing export control cooperation to address national security threats while minimizing supply chain disruption under the dual-use export controls working group. Finally, Secretary Raimondo and Minister Ahn discussed current and future cooperation under the SCCD digital economy working group, including cooperation on standard-related activities, and cooperation between Korean and U.S. industrial Artificial Intelligence companies.   The Secretary and Minister also committed to exploring opportunities for collaboration in third countries, where governments are seeking to increase their access to investment and global markets to enhance economic opportunity for their citizens.   date2024-06-28

Centers for Korea-U.S. advanced industry and technology cooperation open across top U.S. universities

The Ministry of Trade, Industry and Energy (MOTIE) launched the Korea-US Advanced Industry and Technology Cooperation Forum 2024 in Washington D.C. and held the opening ceremony of Korea-U.S. Industry and Technology Cooperation Centers at Yale University, Purdue University, Johns Hopkins University, and Georgia Institute of Technology.   The Forum was attended by approximately 200 persons, including MOTIE Minister Dukgeun Ahn, U.S. Deputy Secretary of Commerce Don Graves, representatives of both countries' governments, companies, academia, and research institutions.   Beginning in the latter half of this year, MOTIE will set to work on mid-to-large scale (app. KRW 10 bln), mid-to-long term (5 yrs max) global joint R&D projects in order to secure far-reaching next-generation growth engines as part of the ministry’s ongoing efforts for international cooperation in advanced technology areas. Korean companies expressed strong interest in global technology collaboration, with 247 consortiums entering into competition over this year’s 45 project tasks.   Six more universities will be selected for the establishment of cooperation centers at a total of 12 universities by 2027 in addition to the six previously selected, namely Massachusetts Institute of Technology (MIT), Yale University, Purdue University, Johns Hopkins University, Fraunhofer, and Georgia Institute of Technology. The cooperation centers are to be utilized for uncovering promising joint projects for R&D planning and researcher matching between U.S. universities and Korean companies. Each of the selected universities will be assigning coordinators fully in charge of these projects and provide R&D space and other forms of support.   In his welcome address, Minister Ahn highlighted that solidarity and cooperation among friendly nations are essential for responding to the global multicrisis and shared the ministry’s aim to lead the achieve industrial innovation through a solid bilateral technology alliance based on the cooperation centers. date2024-06-28

Joint Statement on Japan-Republic of Korea-United States Commerce and Industry Ministerial Meeting

Joint Statement Japan-Republic of Korea-United States Commerce and Industry Ministerial Meeting June 26, 2024 – Washington, D.C.     We, U.S. Secretary of Commerce Gina Raimondo; Japanese Minister of Economy, Trade, and Industry Saito Ken; and Republic of Korea (ROK) Minister of Trade, Industry, and Energy Ahn Duk-geun met in Washington today for the inaugural meeting of Commerce and Industry Ministers. United by the vision established by our three leaders at their historic Trilateral Summit at Camp David on August 18, 2023, we resolve to focus our joint efforts on a set of strategic areas designed to enhance the security and prosperity of our people and the Indo-Pacific region.   Our shared intent is to leverage this trilateral mechanism to promote the development of critical and emerging technologies and strengthen the security and resiliency of our economies. Recognizing these two goals are intertwined, we aim to prioritize cooperation to strengthen the resilience of supply chains in key sectors, including semiconductors and batteries; and to promote the Principles on Resilient and Reliable Supply Chains, namely, transparency, diversification, security, sustainability, and trustworthiness and reliability. Together, we seek to deepen our coordination of export controls on advanced technologies; enhance private sector partnerships for collaborative research and innovation related to advanced industrial technologies; advance efforts to develop international standards and ensure safe, secure, and trustworthy use of artificial intelligence (AI); expand collaboration on critical and emerging technologies and on critical minerals; work together to strengthen economic security; and support long-term economic cooperation among the partners to support operationalizing the Indo-Pacific Economic Framework for Prosperity (IPEF).   As part of these efforts, there is an urgency to our three sides working closely together to identify potential supply chain vulnerabilities for strategic goods that have resulted from a wide range of non-market policies and practices. We share concerns over the weaponization of economic dependencies on certain supply sources for strategic goods. To address the resulting, systemic vulnerabilities stemming from such dependencies, we intend to promote a level playing field through more closely coordinated efforts – including working together, and with other partners, on relevant criteria that take into account not only economic factors, but also factors linked to the Principles on Resilient and Reliable Supply Chains.   Semiconductors: We reaffirm our recognition of the essential role that semiconductors play in a wide range of industries and applications important to the growth of our economies and preservation of our national security. We note our shared interest in building resilient semiconductor supply chains and aim to accelerate cooperation to achieve this goal.   Clean Energy: Recognizing the need to reduce the carbon intensity and overall greenhouse gas emissions of our respective economies, we reaffirm the importance of trilateral cooperation to strengthen global battery supply chains. In addition, we concur that clean/zero emission and low-carbon hydrogen and its derivatives, such as clean ammonia, will play an essential role in the decarbonization of a wide variety of sectors. Towards that end, we intend to cooperate to promote the development of secure and resilient global supply chains for clean/zero emission and low-carbon hydrogen and its derivatives, including the consideration of their carbon intensity, and to explore how the three ministries that we lead can enhance cooperation on low- and/or carbon-free energy emissions technologies, including clean/zero emission and low-carbon hydrogen and its derivatives.   Critical Minerals: We further reaffirm the importance of increasing the availa date2024-06-27

Ewha Womans University and Syensqo celebrate 10 years of industry-academia cooperation

Minister for Trade Inkyo Cheong attended the decennial anniversary ceremony of Ewha-Syensqo Research & Innovation (R&I) Center on June 27 in Seoul in commemoration of the 10-year academia and industry cooperation between Ewha Womans University and leading global materials company Syensqo.   Formerly known as Solvay, Syensqo established the Rhodia Silica Korea in Incheon in 1975 and the specialty chemicals business headquarters in Korea in 2011, followed by its global R&I Center at Ewha Womans University in 2014.   The Ewha-Syensqo R&I Center is a successful case of foreign direct investment (FDI) attraction based on trilateral cooperation among the Government, university, and businesses, which contributes to creating quality jobs in automobile and electronics related industries through R&D in battery and green hydrogen, ultimately building up Korea’s future industrial competitiveness.   At the ceremony, Ewha Womans University and Syensqo sealed a memorandum of understanding (MOU) on the pledged support of over KRW 5 billion in science, technology, engineering, and mathematics (STEM) areas, and held a symposium for both looking back on the outcomes from the past and looking forward to those of another coming decade. Syensqo has thus far invested over ₩6.6 billion in research and scholarship funding.   In his congratulatory message, Trade Minister Cheong said that the Korean government has newly launched an R&D project exclusively for foreign-invested firms in order to better support global companies’ R&D investments, and that the project will be further expanded to allow more foreign-invested firms to participate in the advanced industrial technology innovations in Korea. date2024-06-27

Korea and U.S. to expand clean energy cooperation

The U.S.-ROK Clean Energy Forum was held at the Marriott Marquis Hotel in Washington, D.C., on June 25 as a part of both nations' dedication to accelerating the clean energy transition, expanding clean electricity deployment and building clean energy economies, which the two leaders agreed upon in April last year. About 80 participants from the two governments, industry, academia, and research attended the forum.   The thematic sessions covered advanced battery technology development and demonstration, energy storage systems (ESS) to expand clean electricity; clean energy investment and financing; electricity power grid innovation for a reliable, resilient, stable, and affordable system; and commercialization and deployment of clean hydrogen technologies, including mobility, supply chain, and certification. These discussions among government officials and experts from industry, academia, and laboratories illuminated the vast opportunities and challenges for bilateral cooperation in each of these areas, painting a promising picture for the future of clean energy.   In his congratulatory address, Minister Dukgeun Ahn reiterated the importance of the forum, stating that "We have a valuable opportunity to unlock further potential for Korea and the United States to engage in mutual efforts towards a clean energy future while the Korean private sector has responded to the attractive IRA incentives by investing in the United States." He also proposed to "regularize the U.S.-ROK Clean Energy Forum and continue the energy policy dialogue at the Ministerial level. By strengthening our energy cooperation, I am confident that we can achieve energy security and address the climate crisis facing our world together."   date2024-06-27

Korea and Japan discuss measures for implementing summit outcomes on margins of Washington trilateral

Trade, Industry and Energy Minister Dukgeun Ahn met Japanese Minister of Economy, Trade, and Industry Saito Ken on June 26 in Washington D.C. on the margins of the Korea-U.S.-Japan trilateral industry ministers’ meeting and discussed measures for implementation of agreed outcomes of the Korea-Japan summit held this May.   The delegations of both sides welcomed the launching of the recent inaugural Hydrogen Cooperation Dialogue in Seoul and agreed on installing the Clean Hydrogen and Ammonia Supply Chain Development Working Group and on nurturing public-private cooperation through the “Korea-Japan Hydrogen and Ammonia Supply Chain and Utilization Cooperation Platform (tentative)” and other means.   The two sides also agreed to consult with experts for a more detailed cooperation on the Carbon Free Energy (CFE) Initiative and highly assessed the Korea-Japan Global Green Cooperation Working Group held this May and decided to bolster joint response.   The Korean and Japanese delegations agreed to continue their supply chain discussions across major industries while also making concerted efforts to stabilize the global supply chain for critical minerals. Lastly, they discussed measures for cooperation in key multilateral initiatives like the Indo-Pacific Economic Framework for Prosperity (IPEF) and the World Trade Organization (WTO), as well as the Korea-Japan-China and Korea-U.S.-Japan multilateral consultations. date2024-06-27

U.S.-based advanced industry & energy firms pledge $0.6 bln investments in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 26 that three U.S companies (ON Semiconductor, Corning, Pacifico Energy) submitted declarations of investment in Korea totaling USD 0.6 billion (KRW 850 billion) on the occasion of Minister Dukgeun Ahn’s visit to Washington D.C for the inaugural Korea-U.S.-Japan trilateral industrial ministers' meeting.   ON Semiconductor is a leading power semiconductor company that completed the expansion of its silicon carbide (SiC) fabrication plant in Bucheon last October, with plans to further expand production facilities through this investment. SiC is a high voltage- and high temperature-durable next-generation material in which ON Semiconductor holds expertise. The company has been making large-scale investments in Korea since 2022 after choosing the Bucheon plant as its SiC power semiconductor manufacturing hub.   Corning is a global firm in advanced materials like specialty glass, ceramics, and fiber-optic cable for displays and mobile devices. Having invested over an estimated $9.3 billion (₩13 trillion) in Korea over the past five decades, Corning plans to invest in upgrading its Corning Precision Materials facility located in Asan, South Chungcheong Province, for next-generation processing technology applications.   Based in California, Pacifico Energy currently operates solar and wind power projects in the U.S., Japan, and Vietnam, and is aiming to build a large-scale 3.2GW offshore wind power complex in South Jeolla Province of Korea. The first U.S. energy firm to enter Korea’s offshore wind power market, Pacifico Energy’s investment success is anticipated to become the symbol of Korea-U.S. clean energy cooperation.   Minister Ahn stated that full measure will be given to make sure the investments help strengthen the two countries’ advanced industrial supply chain cooperation and energy security. date2024-06-27