Ministry of Trade, Industry and Energy

Korea's ICT exports rise 31.8% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that Korea’s export and import of information and communications technology (ICT) goods for May recorded USD 19.1 billion and $11.5 billion, respectively, and the trade balance stood at a surplus of $7.6 billion.   The ICT export growth rate entered the 30 percent thresholds in May (up 31.8 percent year-on-year) for the second consecutive month, thanks to robust exports of semiconductors, displays, mobile phones, and computers/peripherals.   By item, semiconductors (up 52.4 percent), displays (up 15.3 percent), mobile phones (up 10.8 percent), and computers/peripherals (up 42.5 percent) advanced.   By region, exports to China (including Hong Kong) (up 35.3 percent), Vietnam (up 30.6 percent), the U.S. (up 20.7 percent), and Europe (up 21.3 percent) expanded.   Meanwhile, increased demand for parts of major items like semiconductors and displays raised overall imports 2.4 percent year-on-year. date2024-06-17

Korea-Uzbekistan Business Forum seals 30 MOUs for future cooperation in infrastructure, energy, and supply chains

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that on the occasion of President Yoon Suk Yeol’s state visit to Uzbekistan, the two countries held the Korea-Uzbekistan Business Forum, which inked 30 new joint projects in the participation of 700 key figures of their economic groups, large corporations, middle-market companies, and SMEs and facilitated discussions for stronger cooperation in global supply chains, digital transition, energy, and infrastructure.   In infrastructure, four memorandums of understanding (MOUs) were signed across a wide range of areas in city development and construction, laying down the foundation for future Uzbekistan infrastructure market entry in railways and other major businesses. In energy, seven MOUs were entered in district heating, hydroelectric power, and solar power development, through which Korean companies expect to penetrate the Central Asian carbon neutrality markets. In critical minerals and supply chains, five MOUs were signed for mining and geological research, building anticipation for prospects of securing mineral resources like lithium, molybdenum, and tungsten. In other future economic cooperation areas like digital transition, pharmaceuticals, food and beverage exports, 14 MOUs were inked with aim to establish a stable and forward-looking bilateral cooperation base.   With the Business Forum serving as a momentum for further advancing the two countries’ economic cooperation, Korea and Uzbekistan reaffirmed their shared understanding on the future partnership for development and joint projects in major areas like infrastructure, energy, and supply chains. The Korean government plans to provide public-private support for tangible business progress based on the above outcomes. date2024-06-17

Korea and Uzbekistan expand cooperation in trade, supply chains, and energy

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 14 that the ministry entered a total of four agreements and protocols with the Uzbek Government on the occasion of President Yoon Suk Yeol’s state visit, the last destination on his Central Asia tour, where the two countries agreed to expand cooperation in trade, supply chains, infrastructure, and other areas.   First, MOTIE entered a protocol for bilateral negotiations on supporting Uzbekistan’s World Trade Organization (WTO) accession, which was signed by Minister Dukgeun Ahn and Azizbek Urunov, the special representative of the President of Uzbekistan on WTO issues.   MOTIE also entered an agreement with Uzbekistan’s Investments, Industry, and Trade Ministry for invigorating the Korea-Uzbekistan Joint Committee on Trade and Economic Cooperation, leading to anticipation of deeper bilateral discussions not only in traditional cooperation areas like trade and supply chains but also in new areas like finance, culture, and ICT.   In view of the recent global supply chain crisis, MOTIE sealed an agreement for supply chain cooperation on critical minerals with Uzbekistan's Ministry of Mining Industry and Geology to strengthen the two countries' strategic partnership. As the first bilateral intergovernmental critical minerals supply chain partnership, the agreement is assessed to have laid the groundwork for mutually beneficial cooperation for diversifying Korea’s critical minerals supply chain and advancing Uzbekistan’s critical minerals value chain.   In addition, MOTIE inked an agreement with Uzbekistan’s Ministry of Energy and the Ministry of Construction and Housing and Communal Services, which aims to enhance the efficiency of Uzbekistan’s energy infrastructure and establish the base for Korea’s district heating companies’ Uzbek market entry. date2024-06-14

Korea and Japan hold 1st Hydrogen Cooperation Dialogue meeting

Director General for Hydrogen Economy Policy Park Chan-ki and Hiroo Inoue, Director General for Energy Efficiency and Renewable Energy Department at Japan’s Economy, Trade and Industry Ministry (METI), held the first Korea-Japan Hydrogen Cooperation Dialogue meeting on June 14 in Seoul with the participation of eleven related institutions, including Korea’s H2KOREA, Korea Electric Power Corporation (KEPCO), and Korea National Oil Corporation (KNOC), and Japan’s JH2A, Clean Fuel Ammonia Association (CFAA), and Japan Organization for Metals and Energy Security (JOGMEC).   The meeting was held as a follow-up to the agreement made during the Korea-Japan summit talks this May for strengthening hydrogen cooperation, as well as part of bilateral efforts on clean energy areas as discussed at the summit talks at Stanford University, U.S., in 2023.   Both sides shared their recent respective hydrogen policy developments, including the Hydrogen Society Promotion Act that Japan passed on May 17 and the Clean Hydrogen Power Bidding Market that Korea launched on May 24, and agreed to deepen cooperation in clean hydrogen and hydrogen compounds to achieve the nationally determined contributions (NDCs) and secure energy security.   To note, the two countries’ hydrogen related institutions are to form working groups on carbon intensity and certification; standards and criteria; and a safety working group to work out the details for cooperation and to continue discussions on installing additional working groups in the future.   Furthermore, the two sides agreed on the importance of the Korea-Japan business cooperation for diffusing the hydrogen economy ecosystem and expanding joint efforts on the global clean hydrogen supply chain, and decided to seek ways for bilateral private-led hydrogen supply chain cooperation. date2024-06-14

Korea Eureka Day 2024 launches in Türkiye

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 14 that Korea Eureka Day 2024 is held through June 13-14 in Istanbul, Türkiye, with the participation of an estimated 100 industry and technology experts from 12 countries to share advanced industrial policies and technology trends through networking among industries, academia, and R&D institutions to promote Korea-Europe technology collaboration.   Co-hosted by Korea and Eureka’s Chair country, the 15th Korea Eureka Day was launched to promote partnerships between Korean and European industrial, academic, and R&D experts through global projects and to spur discussions on joint R&D tasks.   At Korea Eureka Day 2024, Doosan Robotics proposed the future vision of the advanced manufacturing environment, and 20 Korean firms presented their ideas for joint projects on advanced manufacturing and smart city. MOTIE plans to give strong backing to the quality project tasks uncovered through the event.   MOTIE is in the course of bolstering technology cooperation with major European countries, upping its financial support for Korea-Europe R&D projects from KRW 55 billion in 2022 to ₩63.7 billion last year. Having designated Germany’s Fraunhofer-Gesellschaft as a global center for industrial technology cooperation early this year, the ministry plans to add more top-notch European R&D institutions to the list in 2025. date2024-06-14

Korean government to assign 7 new vessels in response to rising ocean freight rates

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 14 that the Korean government established emergency measures for maritime logistics support to prepare against container shortages and minimize the toll on exports amid the rising cargo shipping costs.   Based on situation analysis, direct impact on export cargo loading is limited but rerouting around the Cape of Good Hope and ensuing transport delays are increasing costs for exporters.   Accordingly, the Government will prepare against shipping container shortage risks through cooperation with Hyundai Merchant Marine (HMM) via a number of measures, including the emergency deployment of three temporary vessels (total 9,000 TEU) for destinations busy in June–July like the U.S.’ West and East Coast and the Middle East; assigning seven new large-sized containerships (70,000 TEU) to major shipping routes during the second half of this year; and supplying vessels exclusively for the use of SMEs and middle-market companies (1,685 TEU per voyage).   Next, for liquidity support and reducing exporters’ cargo expense, the Government will be moving up the execution schedule of the KRW 20.2 billion worth of export voucher budget initially allocated to the latter half of 2024, while also mulling additional logistics assistance measures in consideration of future cargo rate hikes. The scope and time window of support will be extended as well, granting exporters preferential limits on export credit guarantee and prompt insurance money payment. Moreover, a 700 TEU public container yard is to be installed around the Busan New Port area, offering below-market rates.   Lastly, the Government plans to run an emergency maritime cargo response task force for tight monitoring and response, while also tackling issues through an emergency export support task force led by the MOTIE’s International Trade and Investment Deputy Minister. Korea Trade-Investment Promotion Agency (KOTRA) and Korea International Trade Association (KITA) will also be operating internal help desks. date2024-06-14

FUJIFILM Electronic Materials Korea establishes color photoresist plant in Pyeongtaek

Director General for Cross-Border Investment Policy Park Deok-yeol visited the foreign investment zone in Pyeongtaek in Gyeonggi Province on June 14 to attend the completion ceremony of the FUJIFILM Electronic Materials Korea Co., Ltd's plant for producing photoresists, which are fine chemical materials for semiconductor manufacturing.   FUJIFILM Electronic Materials Korea is a 100% owned subsidiary of FUJIFILM Corporation, a Japanese global company producing photoresists for color filter manufacturing used for image sensors and accounting for over 80 percent of market share worldwide.   The first color photoresist manufacturing site in Korea, FUJIFILM Electronic Materials Korea’s Pyeongtaek plant is anticipated to substantially contribute to stabilizing Korea's advanced industrial supply chains by supplying to domestic semiconductor firms. date2024-06-14

Korea and Kazakhstan to spur synergy in critical minerals, energy, and manufacturing

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 13 that the Korea International Trade Association (KITA) and Samruk Kayzana, Kazakhstan’s sovereign wealth fund, co-hosted the Korea-Kazakhstan Business Forum on June 12 in Astana. The Forum drew approximately 300 persons, including the Korean economic delegation and both countries’ entrepreneurs, and facilitated discussions on bilateral cooperation in critical minerals, energy, trade, investment, finance, new industries, and consumer goods.   MOTIE’s Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Kanat Sharlapaev attended the memorandum of understanding (MOU) signing ceremony for the inking of 24 private sector MOUs. Five of them were signed in the energy area for combined cycle power plants, renewable energy plants, power grid modernization, small modular reactors (SMRs), and gas treatment plants.   For critical minerals, Korea Institute of Geoscience and Mineral Resources (KIGAM) and SK Ecoplant entered an MOU with the Kazakh Ministry of Industry and Construction on joint lithium mining exploration and development. KIGAM anticipates tangible outcomes, having confirmed the existence of a lithium deposit through lithium mining exploration in tandem with a local Kazakh research institution.   The two countries further concluded MOUs in areas like automobile industry-academia talent nurturing and elevator R&D park establishment (5 MOUs); healthcare and new industries (3 MOUs); and financial assistance (2 MOUs), laying the groundwork for mutual collaboration at the government, public institution, and private sector level. date2024-06-13