Ministry of Trade, Industry and Energy

Korea to push state-led expansion of renewable energy distribution

Trade, Industry and Energy Minister Dukgeun Ahn chaired a conference on May 16 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul with renewable energy generator, manufacturer, and buyer companies and announced the strategy on widening renewable energy distribution and strengthening the supply chain.   In step with the global shifts, the Korean government has been making effort to expand renewable energy by balancing out the utilization of nuclear, hydrogen, and other carbon-free energy sources. Moreover, it has also concentrated on solving issues arising in the process of expanding renewable energy distribution, such as those concerning electric power systems and cost, in order to nurture an environment suitable for the sustainable distribution of renewable energy.   As a result, the energy market ecosystem has been showing signs of recovery, and the Ministry of Trade, Industry and Energy (MOTIE) intends to push a more orderly expansion for the renewable energy market. First, the Government will be taking up a leading role in the distribution process. For offshore wind power development, laws on providing state support for site location, licensing, and local consensus building are to be swiftly put in place. For solar power, public demonstration projects and regulatory improvements will be rolled out with focus on agrivoltaics and around industrial complexes to reduce challenges in local consensus building and electric power system capacity.   In line with domestic distribution expansion, preemptive efforts will be made to bolster the overall industrial base. Through widening and strengthening the competitive tendering of solar and wind power facilities, supply chain and security factors will be thoroughly addressed. Moreover, early securing of next-generation technology is another key task for future market dominance. By tackling technology development issues and strengthening support for shared infrastructure utilization, Korea aims to achieve early commercialization of tandem solar cells by 2026 and 35 percent efficiency rate by 2030.   The Government also plans to lower public burden while strengthening the state’s role in renewable energy supply by improving the renewable portfolio standards (RPS) program in accordance with market and policy landscape changes through extensive discussions with the National Assembly, industries, and experts on the subject. Furthermore, power purchasing regulations will be eased and transaction convenience enhanced to expand the market for companies’ direct power purchases from renewable energy power generators, while opening separate brokerage markets on the side.   Stronger support will go towards companies looking to penetrate overseas renewable energy markets. Korean firms have won a total of 41 overseas renewable energy projects over the last four years, worth USD 14.3 billion and equivalent to 20.4GW. The Government plans to establish a cooperative system between companies and assisting institutions, while launching locally tailored support programs as well.   MOTIE will be designing follow-up policies with other related ministries per each specific task and continue to seek measures for nurturing a balanced energy mix development plan among renewable energy and other carbon-free energy sources like nuclear and hydrogen. date2024-05-17

Korea proposes global workstream for CFE Initiative at Clean Energy Ministerial

Director General for Energy Policy Choi Yeon-woo at the Ministry of Trade, Industry and Energy (MOTIE) attended the Clean Energy Ministerial (CEM) Senior Officials' Meeting and Mission Innovation (MI) Annual Gathering held from May 15-17 in Bali, Indonesia, and partook in discussions on technology development and measures for accelerating clean energy transition.   Representatives of 29 member countries gathered for in-depth discussions on the effective management methods for the 24 clean energy working groups on nuclear power, renewables, battery, and efficiency, as well as measures for developing the seven Missions on areas like clean hydrogen, clean power, and carbon dioxide removal (CDR).   On this occasion, MOTIE proposed the launching of a new global workstream for Carbon Free Energy (CFE) Initiative as a platform for dialogue and cooperation on the schemes to expand and implement carbon-free energy utilization with member countries, and as a means to diffuse the CFE Initiative. The Initiative was initially suggested by President Yoon Suk Yeol during the United Nations General Assembly in September 2023 for achieving carbon neutrality and mitigating the climate change adaptation gap, winning official support from countries like Japan, the UK, France, the Netherlands, the United Arab Emirates, Saudi Arabia, and Romania.   On the margins of the CEM meetings, MOTIE and the Carbon Free (CF) Alliance held the “Advancing Climate Goals with Carbon-Free Energy,” where government officials, industries’ representatives, and experts engaged as panel speakers to exchange views on the need for wider utilization of carbon-free energy sources.   MOTIE and the CF Alliance aim to officially launch the global workstream for the CFE Initiative in the next CEM slated for October this year in Brazil. date2024-05-16

Korea and Chile to push forward cooperation in critical minerals supply chain

Resources Industry Policy Director General Yoon Chang-hyun at the Ministry of Trade, Industry and Energy (MOTIE) led the Korean delegation in the fifth Korea-Chile Resources Cooperation Committee meeting on May 15 (local time) in Santiago for discussions on bilateral collaboration in supply chains of lithium and such critical minerals. The Chilean delegation was led by Chile’s Mining Minister Aurora Williams.   The world’s largest lithium reservoir (9.3 million metric tons), Chile takes up 33.2 percent of global lithium reserves and is one of Korea’s key partner countries for building a stronger supply chain on critical minerals like lithium for batteries and other advanced industries. LG Energy Solution and Samsung SDI are some of the Korean firms importing lithium carbonate from Chile.   The fifth Resources Cooperation Committee meeting is a follow-up to the two countries’ agreement to discuss detailed lithium cooperation measures on the occasion of the Asia-Pacific Economic Cooperation (APEC) Summit held November 2023. Both sides shared their critical minerals strategies and discussed prospects of collaboration, including Chile’s tailings reprocessing technology development and Korea’s eco-friendly lithium extraction technology.   On the margins of the Committee meeting, MOTIE held a Korea-Chile symposium for business exchanges and networking, where Korean firms like LX International and POSCO Holdings and Chilean critical minerals firms like Sociedad Química y Minera (SQM) and Chilean national mining company ENAMI (Empresa Nacional de Minería) gathered to discuss bilateral lithium development, trade, and technology development.   Meanwhile, Director General Yoon and Minister Williams also discussed the Chilean government’s lithium salt flat development bid project among other areas of interest to Korean companies, as well as measures for strengthening the bilateral critical minerals supply chain. date2024-05-16

Korea and U.S. hold opening ceremony for launching of eCERT for steel customs clearance

The Ministry of Trade, Industry and Energy (MOTIE), Korea Customs Service (KCS), and U.S. Customs and Border Protection (CBP) held the opening ceremony of the Electronic Certification System (eCERT), established as a bilateral platform for steel customs clearance, on May 15 (EDT) at CBP Headquarters in Washington D.C.   The eCERT is a filing system for quota-subject Korean steel that can manage quotas and customs, operated in sync with the export quota management system run by Korea Iron and Steel Association (KOSA). CBP will compare and cross-check the export approval document submitted by KOSA with the import declaration form and reply back on whether or not to approve customs clearance.   Beginning May 20, CBP will automatically reject filings with incompatible steel importer data. In other words, the export approval document from KOSA and import declaration form submitted to CBP must match for customs to clear.   MOTIE's Deputy Minister for FTA Negotiations Roh Keon-ki commented that “Whereas in the past it took over a week for Korean exporters to confirm customs clearance on their own through U.S. importers, now they can view the entire customs process with a single mouse click.” date2024-05-16

Korea's ICT exports climb 33.8% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 15 that Korea’s export and import of information and communications technology (ICT) goods for April recorded USD 17.1 billion and $11.6 billion, respectively, and the trade balance stood at a surplus of $5.5 billion.   April ICT exports achieved this year’s steepest climb of 33.8 percent year-on-year as the majority of key items like semiconductors, displays, mobile phones, and computers/peripherals advanced. The previous growth rate entering the 30 percent thresholds was set in March 2022 (33.6 percent).   By item, top items like semiconductors (up 53.9 percent), displays (up 15.2 percent), mobile phones (up 15.3 percent), and computers/peripherals (up 55.9 percent) increased in export.   By region, exports to China (including Hong Kong) (up 43.7 percent), Vietnam (up 22.4 percent), the U.S. (up 24.6 percent), Europe (up 15.5 percent), and Japan (up 9.1 percent) enjoyed growth.   Meanwhile, ICT imports rose 10.4 percent year-on-year as demand for semiconductor and display parts increased. date2024-05-16

Trade Minister meets with Korean companies in U.S. on margins of attending APEC Trade Ministerial

Minister for Trade Inkyo Cheong, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting through May 17-18, visited Atlanta, U.S. (May 14-15), to meet with Korean companies operating in the U.S. market and reviewed the two countries' joint R&D projects in advanced industries and discussed bilateral trade policy measures.   Trade Minister Cheong visited Kia’s West Point plant in Georgia on May 15 and met with automakers and parts manufacturers to discuss the recent announcement by the U.S. Department of Commerce (DOC) on the preliminary determination on anti-dumping investigations covering Korean aluminum extrusions. The trade chief then met with seven member companies of the Korean Corporations Alliance of the Southeast (KOCAS) and discussed local management environment trends and business challenges.   The trade minister also visited Georgia Institute of Technology and held talks with Korean professors and researchers at the university to review Korea-U.S. collaboration progress in advanced technologies.   Trade Minister Cheong plans to attend the APEC Joint Meeting of Ministers Responsible for Trade and Ministers for Women among other meetings through May 16-18 to discuss measures for inclusive and sustainable growth, while also preparing for Korea’s 2025 APEC chairmanship. date2024-05-16

Korea and UK hold 6th bilateral Nuclear Energy Industry Dialogue

Nuclear Power Policy Director General Ahn Sei-jin at the Ministry of Trade, Industry and Energy (MOTIE) led the Korean delegation in the meeting with the UK’s delegation led by Chris Heffer, Director for Nuclear Power, Infrastructure and Decommissioning at the Department for Energy Security and Net Zero (DESNZ), for the sixth Korea-UK Nuclear Energy Industry Dialogue on May 14 (BST) in London. The meeting was attended by representatives of both countries’ relevant ministries, companies, and institutions.   The sixth Korea-UK Nuclear Energy Industry Dialogue was held as part of follow-up measures to the memorandum of understanding (MOU) inked between the two countries in November 2023, when MOTIE and DESNZ signed the MOU for nuclear energy cooperation on the sidelines of President Yoon’s state visit to the UK, outlining bilateral cooperation in new nuclear power plant projects, nuclear fuel, radioactive waste, decommissioning, small modular reactors (SMRs), industry and talent exchanges.   At the meeting, the two sides covered prospects on development and construction of the UK’s new nuclear power plant project and reviewed their collaboration progress across the entire life cycle of nuclear power plants, including nuclear fuel supply chain diversification, SMR development, decommissioning experience and technology sharing, and industrial and technology cooperation. date2024-05-16

MOTIE-shipyards joint TF aiming to lead global standards in autonomous ship navigation

The Ministry of Trade, Industry and Energy (MOTIE) announced that its public-private joint task force (TF) on autonomous ship navigation attended on May 14 the Symposium "Sailing together: Striving for a Future-Proof IMO MASS Code,” co-sponsored by Korea and the International Maritime Organization (IMO).   Now in its second year, the symposium aims to promote the sharing of research and technology trends on autonomous ship navigation, in line with the 108th session of the Maritime Safety Committee beginning May 15. This year’s symposium is all the more significant in terms of the IMO’s non-mandatory goal-based MASS Code approval slated for this year.   Composed of MOTIE officials and domestic shipyards’ representatives, the public-private joint TF introduced Korea’s autonomous navigation system, technological development progress (led by Korean government and KASS), and commercialization program (led by HD Hyundais’ Avikus and Samsung Heavy Industries, etc.).   On the margins of the symposium, MOTIE officials held bilateral talks with the IMO’s Marine Technology Head Sascha Pristrom and shared Korea’s systems and technology environment that facilitates demonstrations for the world’s first autonomous ship navigation laws and regulatory sandboxes. Moreover, they visited the UK’s Department for Business and Trade to discuss measures for bilateral synergy through the combination of UK’s eco-friendly technologies and Korea’s shipbuilding capacity. date2024-05-14