Ministry of Trade, Industry and Energy

Korea, U.S., and Japan to deepen cooperation on export controls and technology protection

Korea, the U.S., and Japan held a joint Disruptive Technology Protection Network Summit on April 25 (ET) in Washington D.C., U.S.   The Korean delegation, composed of representatives of the Office of the President, MOTIE, Ministry of Justice (MOJ), Ministry of Foreign Affairs (MOFA), and Korea Customs Service (KCS), was joined by the U.S.’ Department of Justice (DOJ) and Department of Commerce (DOC), and Japan’s Ministry of Economy, Trade, and Industry (METI) and National Police Agency (NPA).   Part of a follow-up measure to the Spirit of Camp David adopted at the trilateral summit held August 2023, the Summit is anticipated to augment the three countries’ cooperation in technology protection, export control implementation and related information sharing, exchange of success cases, and disruptive technology protection.   The Summit was chaired by Assistant Attorney General Matt Olsen of the Justice Department’s National Security Division and Assistant Secretary for Export Enforcement Matt Axelrod of the Commerce Department, the co-leaders of the U.S.’ Disruptive Technology Strike Force.   During the trilateral talks, the three countries shared the view that violation of export controls undermines national security. Korea’s MOJ, U.S. DOC, and Japan’s NPA signed a letter of intent (LOI) on deepening information sharing for tech leak law enforcement, while MOTIE also signed a LOI with the U.S. DOC and Japan’s METI for cooperation on export control implementation. date2024-04-26

Government and academia leaders discuss Korean youth's stronger WTO internship participation

Minister for Trade Inkyo Cheong held a conference on April 25 with the presidents of nine domestic universities’ graduate schools of international studies and discussed measures for increasing internship opportunities for young Korean talent at the World Trade Organization (WTO).   At the conference, government officials and academic leaders discussed ways to enable Korean youth’s stronger participation in WTO internship programs, including recommending outstanding students taking master’s and doctoral courses, considering alternative credit incentives for the selected student, and providing government support for living and flight expenses.   Noting the relatively low number of Korean students with career experience as WTO employee or intern despite the country ranking sixth in terms of global trade as of 2022, President Yoon Suk Yeol requested that the WTO increase internship participation opportunities for Korean students during bilateral talks with WTO Director General Ngozi Okonjo-Iweala in May 2023.   Trade Minister Cheong said that WTO work experience for Korean youth is key to enlarging Korea’s role within WTO and in training proficient trade experts, adding that efforts will be made to help Korea’s young talent to accumulate practical work experience and competitiveness through WTO internship programs and gain broader opportunities of working at international organizations. date2024-04-26

Korea discusses stronger bilateral industrial cooperation with the Netherlands and Poland

Deputy Minister for Trade Yang Byeong-nae met with the Netherlands’ Infrastructure and Water Management Vice Minister Kees Van der Burg on April 25 in Seoul and discussed measures for strengthening bilateral cooperation in mobility, battery, and supply chains.   The two sides assessed that follow-up implementation to the MOUs signed on the occasion of the bilateral summit in December 2023 for cooperation in semiconductors, supply chains, and carbon-free energy is making smooth progress, and agreed to expand the scope of cooperation to other new advanced industries like EVs, hydrogen cars and battery.   Underscoring that their bilateral cooperation in advanced industries contributes to stabilizing the global supply chain, Deputy Trade Minister Yang asked for the Netherlands’ cooperation concerning the EU’s Critical Raw Materials Act and Battery Regulation to prevent them posing administrative burden on or discriminating external suppliers, thereby impacting Korea-Netherlands trade and investment as well.   He then met with Poland’s Economic Development and Technology Deputy Minister Jacek Tomczak and discussed measures for bolstering cooperation in trade, investment, industrial technology, and clean energy. Noting the all-time high Korea-Poland trade of USD 10.1 billion last year and recently increasing bilateral cooperation in battery, nuclear, and defense, Deputy Trade Minister Yang suggested that they build on this momentum to expand the scope of bilateral trade and investment even wider.   He also requested Poland’s interest and participation in the Carbon Free Energy (CFE) Initiative in view of the two countries’ expanding industrial technology collaboration through Eureka and joint research in nuclear and energy technologies. date2024-04-26

Trade Minister and Egypt's SCA Chairman discuss green logistics cooperation

Minister for Trade Inkyo Cheong met Egypt’s Suez Canal Authority (SCA) Chairman and Managing Director Osama Rabie on April 25 at the Lotte Hotel Seoul and discussed measures for strengthening bilateral cooperation in offshore logistics and Egypt’s “Green Canal 2030.”   Trade Minister Cheong stated that the project for establishing green energy infrastructure for the Suez Canal is underway through industrial and energy official development assistance (ODA) by Korea Institute for Advancement of Technology (KIAT) for backing the Green Canal 2030 strategy by assisting ships’ low carbon transition and reducing greenhouse gas emissions (GHGs).   SCA Chairman Rabie noted that Korea’s contribution to the Suez Canal development has been substantial, particularly with respect to technology talent training, and expressed hopes of deepening bilateral cooperation in nurturing Egypt’s shipbuilding, port, and marine industries on this occasion.   Mentioning the Korea-Africa Summit 2024 slated for June this year in Seoul, Korea’s trade chief asked for Egypt’s active participation and cooperation in the related business summit event, and requested support for emergency situations and safe passing of Korean ships that need to inevitably transit the Suez Canal. date2024-04-25

Korea and U.S. discuss stronger semiconductor industrial cooperation and investment

Deputy Minister for Trade Yang Byeong-nae met Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, on April 25 in Seoul to discuss measures for strengthening bilateral semiconductor industrial cooperation and investment.   Deputy Minister Yang addressed the expanding Korea-U.S. cooperation in advanced industries and supply chains driven by Korean companies’ recently increasing investment in the U.S., stating that he looks forward to seeing synergy between Korean chip companies and U.S. firms and requested the U.S.’ support with respect to the CHIPS Act incentives in facilitating Korean firms’ investment in the U.S.   Moreover, he articulated Korean firms’ concerns over the extensive scope of the U.S.’ ongoing anti-dumping investigations on Korean aluminum extrusions and recent issues on visas required for Korean companies’ overseas personnel education and plant equipment handling, asking for interest and cooperation at the U.S. State Department level.   Assistant Secretary Toloui noted the strengthening public-private cooperation between the two countries and said that careful consideration will be given with regard to the above requests. date2024-04-25

Trade Minister and AfCFTA Secretary General discuss stronger Korea-Africa trade cooperation

Minister for Trade Inkyo Cheong met with Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), on April 24 in Korea on the occasion of the upcoming Korea-Africa Summit (June 2024) and exchanged views on expanding trade between Korea and African countries.   Noting the global rise of protectionism, Trade Minister Cheong highly assessed African countries’ efforts to achieve growth based on intraregional free trade and through the launch of AfCFTA (January 2021), assuring Korea’s strong support in the process.   Moreover, he warmly welcomed Secretary General Mene’s planned participation in the Korea-Africa Summit 2024, an event for establishing mutually beneficial, sustainable, and long-term cooperative ties between Korea and Africa. The trade chief also asked for interest and support towards the Economic Partnership Agreement (EPA) underway on the margins of the Summit among Korea and three African countries, namely Morocco, Kenya, and Tanzania.   Meanwhile, MOTIE plans to hold a business summit on the occasion of the bilateral Summit in June with joint organization by five major economic groups, led by the Korea International Trade Association (KITA). On the sidelines, Korea Trade-Investment Promotion Agency (KOTRA) will hold a business partnership event for bolstering economic cooperation and creating opportunities for tangible business outcomes between Korea and African countries. date2024-04-25

Korea's cradle of industrial growth, Changwon National Industrial Complex marks 50th anniversary

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the 50th anniversary ceremony of the designation of Changwon National Industrial Complex on April 24 at the Changwon Convention Center, held by the Ministry of Trade, Industry and Energy (MOTIE) and the South Gyeongsang Province in the attendance of Prime Minister Han Duck-soo, South Gyeongsang Province Governor Park Wan-su, and approximately 400 representatives of the Complex’s tenant businesses.   Launched in April 1974, the Changwon National Industrial Complex has served as the driving force and engine behind Korea’s manufacturing and machinery industry, leading the growth across nuclear power, defense, automobiles, and shipbuilding. The KRW 1.5 billion production value generated by tenant companies in 1975 has increased 40,000-fold to an all-time high of 60 trillion won in 2023. Exports likewise advanced 30,000-fold from USD 0.6 million to $18.3 billion.   The ceremony looked back on the past five decades of the Complex’s history and achievements and shared the vision for the next 50 years. CEOs of tenant companies were awarded government commendations and medals of honor for their contribution to economic development. The Bronze Tower Order of Industrial Service Merit was awarded to Jeon Seo-hoon, the CEO of Samkwang Machinery Co., for the company’s successful development and localization of armored combat vehicle transmission, contribution to Korea’s defense exports, and job creation. date2024-04-25

Minister to visit Czech Republic to bolster nuclear and investment cooperation

Trade, Industry and Energy Minister Dukgeun Ahn is visiting the Czech Republic from April 24-26, his first on taking office. He will be meeting with the Czech Industry and Trade Minister Jozef Sikela and Finance Minister Zbynĕk Stanjura among other key government officials to discuss measures for stronger bilateral cooperation.   As one of the Visegrád Group (V4) members, the Czech Republic has built strong partnership over the years with Korea. The two countries’ bilateral trade volume hit all-time highs last year with USD 4.4 billion and Korean firms are currently in the running for the Czech government’s tender on the construction of new nuclear power plants. With next year marking the two countries’ 35th anniversary of the establishment of diplomatic relations, they will be signing the bilateral Trade and Investment Promotion Framework (TIPF) memorandum of understanding (MOU) on the occasion of this visit and discuss measures to bolster cooperation in nuclear power, infrastructure, advanced industries, and technology.   On the margins of the visit, Minister Ahn will also convene a meeting with Korean companies operating in the Czech Republic to listen to suggestions and local business issues. date2024-04-24