Ministry of Trade, Industry and Energy

Invest KOREA Summit 2024 to carry forward momentum towards attaining all-time high FDI

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is launching the Invest KOREA Summit (IKS) 2024 from November 6–8 in Seoul. IKS 2024 will be held with the participation of over 2,000 attendees, composed of foreign investors, companies from home and abroad, the chambers of commerce in Korea, embassies to Korea, and local government bodies, who will be taking part in various IKS programs such as the investment declaration ceremony, Invest KOREA (IK) Conference, investor consultations, local governments’ town hall meetings, startup forums, and a foreign media press conference. With foreign direct investment (FDI) pledged to Korea over the first three quarters hitting an all-time high of USD 25.2 billion, the Government plans to give full measure to carry the momentum forward and seek ways to foster the country into a high-tech supply chain hub through greater investment from global advanced companies. Kicking off IKS 2024 is the foreign investment declaration ceremony, announcing a $0.9 billion worth of investments by seven global companies specializing in semiconductor equipment, automobile parts, offshore wind power, and logistics, followed by a ceremony commemorating the new designation of two global companies’ local headquarters in Korea, the first in nine years since the designation of five global companies’ local headquarters in 2015. The designation is meaningful in that Korea joins hands with global companies to nurture its high-tech industrial ecosystem. Multi-national American information technology company Hewlett Packard (HP) will be overseeing global R&D operations in Korea and the world-leading Danish wind turbine maker Vestas is to establish a wind power facility hub, leading to anticipation for quality jobs as well. Next, beginning with MOTIE Minister Dukgeun Ahn’s congratulatory message, the IK Conference invites the world’s oldest operating pharmaceutical firm Merck’s Chief Technology Officer (CTO) Karen Madden and Korea’s Presidential Committee on AI (PCAI) Vice Chairman Yeom Jae-ho as keynote speakers, followed by discussions on Korea’s investment environment and measures to enhance investment appeal with representatives of major foreign-invested companies like Onsemi, ASM, Sartorius, and Boeing. Not only that, but 140 foreign investor companies and 330 domestic firms and institutions are engaging in investment consultations for tangible outcomes. Meanwhile, the local government town hall meeting aims to promote each local government group to foreign investors, while the startup forum connects 50 global investors to 120 promising Korean startups and the foreign media press conference has 33 media outlets from 20 countries covering Korea’s strengths and meaningful achievements with regard to its investment environment. In his congratulatory speech, MOTIE Minister Ahn emphasizes commitment to policy efforts to nurture Korea into a high-tech global business hub through stronger advanced industrial capacity, technology and talent innovation, trade landscape stability, and regulatory upheaval.   date2024-11-06

Korea and Vietnam discuss trade remedy issues and stronger cooperation

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held meetings with the Trade Remedies Authority of Vietnam today in Seoul to discuss trade remedy cooperation. Through the bilateral Free Trade Agreement (FTA) and trade remedy cooperation memorandum of understanding (MOU) signed in December 2015 and March 2018, respectively, the two countries have engaged in close exchanges on import control issues and trade remedies. Today’s discussions focused on ongoing investigations and controls including Vietnam’s anti-dumping investigation into Korean galvanized steel sheets commenced this June, on which KTC asked for minimal regulatory measures and care in investigations.   date2024-11-06

Korea and U.S. Reach Provisional Agreement on Nuclear Cooperation

Consistent with the deep and longstanding relationship between the United States and the Republic of Korea, the two countries reached a significant outcome on November 1, advancing their cooperation on civil nuclear energy by initialing a Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation.  The United States and the Republic of Korea reaffirmed their mutual commitment to promoting the expansion of peaceful nuclear energy while upholding the highest standards of nonproliferation, safety, safeguards, and security. Toward this end, the parties strengthened their administration of export controls on civil nuclear technology.  These further commitments will provide a springboard for the expansion of our bilateral work in combatting climate change, accelerating global energy transitions, and assuring critical supply chains while creating billions of dollars worth of new economic opportunities and the creation or maintenance of tens of thousands of manufacturing jobs for both of our industries. The MOU will proceed to final review in both countries' capitals.   date2024-11-05

Korea and Qatar discuss stable energy supply & clean energy cooperation

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Saad Sherida Al-Kaabi, Qatar’s Minister of Energy and the President and CEO of QatarEnergy, today in Seoul for the Korea-Qatar Energy Ministers’ Meeting. As of 2023, Qatar is Korea’s second largest supplier of liquefied natural gas (LNG). With the two countries’ cooperative ties having further advanced on the occasion of the Korea-Qatar Summit held in October 2023, today’s highest-level energy talks were held for discussions on the summit outcomes and follow-up measures. The meeting served as an opportunity to reaffirm both countries’ commitment to stabilizing the energy supply amid recent Middle East tensions and rising global interest towards energy supply issues. Sharing a high regard for their close LNG ties, the two sides agreed to maintain them going forward and further discussed measures for expanding the scope of collaboration based on their successful LNG partnership to push cooperation in renewable energy, hydrogen, and such clean energy sources.  Moreover, Minister Ahn introduced the Korea-led Carbon Free Energy (CFE) Initiative with anticipation for prospects of mutual cooperation. They also discussed energy, plants, LNG carriers, and other areas in which the two countries are currently seeing tangible outcomes ensuing President Yoon Suk Yeol’s state visit to Qatar and the bilateral summit.   date2024-11-04

Korea’s exports rise 4.6% in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s exports for October rose 4.6 percent year-on-year to USD 57.5 billion. Imports rose 1.7 percent to $54.4 billion and the trade balance stood at a surplus of $3.17 billion (up $1.62 billion). This year’s October exports reached an all-time high for the month, maintaining the winning streak for the 13th consecutive month and renewing monthly highs for three months straight since August. Ten out of 15 major items advanced, led by semiconductors (up 40.3 percent to $12.5 billion), which logged historic highs for the month and kept up the growth pace for 12 months straight. Computer exports posted double-digit growth (up 54.1 percent to $1.0 billion) and wireless communications devices (up 19.7 percent to $2.0 billion) climbed for the eighth consecutive month. Automobile exports grew 5.5 percent to $6.2 billion, attaining record highs for October and renewing monthly highs for the second month straight. Car parts hiked 5.9 percent to $1.9 billion, turning to an expansion in three months. Bio-health exports soared 18.5 percent to $1.2 billion, increasing for the fourth consecutive month. Steel exports (up 8.8 percent to $2.9 billion) snapped their eight-month losing streak and petrochemicals (up 10.2 percent to $4.0 billion) turned to growth in two months, while textiles (up 2.5 percent to $0.9 billion) and home appliances (up 5.0 percent to $0.7 billion) both recovered the upward trajectory in three months. Meanwhile, the export of petroleum products (down 34.9 percent to $3.4 billion) shrank from unit cost declines of products tied to oil prices. By region, exports to five out of nine major destinations showed growth. China-bound exports surged on the backs of strong performance by semiconductors and petrochemicals, amounting to an all-time high at $12.2 billion (up 10.9 percent) and growing for the 8th consecutive month.  Exports to the U.S. achieved an unprecedented $10.4 billion (up 3.4 percent) for October, renewing monthly highs for the 15th consecutive month. To the EU (up 5.7 percent to $5.3 billion), demand for wireless communications devices and bio-health led to growth for the third consecutive month. Meanwhile, gas imports increased 30.2 percent but oil price falls reduced crude oil imports (down 17.9 percent), pushing down overall energy imports to $11.2 billion (down 6.7 percent). Non-energy imports increased 4.1 percent to $43.2 billion.   date2024-11-01

Donghae, Samcheok and Pohang designated as hydrogen-specialized complexes to power Korea’s hydrogen industry

Prime Minister Han Duck-soo of the Republic of Korea chaired the seventh Hydrogen Economy Committee meeting today in Seoul with the participation of government officials and industry, academia, and research experts. Committee discussions centered on three agenda items including the designation of hydrogen-specialized complexes and support measures, liquid hydrogen carrier super gap strategy, and the Hydrogen City 2.0 Strategy. First, Donghae and Samcheok of Gangwon Province and Pohang of North Gyeongsang Province are to be designated as Korea’s first hydrogen-specialized complexes to promote the integration of hydrogen companies and nurture the regions into a central hub to lead the growth of the domestic hydrogen industry. Companies in the Seoul capital area deciding to move into these specialized complexes will be provided catered incentives such as a preferential subsidy rate (up 2 percent), permission to enter private contracts for industrial land, as well as support for buyer-supplier joint R&D, demonstration and pilot distribution projects, and manpower training. Second, the Government will prepare to meet the rise in global hydrogen transport demand, while actively supporting the early securing of large-scale liquid hydrogen carrier technology to gain super gap competitiveness and preoccupy new markets.  To this end, efforts will go into developing foundational MPE (materials, parts, equipment) technologies for liquid hydrogen storage systems, hydrogen-powered propulsion, and related core materials and equipment, with plans to build the demonstration vessel by 2027, verify technology and safety through land and sea navigation by 2030, and realize large-scale carrier commercialization through scale-ups by 2040. Third, based on the accumulated experience from hydrogen pilot cities (2020–2024), the new Hydrogen City 2.0 Strategy will aim to establish a diverse hydrogen ecosystem across the hydrogen-specialized cities. The cities will be an upgraded version through hydrogen trams, hydrogen trucks, and other hydrogen transportation infrastructure with a greater scope of eco-friendly hydrogen production facilities. Hydrogen fuel cells will be installed in various different types of buildings including those for industrial complexes, cultural centers, and silver towns. Prime Minister Han stated in his opening address that hydrogen is a carbon-free energy source recognized as a key means for carbon reduction at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28), as well as a promising future industry estimated to reach trillions of dollars in global market size by 2050. He underscored that the Korean government will swiftly push the policies passed by the Committee to establish a comprehensive hydrogen industrial ecosystem and concentrate on policy endeavors to lead the global hydrogen economy.   date2024-11-01

Trade Minister Cheong checks APEC 2025 preparations

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with three new members of the APEC Business Advisory Council (ABAC) on October 31 as part of preparations for Korea’s APEC chairmanship in 2025. Placing emphasis on the importance of public-private cooperation for a successful hosting of APEC 2025, they discussed plans and preparation progress with regard to the Economic Leaders’ Week to be held on the sidelines of the APEC Summit, as well as ABAC activities. The ABAC members shared their anticipation for Korea’s tangible business outcomes through next year’s economic leaders’ events such as the APEC CEO Summit and the ABAC Dialogue with APEC Leaders by inviting global business leaders of promising future industries like semiconductors and artificial intelligence (AI). Today, Trade Minister Cheong is visiting the host city Gyeongju to check the city’s infrastructure situation including traffic, lodging, and venue sites and encourage Gyeongju City Hall workers for their hard work with preparations. The trade chief is also convening a meeting with the advisory body APEC Vision Group at the city’s Hwabaek International Convention Center (HICO), where the APEC Summit is to be held, to review the Vision Working Group’s proposed tasks and gather suggestions and strategies for narrowing down next year’s APEC trade agenda items.   date2024-11-01

USITC determines Korean aluminum extrusions do not injure U.S. industry

The U.S. International Trade Commission (USITC) announced on October 30 (local time) that its anti-dumping investigation results conclude that aluminum extrusions from 14 countries, including Korea, do not injure a U.S. industry. The U.S. antidumping investigations consist of the U.S. Department of Commerce (DOC)’s countervailing duty (CVD) investigations and the USITC’s import injury investigations. All investigations are terminated once the USITC judges that there is no harm done to a U.S. industry. Accordingly, the 0–43.56 percent anti-dumping rate previously levied (U.S. DOC, September 27) on imports of Korean aluminum extrusions is terminated, ensuing that Korea’s export of aluminum extrusions and car parts made using them will no longer be subject to impact from risk of cost increases.   date2024-10-31