Ministry of Trade Industry and Resources

Minister Ahn meets Dutch Minister of Economic Affairs

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Dutch Minister of Economic Affairs Dirk Beljaarts on February 20 in Seoul for discussions on measures to strengthen Korea-Netherlands industrial cooperation as well as agendas like economic security, supply chains, and semiconductors. date2025-02-21

Korea’s Top 10 Manufacturing Industries to Invest $82 Billion in 2025

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held the fifth Industrial Investment Strategy meeting in Seoul on February 12, 2025. Representatives from Korea’s 10 major manufacturing sectors attended the meeting, along with the Korea Chamber of Commerce and Industry (KCCI), and the Korea Institute for Industrial Economics & Trade (KIET). They reviewed the industries’ investment performance in 2024, investment plans for 2025, and measures to stimulate domestic investment by sector. Korea’s top 10 manufacturing industries invested a combined KRW 114 trillion in 2024, surpassing their initial target of KRW 110 trillion. Despite challenging conditions, including financing costs caused by higher-for-longer interest rates and rising import prices due to high exchange rates, semiconductors and automobiles led the overall investment performance on an upward trajectory. Korea’s 10 leading manufacturing industries plan to invest approximately KRW 119 trillion in 2025, seven percent higher than the KRW 110 trillion that had been planned for 2024. that the continued increase in planned investment by Korea’s major manufacturing sectors is particularly significant  amid intensifying global tariff war and other external and internal uncertainties. The semiconductor industry plans to raise investments in advanced memory chips in response to the growing worldwide demand for artificial intelligence (AI), while the automobile industry is aiming to expand investment for its EV transition. Investments in secondary battery and steel, however, are expected to decline due to slowing demand and oversupply. At the meeting, companies called for an extension of the investment tax credit, which failed to pass the National Assembly in 2024, as well as more drastic financial support  and active government measures to minimize trade uncertainties. Noting the importance of domestic investment in job creation and overcoming supply chain uncertainties, Minister Ahn stated that full support will be given to foster a more favorable environment for businesses, allowing Korean companies to steadily increase domestic investments. date2025-02-12

Korea and Czech Republic Strengthen Standards Cooperation in Battery, Hydrogen, and AI

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) Korea launched the Korea-Czech Republic Standards Cooperation Workshop in Seoul on February 11, 2025. The event brought together approximately 50 private standards experts and government officials from the two countries. The Workshop followed an agreement signed in October 2024 in Edinburgh to implement standards cooperation and to support the outcomes of the bilateral summit held last September.  Korean and Czech standards experts shared the latest technology and standardization trends in battery, hydrogen, and artificial intelligence (AI) and exchanged views on standards information and joint standards development research for bilateral standards cooperation. On the margins of the event, the Korean Standards Association (KSA) and the Czechoslovak Association of Standardization (CAS) signed a standards information distribution license agreement to promote support for Korean and Czech exporting businesses’ obtaining of standards approval for mutual market entry. date2025-02-11

Korea’s annual retail sales grow 8.2% in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s annual retail sales for 2024 rose 8.2 percent year-on-year. Offline and online sales increased 2.0 percent and 15.0 percent, respectively. MOTIE's retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. By offline retail channel, hypermarket sales decreased 0.8 percent despite the growth of food items (up 2.3 percent) as demand for nonfood categories dropped 7.9 percent.  SSM operators advanced 4.6 percent through their growing number of stores, increasing demand for home dining as well as trends for smaller purchases and shopping local. Convenience store sales (up 4.3 percent) achieved consistent growth throughout the year and even surpassed department store sales at one point but finished 0.1 percentage point short of the annual department store sales share in 2024, as department stores (up 1.4 percent) enjoyed a final spurt from the special seasonal demand in December.  In spite of domestic issues and overseas platforms’ active penetration, online retail sales in 2024 logged growth on the backs of robust demand for food products (up 22.1 percent) and services (up 58.3 percent) such as e-coupons, food deliveries, performances, and travel packages. With the move toward online shopping channels gaining stronger momentum, the percentage point gap between online and offline sales reached 13 percentage points in 2024, a steep climb from the 1.5 percentage point gap of 2023. By category, home appliances/culture (down 0.9 percentage points), fashion/miscellaneous (down 1.2 percentage points), and kids/sports (down 0.6 percentage points) contracted in retail sales share in 2024 owing to receding consumer confidence and the impact from overseas direct purchases (ODP), while food products (up 0.7 percentage points) and service/other (up 2.2 percentage points) expanded. For the month of December, Korea’s retail sales gained 8.9 percent overall as offline sales fell 0.3 percent year-on-year and online sales surged 18.8 percent.   date2025-01-23

Korea and Japan discuss bilateral R&D cooperation

Korea’s Director General for Industrial Technology Convergence Policy Je Kyung-hee held a meeting with Kikukawa Jingo, Director General for Innovation and Environment Policy at Japan’s Ministry of Economy, Trade and Industry, today in Seoul and discussed government policies for innovation, measures for private-sector R&D investment support, and technological cooperation with the incoming U.S. administration. date2025-01-13

Korea to Boost Industrial Technology Innovation through Bilateral Cooperation with Israel & Japan

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held bilateral meetings with Israel’s Ministry of Innovation, Science and Technology and Japan’s Ministry of Economy, Trade and Industry, respectively, on January 13, 2025, to discuss measures for advanced technology cooperation. During a videoconference meeting of the Korea-Israel Industrial R&D Foundation (KORIL-RDF) board of directors, Korea’s Director General for Industrial Technology Convergence Policy Je Kyung-hee and Alon Stopel, Chief Scientist for Innovation at the Israeli Ministry of Innovation, Science and Technology reviewed the two countries’ joint projects slated for 2025  in areas including artificial intelligence (AI), quantum cryptography communication, semiconductors, autonomous driving, and bio. The two sides agreed to make work together to ensure the projects proceed smoothly. The two countries are currently engaging in industrial, academic, and R&D cooperation through  joint R&D support and technical seminars, with annual joint funding of USD 8 million provided through the binational KORIL-RDF established in 2001. At present, 16 joint R&D projects are underway, with seven new projects planned for 2025. The two countries are expected to create synergies by combining Korea’s leading manufacturing base and Israel’s powerful startup ecosystem and technology expertise in advanced industries such as cybersecurity, AI, and semiconductors. Prior to the Korea-Israel videoconference, Director General Je also held a meeting with Kikukawa Jingo, Director General for Innovation and Environment Policy at Japan’s Ministry of Economy, Trade and Industry. They discussed government policies to promote innovation, measures to support private-sector R&D investment, and technology cooperation with the incoming U.S. administration. Recognizing the need for cooperation amid changes in the industrial technology landscape, both sides agreed to expand joint research and bilateral exchanges among industry, academia, and research institutions while identifying further areas for collaboration. date2025-01-13

Minister Ahn meets Atlantic Council Global Energy Center’s Distinguished Fellow Julia Nesheiwat

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea held talks with Atlantic Council Global Energy Center’s Distinguished Fellow Julia Nesheiwat on January 9 (local time) in Washington D.C. to discuss Korea-U.S. cooperation in shipbuilding. date2025-01-13

Minister Ahn attends meeting with NAM representatives

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea attended a roundtable meeting with National Association of Manufacturers (NAM) representatives on January 9 (local time) in Washington D.C. to discuss measures for Korea-U.S. cooperation in advanced industries. date2025-01-13

Minister Ahn visits SK hynix Cheongju Campus

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea visited SK hynix Cheongju Campus today where he took stock of the export and investment environment and held a conference with relevant companies. At today’s conference, attendees shared their forecast for next year’s semiconductor industry trends and exports and exchanged views on the Yongin Semiconductor Cluster project, MPE (materials, parts, equipment) R&D support, and chip manpower training. date2024-12-30

Trade Minister chairs 58th Industrial Technology Protection Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 58th Industrial Technology Protection Committee meeting on December 27 in Seoul for deliberation and resolution on agenda items like the fifth Comprehensive Plan on Prevention of Divulgence and Protection of Industrial Technology and the proposed export permit on national high-tech strategic technologies and national core technologies. The meeting was attended by approximately 20 committee members composed of relevant ministries, Korea Automotive Technology Institute (KATECH), Korea Institute for Industrial Economics and Trade (KIET), Korea University, and other experts. date2024-12-30