Ministry of Trade Industry and Resources

Trade Minister Cheong Discusses Investment Cooperation with AMCHAM Korea to Address Changing Trade Landscape

Minister for Trade Inkyo Cheong of the Republic of Korea met the delegation from the American Chamber of Commerce in Korea (AMCHAM Korea) today in Seoul to discuss measures for promoting foreign investment, propelling Korea as Asia’s leading business hub, and strengthening Korea-U.S. trade cooperation. AMCHAM Korea Chairman and CEO James Kim noted U.S. companies’ strong interest in the Korean market, highlighting the need for Korea to undergo regulatory reforms in labor markets, tax administration, and the digital economy among other areas to take the opportunity amid the recent global supply chain realignment and economic fragmentation to develop into a major business hub in the Asia-Pacific. Trade Minister Cheong expressed appreciation towards AMCHAM Korea’s confidence in the Korean market as well as its contribution to creating quality jobs and boosting local economies, vowing that government policies will be carried out according to plan despite the recent domestic situation so that foreign-invested companies can freely focus on business activities. Starting with today’s talks, the Ministry of Trade, Industry and Energy (MOTIE) plans to maintain communication with other foreign Chambers of Commerce in Korea as well in order to boost foreign investment.   date2024-12-11

Minister Ahn Discusses Korea-U.S. Economic Cooperation with NGA Vice Chair Oklahoma Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. National Governors Association (NGA) Vice Chair Oklahoma Governor Kevin Stitt today in Seoul, underscoring how the two countries have advanced to a key economic partnership and security alliance based on investment and technology cooperation. They also discussed the importance of a continued mutually beneficial Korea-U.S. cooperation going forward under the incoming U.S. administration. During the talks, Minister Ahn highlighted the need to enhance bilateral economic cooperation and to minimize business uncertainties for Korean firms engaging in close collaboration with U.S. companies through building trust and positive anticipation by maintaining the continuity of major U.S. policies throughout the change of administration. The two sides concurred on the importance of the Korea-U.S. cooperative relations in strengthening their respective industrial ecosystems and stabilizing the global supply chain, agreeing to make concerted efforts to establish constructive and stable Korea-U.S. ties. In addition, Minister Ahn suggested that the two sides seek concrete cooperation measures in view of the considerable potential for synergy from Korea’s aim to secure diverse energy sources to foster a stable energy ecosystem and Oklahoma’s abundance in resources like petroleum, gas, and renewable energy. He asked the NGA Vice Chair’s interest and support towards creating a consistent and stable investment and business environment to encourage Korean companies’ investment in the U.S.   date2024-12-11

Trade Minister attends Korea-Sweden Strategic Industry Summit

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Sweden Strategic Industry Summit on December 5 in Seoul with the participation of business leaders of both countries. Trade Minister Cheong gave a congratulatory message and took part in the ceremony for the two countries’ signing of 4 MOUs in industrial digital transformation, small modular reactors (SMRs), e-fuel, and green energy areas. date2024-12-06

Minister Ahn attends 61st Trade Day

Trade, Industry and Energy Minister Dukgeun Ahn attended the 61st Trade Day on December 5 at COEX in Seoul with Prime Minister Han Duck-soo and KITA Chairman Yoon Jin-sik and took part in the opening button-pressing ceremony. date2024-12-06

Korea-Kyrgyzstan Investment Dialogue

Minister for Trade Inkyo Cheong and Kyrgyz President Sadyr Zhaparov attended the Korea-Kyrgyzstan Investment Dialogue on December 4 in Seoul with both countries’ government and business representatives present. In his welcome message, Trade Minister Cheong stated that he looks forward to seeing wider cooperation in trade, investment, critical minerals, and renewable energy based on the Trade and Investment Promotion Framework (TIPF) and the energy and critical minerals MOUs signed during the state visit. date2024-12-06

Minister chairs conference with foreign Chambers of Commerce in Korea

Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn and Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok held a conference with representatives of the foreign Chambers of Commerce in Korea on December 6 in Seoul, where Minister Ahn asked for continued support and confidence in the Korean economy and shared plans to maintain close communication with foreign-invested firms to dispel concerns towards Korea’s business environment. date2024-12-06

Korea to build on momentum as rising trade power

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the 61st Trade Day today at COEX in Seoul with the participation of over 1,000 attendees composed of government and related institutions’ representatives and recipients of various awards for their contribution to advancing Korea’s trade achievements. Despite high interest rates, high prices, the Russia-Ukraine war, and various other global uncertainties, Korea’s exports snapped the losing streak in October 2023 to overcome related challenges comparatively earlier than other major exporting countries. Carrying the momentum forward, Korea’s exports as of November posted growth for the 14th consecutive month this year and maintained a trade surplus for the 18th consecutive month, logging the highest export growth rate among top exporting nations around the world. Korea’s accumulated exports through this January–November jumped 8.3 percent year-on-year to USD 622.2 billion and the trade balance stood at a surplus of $45.2 billion. Overall, exports contributed to 99 percent of Korea’s economic growth. Semiconductors, the nation’s leading export item, surpassed last year’s annual exports with January–September exports alone and this year’s target is $140 billion. Automobile exports are anticipated to renew annual highs for the second year in a row and ship exports surged 24 percent this year from the tailwind provided by demand for high value-added ships.  By region, exports to Korea’s three major destinations—China, U.S., ASEAN—and emerging markets like Latin America, Middle East, India, and other Global South countries kept up their growth pace, helping to diversify Korea’s export structure. As of this year’s third quarter, the number of exporting SMEs in Korea continually increased to reach an unprecedented 87,000 and e-commerce driven by in-person shopping trends are broadening Korea’s export base with an all-time high export value of $1 billion. On the backs of the global popularity of Hallyu, cosmetic products recorded $9.3 billion in export value as of November, already outperforming their previous highs of $9.2 billion set in 2021, and Korean ramyeon also entered the historic $1 billion export threshold. “K-beauty” and “K-food” products are rising as leading consumer goods, while biosimilars and contract manufacturing organization (CMO) outsourcing are showing potential as the next growth engines.  Moreover, Korea’s defense, plant, and nuclear energy industries have firmly established themselves as fresh drivers of export growth, thanks to the annual average of $15 billion in defense exports, the $7.3 billion Saudi Fadhili gas plant expansion project win, and selection as preferred bidder for the KRW 24 trillion Czech new reactor project. This year marks the 61st anniversary of commemorating Korea’s first $100 million in exports in 1964. At the 61st Trade Day, 597 persons of merit and 1,545 companies were awarded for their contribution to Korea’s trade accomplishments. The following are the key takeaways of this year’s awards trends.  First, Korea’s major export items are going strong regardless of trade conditions. The Gold Tower Orders of Industrial Service Merit went to five companies, including a semiconductor company exporting high bandwidth memory (HBM) chips to a global big tech company based on its accurate prediction of the AI semiconductor market. Another winner is an automaker that helped to dramatically increase U.S.-bound exports by developing an electric vehicle (EV)-specialized model upon securing its local U.S. production base. Second, the K-battery industry has kept up its solid global competitiveness. One of the Bronze Tower Order of Industrial Service Merit winners is a battery exporter that fared well amid th date2024-12-05

Korean gov’t awards 597 persons of merit on 61st Trade Day

The Korean government is launching the 61st Trade Day on December 5 at COEX in Seoul to award persons of merit for contributing to Korea’s trade achievements. This year, a total of 597 persons of merit are to receive government awards, including 33 orders of merit, 31 medals of honor, and 533 commendations. Approximately 89 percent of the awardees work at either SMEs or middle-market companies. The five winners of this year’s Gold Tower Orders of Industrial Service Merit are in businesses specializing in special bolts, semiconductors, automobiles, logistics, and car parts.  The Export Tower Award was first awarded in 1973 to a company for achieving the then-historic USD 100 million in exports. Receiving the prize this year are a total of 1,545 companies, composed of 20 large-sized companies, 92 middle-market companies, and 1,433 SMEs.  The $25 Billion Export Tower Award goes to Kia this year, followed by 55 companies receiving the $100 Million Export Tower Award and 313 more receiving the $1 Million Export Tower Award. Award winners are selected based on the accumulated export value through July 2023–June 2024.   date2024-12-04

Korea and China hold 2nd supply chain hotline meeting

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and the Ministry of Commerce (MOFCOM) of China held the second supply chain hotline meeting on November 28 in Yancheng City of Jiangsu Province, China, as a follow-up to the Korea-China summit talks held in May. Through the hotline meeting, the two sides introduced their supply chain policies and agreed to continue joint efforts for stabilizing the supply chain with an aim to nurture a more predictable investment environment. During the ensuing fifth working-level meeting on the Korea-China industrial cooperation complex, the two sides took stock of the operation situation at the industrial complexes located in Saemangeum, Yantai, Yancheng, and Huizhou. On the same day, MOTIE, MOFCOM, the Korea Trade-Investment Promotion Agency (KOTRA), and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) co-hosted the forum on Korea and China’s joint market entry into third countries with the participation of 100 entrepreneurs and related persons of both countries to share information on investment environments of third countries and best practices of bilateral cooperation, followed by a business networking session.  The next day, the Yancheng Economic and Technology Development Zone Committee and the Saemangeum Development Corporation signed a memorandum of understanding (MOU) for cooperation to expand the two countries’ industrial complex exchanges going forward.   date2024-12-03

28th Korea-Latin America Business Forum

Korea’s Deputy Minister for Trade Park Jong-won attended the 28th Korea-Latin America Business Forum (“Forum”) today in Seoul to take stock of Latin America’s business environment in the context of possible shifts following the inauguration of the new U.S. administration in January 2025. The Forum was attended by representatives from 17 Latin American countries’ diplomatic missions in Korea as well as related governments, institutions, and companies. date2024-12-02