Ministry of Trade Industry and Resources

Korea-Latin America Business Forum seeks opportunities for forward-looking cooperation

The Ministry of Trade, Industry and Energy (MOTIE) held the 28th Korea-Latin America Business Forum (“Forum”) today in Seoul through joint organization with the Korea-Latin America & Caribbean Association (KCLAC), Korea Institute for International Economic Policy (KIEP), Korea International Trade Association (KITA), and the International Contractors Association of Korea (ICAK), and with the participation of representatives from 17 Latin American countries’ diplomatic missions in Korea as well as related governments, institutions, and companies. Launched in 1997, the Forum convenes on an annual basis and is the largest Latin America-related event hosted in Korea. This year, Forum attendees took 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 Korean government has been making continued effort to expand Korea’s economic cooperation network with Latin America by entering Free Trade Agreements (FTAs) with a total of eight Latin American countries, beginning with the Korea-Chile FTA which came into effect in 2004. Over the last 20 years, Korea-Latin America trade has more than quadrupled, with Korea’s direct investment in Latin America exploding 16-fold.  Moreover, as Peru and Brazil were hosts of this year’s Asia-Pacific Economic Cooperation (APEC) and G20 summits, respectively, further invigorating high-level exchanges between Korea and Latin America on those occasions. At today’s Forum, Korea’s Deputy Minister for Trade Park Jong-won gave a welcome address, highlighting the importance of supply chain collaboration and forward-looking cooperation between Korea and Latin America in view of various changes anticipated across the global trade and economic landscape. The Korean government plans to actively carry out joint efforts with Latin American countries on the margins of APEC 2025 to be hosted in Gyeongju next year.   date2024-12-02

Korea’s exports grow for the 14th consecutive month

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on December 1 that Korea’s exports for the month of November increased 1.4 percent year-on-year to USD 56.4 billion. Imports declined 2.4 percent to $50.7 billion and the trade balance stood at a surplus of $5.6 billion. Exports increased for the 14th consecutive month, with the daily average export value increasing 3.6 percent year-on-year to $2.4 billion, turning to growth after the downtick in October. In November, five out of 15 major items improved in exports. Semiconductors (up 30.8 percent to $12.5 billion) hit all-time highs for the month, renewing monthly highs for the fourth consecutive month and posting growth for the 13th consecutive month. This year, accumulated chip exports through January–November climbed 45.4 percent to record highs at $127.4 billion.  Automobile exports dropped 13.6 percent to $5.6 billion as car parts industry strikes and delays in wage and collective bargaining agreement (CBA) negotiations led to setbacks in parts supply for automakers. Adverse weather conditions in the last week of November further slowed down the loading of automobiles for shipment to overseas markets. Bio-health exports reached historic highs for November (up 19.6 percent to $1.4 billion), expanding for the fifth consecutive month. Computer exports soared 122.3 percent to $1.4 billion, advancing for the 11th consecutive month. Steel exports increased 1.3 percent to $2.7 billion, growing for the second consecutive month. Ship exports turned to an expansion with $2.5 billion (up 70.8 percent). By region, exports to five out of nine major destinations increased. Exports to China (down 0.6 percent to $11.3 billion) surpassed $11 billion for the fifth month straight. U.S.-bound exports (down 5.1 percent to $10.4 billion) entered the $10 billion thresholds for the third consecutive month. To ASEAN, exports grew 0.4 percent to $9.8 billion on the backs of strong demand for semiconductors. To the EU, exports for November recorded all-time highs at $5.4 billion (up 0.9 percent) as ships, wireless communication devices, and bio-health exports enjoyed robust demand. Exports to the Middle East (up 17.4 percent to $1.6 billion) showed an upward trajectory and those to Latin America (up 20.3 percent to $2.3 billion) and CIS countries (up 9.6 percent to $1.0 billion) increased for the second and fifth consecutive month, respectively. Energy imports decreased 10.8 percent to $10.7 billion despite increased imports of gas (up 6.3 percent) as the import value of crude oil (down 16.8 percent) dipped in step with oil prices. Nonenergy imports remained relatively flat at $40 billion (up 0.1 percent). The trade balance gained for the 18th consecutive month and the accumulated trade surplus through January–November amounted to $45.2 billion (up $60 billion year-on-year), the highest since 2018.   date2024-12-02

Trade Minister attends investment roadshow “Morocco Now”

Minister for Trade Inkyo Cheong of the Republic of Korea attended the investment roadshow “Morocco Now” on November 28 in Seoul with Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, and gave a congratulatory message. date2024-12-02

Korea and Morocco discuss economic cooperation

Minister for Trade Inkyo Cheong of the Republic of Korea met Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, on November 28 in Seoul on the occasion of the latter’s visit for the investment roadshow “Morocco Now” and exchanged views on measures for expanding bilateral economic cooperation. date2024-12-02

MOU for Supporting IP-Owning Export Enterprises

Deputy Minister for Trade and Investment Kim Dae-ja of the Republic of Korea attended the ceremony for the signing of the Memorandum of Understanding (MOU) on Supporting IP-Owning Export Enterprises between the Korea Intellectual Property Office (KIPO) and the Korea Trade Insurance Corporation (K-SURE) today in Seoul prior to the related conference. Attendees, comprising representatives of related institutions and companies, discussed measures to help promising startups and SMEs leverage their intellectual properties (IPs) to enlarge global market presence and provide them with broader export financing support. date2024-11-27

KIPO and K-SURE to Nurture IP-Owning Export Enterprises

Deputy Minister for Trade and Investment Kim Dae-ja of the Republic of Korea attended the ceremony for the signing of the Memorandum of Understanding (MOU) on Supporting IP-Owning Export Enterprises between the Korea Intellectual Property Office (KIPO) and the Korea Trade Insurance Corporation (K-SURE) today in Seoul. The MOU aims to help promising startups and SMEs leverage their intellectual properties (IPs) to enlarge global market presence and provide them with broader export financing support. Under the MOU, KIPO and K-SURE agreed to jointly look for promising innovative startups and SMEs with their own intellectual property rights (IPRs), with KIPO providing support for IP valuation costs (up to 90 percent), consulting services for the use of IP financing worth KRW 3 trillion per year, and additional points in evaluation for IP-based overseas expansion support projects. K-SURE will increase the export credit guarantee limit (1.5 times higher), lower guarantee fees (30 percent), provide expert consulting services, and provide export financing worth KRW 2 trillion to around 1,000 companies over the next five years.    Deputy Minister Kim said, “We will work with export support organizations to help promising export startups achieve growth in the global market through the use of IPRs and export financing.”  date2024-11-27

MDB Project Plaza 2024

Director General for International Trade Relations Kim Jong-chul attended the MDB Project Plaza 2024 on November 26 in Seoul and gave a welcoming address. The event was attended by representatives of Korea’s engineering and construction industries, overseas MDBs, and overseas project owners. date2024-11-27

Trade Minister meets Malaysia’s Minister for Investment, Trade and Industry

Minister for Trade Inkyo Cheong of the Republic of Korea met with Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz on November 25 in Seoul and discussed the Korea-Malaysia Free Trade Agreement (FTA) and measures for industrial cooperation. date2024-11-27

MDB Project Plaza 2024 launches to enhance global project opportunities for Korean firms

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Economy and Finance (MOEF) of the Republic of Korea are jointly hosting the MDB Project Plaza 2024, organized by the Korea Trade-Investment Promotion Agency (KOTRA), through November 26–27 at the JW Marriott Hotel Seoul. The MDB Project Plaza was first launched in 2013 as a pan-ministerial, international event with the aim to provide Korean businesses with greater opportunities to participate in promising bid projects funded by multilateral development banks (MDBs) and to expand the scope of Korean businesses’ project collaboration with MDBs and other countries’ project owners. This year, the event will take off on the first day with an MDB project forum and briefing sessions on MDB trust funds and promising projects, followed by a one-on-one project consultation session the next day.  Representatives of the World Bank (WB), Asian Development Bank (ADB), Inter-American Development Bank (IDB), African Development Bank (AfDB), Central American Bank for Economic Integration (CABEI), and the European Bank for Reconstruction and Development (EBRD) will be introducing the financing procedures and each MDB’s key projects. Meanwhile, the Export-Import Bank of Korea (KEXIM) will outline the Korean government-contributed MDB trust fund system and the ADB and WB will be giving an overview of the details and project bidding procedures regarding each organization’s trust funds. Relevant authorities from Indonesia, Ukraine, Montenegro, and Oman will also introduce the participation procedures and plan concerning their upcoming projects during the briefing session on promising MDB projects. The second day of the event will have Korean engineering and construction companies engage in one-on-one consultations with overseas MDB-funded project owners over 24 projects worth approximately $47.9 billion in areas like energy, environment, and transport infrastructure.   date2024-11-26

Korea and Malaysia hold trade ministerial talks

Minister for Trade Inkyo Cheong of the Republic of Korea met with Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz today in Seoul on the occasion of Malaysian Prime Minister Anwar Ibrahim’s visit to Korea (November 24–26) and discussed various pending issues including measures for the swift conclusion of the Korea-Malaysia Free Trade Agreement (FTA), clean energy projects in green hydrogen and carbon capture, as well as local business issues experienced by Korean companies in Malaysia. Notably, the two sides agreed to step up Korea-Malaysia FTA negotiations with the goal of reaching a deal by 2025. Malaysia is Korea’s third largest trading partner and fourth largest investment destination among ASEAN countries. In view of their mutually complementary trade structure, the bilateral FTA is anticipated to serve as a strong trade and investment foundation for Korea in the ASEAN market. On the margins of the Korea-Malaysia summit (November 25), MOTIE and Malaysia’s Ministry of Economy entered a memorandum of understanding (MOU) for cooperation in carbon capture and storage (CCS) with both countries’ leaders present. This agreement establishes the groundwork for cooperation on the smooth implementation of the two countries’ cross-border CCS project, while also facilitating discussions for the bilateral agreement on cross-border transport of carbon dioxide and thereby kicking related companies’ business endeavors into high gear. Korean President Yoon Suk Yeol proposed that the two countries seriously push forward bilateral efforts for greenhouse gas (GHG) reduction based on the CCS cooperation MOU sealed this day. Both leaders agreed that achieving carbon neutrality and transitioning to a green economy are vital for facilitating sustainable development. Meanwhile, Korea’s energy and industry institutions and companies signed three MOUs with their Malaysian counterparts for cooperation in minerals, trade, and hydrogen. MOTIE plans to strongly back these MOUs so that they can translate into tangible outcomes. Prior to the trade ministerial talks, the Korea-Malaysia Business Forum was jointly hosted by the Malaysian Investment Development Authority (MIDA) and the Malaysia External Trade Development Corporation (MATRADE), attended by approximately 200 representatives of both countries’ governments and institutions. During the forum’s Q&A session, Prime Minister Ibrahim listened to local investment issues facing Korean firms in the Malaysian market.   date2024-11-25