Ministry of Trade Industry and Resources

Korea and Dominican Republic Discuss Trade and Economic Cooperation

Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) met with with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27, 2025, in Seoul to exchange views on the global trade landscape and discuss measures to strengthen bilateral economic cooperation. During the talks, Trade Minister Cheong noted the rising need to expand economic cooperation between Korea and Latin America amid the rapidly changing global trade environment and requested Ambassador Cuello, as the Dean of the Group of Latin American and Caribbean Countries (GRULAC), to play an active role. Noting that the Dominican Republic is one of Korea’s major economic cooperation partners in the Central American and Caribbean region, Trade Minister Cheong called for expanding trade and industry cooperation between the two countries based on the bilateral Trade and Investment Promotion Framework (TIPF) signed on the occasion of the Dominican Republic Vice President Raquel Peña’s visit to Korea in April 2023. The trade minister also asked for the Dominican Republic’s cooperation in launching the bilateral Economic Partnership Agreement (EPA) negotiations to establish a stable basis for greater trade and investment between the two countries. He also requested support to help facilitate Korean companies’ participation in the Dominican Republic’s future energy infrastructure projects. date2025-03-28

Minister Ahn holds roundtable with foreign business community in Korea

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a roundtable with the foreign business community in Korea today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea. Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment. date2025-03-24

Minister Ahn attends foreign investment declaration ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended a foreign investment declaration ceremony today in Seoul for investment declarations made by global companies Vena Energy and Corning to Korea worth USD 0.3 billion in areas of offshore wind power and advanced materials. date2025-03-24

Global Companies Declare $0.3 Billion in Investments in Korea’s Offshore Wind and Advanced Materials

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held a foreign investment strategy meeting in Seoul on March 24, 2025, with representatives of foreign-invested companies and foreign chambers of commerce in Korea. At the meeting, participants expressed appreciation for the Korean government’s efforts to foster a business-friendly environment and called for stronger incentives and regulatory easing in electric vehicles (EVs), healthcare, and offshore wind, as well as better conditions for foreign investors settling in Korea. Noting rising global uncertainties, including  protectionism and supply chain shifts, Minister Ahn stated that MOTIE intends to substantially expand incentives for foreign investors, improve the investment environment in line with global standards, and carry out strategic outreach activities despite changing conditions at home and abroad to spur foreign investment. At the meeting, MOTIE also announced that global companies including Vena Energy and Corning submitted investment declarations in Korea totaling USD 0.3 billion in offshore wind and advanced materials. date2025-03-24

Minister Ahn holds talks with U.S. Secretary of Commerce Howard Lutnick

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. Secretary of Commerce Howard Lutnick on March 21 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony on March 21 (local time) in Washington D.C. for strengthening the strategic partnerships among Korean Air, Boeing & GE Aerospace. The ceremony was attended by Chairman & CEO of Korean Air and Hanjin Group Walter Cho, President & CEO of Boeing Kelly Ortberg, and President & CEO of GE Aerospace Russel Stokes. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships and strengthen Korea-U.S. aviation cooperation

On the occasion of Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea’s visit to Washington D.C. from March 20-21 (local time), Mr. Ahn and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony with Korean Air, Boeing & GE to strengthen their strategic partnerships.   * Corporate Attendees: Walter Cho (Chairman & CEO of Korean Air and Hanjin Group), Kelly Ortberg (President & CEO of Boeing), Russel Stokes (President & CEO of GE Aerospace) The signing ceremony underscores Korean Air’s commitment to collaboration with Boeing and GE Aerospace prior to the finalization of large-scale contracts with a total value of 32.7 billion USD. In particular, this event marks the first joint participation of Ministers from Korea and the United States under President Trump’s second administration, raising expectations for further cooperation between the two countries in various areas including aviation, semiconductors, shipbuilding and energy. * Details of the contract between Korean Air-Boeing: The two companies will soon finalize a firm order for twenty Boeing 777-9 and twenty Boeing 787-10 by 2033, and options for an additional ten aircraft (worth a total 24.9 billion USD). ** Details of the contract between Korean Air-GE: The two companies will soon finalize a firm order for eight spare engines (plus options for two additional engines) and engine maintenance services (worth a total 7.8 billion USD). Minister Ahn stated in his congratulatory remarks that “through these collaborations with prominent U.S. aviation companies, Korean Air is set to further strengthen its position in the global aviation market, accelerating its journey to becoming one the world’s top ten airlines.” Minister Ahn also emphasized that these agreements will pave the way for further strengthening the wide-ranging material and human exchanges between Korea and the United States, vowing that the Korean government “will continue to actively support cooperation in the private sector between both countries.” date2025-03-21

MOTIE Launches Global Talent Supporters, Expands Online Recruitment Support for Foreign-invested Firms

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held the Global Talent Supporters (“Supporters”) kick-off ceremony at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul on March 21, 2025, to enhance support for foreign-invested firms’ talent recruitment. Now in its second year, the Supporters program for 2025 selected 20 university students who hope to work at foreign-invested companies and grow into global talents, each of whom beat 22 other competitors in the nationwide selection process.  Over the next two months, the Supporters will promote recruitment information on foreign-invested firms and visit and report on leading global companies through YouTube and other media platforms. Leveraging their digital fluency and ability to create original content, the Supporters will serve as a bridge between companies and young job seekers by bringing quality job opportunities to young job-seekers. MOTIE will also expand support for year-round online recruitment. Since 2019, the ministry has operated a dedicated section on Job Korea (www.jobkorea.co.kr/Theme/kotra), a private career portal, to support year-round recruitment by foreign-invested firms. Starting this year, MOTIE plans to strengthen support for year-round online recruitment in advanced industries by adding special sections introducing leading companies in the sector and featuring interviews with HR managers. MOTIE will also support the creation of a special webpage for participating foreign-invested companies with plans for large-scale recruitment. The Korean government is also preparing for the Global Talent Fair 2025, scheduled for May 19 to 20, 2025, to actively assist job-seekers in finding employment at global companies. Preregistration for the fair is open from March 20 to May 2, 2025, and job seekers can preregister at the official website (globaltalentfair.kotra.biz) to access a variety of employment support programs. date2025-03-21

Korea Trade Commission Holds Public Hearing on Petroleum Resin Imports

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held a public hearing on March 20, 2025, on whether imports of petroleum resin from China and Taiwan are causing injury to the domestic industry, following anti-dumping investigations launched in August 2024. Following a preliminary determination in December 2024, provisional anti-dumping duties of between 4.45% and 18.52% are currently levied on the products. Held under Article 64 of the Enforcement Decree of the Customs Act, the public hearing was held to grant interested parties sufficient opportunity to present their views and exercise their rights of defense. A final determination will be made during the first half of 2025 following domestic and overseas due diligence procedures. The KTC also held its 458th meeting on the same day to receive reports on anti-dumping investigations into hot-rolled carbon and alloy steel products filed by Hyundai Steel, as well as into single-mode optical fiber products filed by LS Cable & System. date2025-03-20

Korea’s automobile exports recover growth in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports, production, and domestic sales for the month of February 2025 all posted double-digit growth year-on-year, with the production volume surpassing 350,000 units, a first in 11 years since February 2014. Korea’s monthly automobile exports volume reached 232,978 units (up 17.3 percent), entering the six billion thresholds in value for the first time for February with USD 6.1 billion (up 17.8 percent). The rebound and trade surplus are attributable to the strong performance in overseas markets like the EU (up 22.6 percent) and the Middle East (up 38.2 percent), as well as to the sharp increase in hybrid electric vehicle (HEV) exports (up 61.7 percent). Domestic sales jumped 14.8 percent to 132,855 units, thanks to the individual tax consumption cuts and early enforcement of electric vehicle (EV) subsidies in accordance with government measures to enhance the competitiveness of eco-friendly cars and secondary batteries (announced January 15). As a result, domestic EV sales for February skyrocketed 298.1 percent to 14,265 units.   date2025-03-18