Ministry of Trade Industry and Resources

Minister Ahn meets Georgia Governor

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met Georgia Governor Brian Kemp in Atlanta on January 6 and discussed measures for Korea-Georgia cooperation and asked for support and interest towards Korean businesses investing in the state of Georgia. date2025-01-08

Korea’s Plant Project Orders Top $30 Billion for Second Consecutive Year

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) announced on January 7, 2025, that Korean companies won a total of USD 34.1 billion in 2024, up 12.7 percent year-on-year. This was the highest annual total in nine years since the $36.5 billion recorded in 2015. Around 46 percent of the total came from projects in the Middle East, amounting to $15.5 billion. In April 2024, Samsung E&A and GS E&C secured Saudi Arabia’s $7.3 billion Fadhili Gas Increment Program, the third biggest mega deal following the United Arab Emirates’ (UAE) Barakah nuclear power plant project ($19.1 billion) in 2009 and Iraq’s Bismayah New City project ($7.7 billion) in 2012. Moreover, a Korean consortium’s participation from the early stages of Qatar’s $2.8 billion desalination and combined cycle power plant project led to Samsung C&T securing the engineering, procurement, and construction (EPC) contract in November 2024. Meanwhile, large-scale project wins in Eastern Europe and Southeast Asia last year helped diversify Korea’s presence in the global plant market. Korean companies secured $4.7 billion worth of projects in Eastern Europe alone, including the $1.7 billion Serbian solar power plant project awarded to Hyundai Engineering,. This brought the total value of orders secured in Europe in 2024 to $6.6 billion, up 250.6 percent. Orders from Southeast Asian likewise soared 79.1 percent to $3.4 billion, including Malaysia’s $0.95 billion Phoenix Biorefinery Project, secured by Samsung E&A in December 2024. date2025-01-07

FDI pledges to Korea reach historic high in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that foreign direct investment (FDI) pledged to Korea in 2024 reached a total of USD 34.6 billion (up 5.7 percent year-on-year), surpassing the previous high of 2023. FDI arrivals added up to $14.8 billion (down 24.2 percent). By industry, FDIs pledged to the manufacturing sector hit an all-time high of $14.5 billion (up 21.6 percent). Investments showed notable increases in areas like electrical and electronics (up 29.4 percent to $5.3 billion), machinery and precision medical devices (up 174.0 percent to $2.4 billion), and pharmaceuticals (up 113.2 percent to $0.7 billion). FDIs pledged to the service sector rose 0.3 percent to $17.8 billion. FDIs pledged from Japan (up 375.6 percent to $6.1 billion) and China (up 266.1 percent to $5.8 billion) climbed steeply, whereas those from the U.S. and the EU shrank to $5.2 billion (down 14.6 percent) and $5.1 billion (down 18.1 percent), respectively. The U.S. and EU’s reduced FDI pledges can be attributed to the high base effect of the previous year as well as investors’ wait-and-see stance in light of political factors arising from the regions’ leadership changes. In 2024, greenfield investments pledged to Korea jumped 13.5 percent to a historic high of $26.7 billion, while M&A investment pledges declined 14.5 percent to $7.9 billion.   date2025-01-07

Minister Ahn Visits U.S. to Strengthen Bilateral Cooperation

Minister Ahn Duk-geun of the Ministry for Trade, Industry and Energy (MOTIE) will visit the U.S. from January 6 to 10, 2025, to meet with lawmakers and key officials from the U.S. federal and state governments to discuss measures to strengthen bilateral cooperation in industrial, trade, and energy. He will also pay his respects to the late former U.S. President Jimmy Carter. From January 6 to 7, Minister Ahn will visit Georgia, home to numerous Korean automobile, battery, and semiconductor companies. He plans to meet with Georgia Governor Brian Kemp to request his active support and interest for Korean companies investing in the state. Following the meeting, Minister Ahn will visit SK On’s Georgia plant for and meet with Korean businesses operating in the region to discuss investment-related issues and state level measures to strengthen Korea-U.S. industrial cooperation. From January 8 to 10, Minister Ahn will meet with lawmakers in Washington D.C., to request the U.S. Congress’ support and interest for stable investment and business operation by Korean companies in the U.S. He will also exchange views with U.S. industry and think tank representatives on ways to deepen bilateral cooperation in high-tech industries. Minister Ahn noted former President Carter’s significant contribution to stabilizing and solidifying Korea-U.S. relations. He added that the visit serves as an opportunity to secure a stable business environment for Korean companies operating in the U.S., while also advancing bilateral industrial, trade, and energy cooperation under the new U.S. administration. date2025-01-06

Minister visits Sunkwang New Container Terminal (SNCT) at Incheon New Port

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea visited the Sunkwang New Container Terminal (SNCT) at Incheon New Port on January 2 to mark the new year, where he received a briefing on terminal management issues and encouraged the site employees. Recording all-time high container traffic volumes for two years straight, the SNCT is rising as a global logistics hub. date2025-01-03

Korea to Open Largest-Ever Integrated Pavilion at CES 2025

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) and the Korea Trade-Investment Promotion Agency (KOTRA) announced that government-wide collaboration is underway to establish the largest integrated Korean pavilion to date at the Consumer Electrics Show (CES) 2025, scheduled for January 7–10, 2025, in Las Vegas, United States. Under this year’s theme, “Connect. Solve. Discover. DIVE IN.,” CES 2025 will showcase the latest AI technologies, products, and services from major global companies, including more than 900 Korean firms such as Samsung, LG, Hyundai, and SK. CES 2025 is expected to focus on the commercialization of AI technology, development of healthcare industries, social issues, and sustainability.  Following consultations with relevant ministries and government bodies, MOTIE will establish an integrated Korean pavilion with a unified design and brand logo for 445 Korean companies and 36 institutions to support marketing and exports. Prior to the CES 2025 opening ceremony, the ministry will host a seminar on January 6 featuring representatives of the Consumer Technology Association (CTA), which own and produces CES, and U.S. investment bank and financial services company Morgan Stanley. They will discuss the outlook for the U.S. consumer electronics market and strategies for attracting investment. On the day of the opening ceremony on January 7, KOTRA and the Industrial Bank of Korea (IBK) will sign a memorandum of understanding (MOU) to identify innovative Korean businesses, support their overseas expansion, and investment attraction. The “K-Innovation Pitching Challenge” held the following day will offer Korean firms an opportunity to pitch their businesses and network with global companies such as Walmart and IBM to enhance export outcomes. Following CES 2025, MOTIE plans to launch a CES Innovations Awards Winners Forum on January 23, where award-winning companies and export assistance institutes can share best practices and support measures, demonstrate products, and participate in online export consultations. Notably, Korean companies accounted for 129 of the 292 first-round CES Innovation Awards honorees this year, the largest number among participating countries for the second consecutive year. date2025-01-02

Korea’s annual exports reach new highs in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on January 1, 2025, that Korea’s annual exports for the year of 2024 amounted to an all-time high USD 683.8 billion, surpassing the previous high of $683.6 billion set in 2022. Daily average exports reached $2.53 billion (up 8.2 percent year-on-year), outperforming the $2.51 billion of 2022. According to World Trade Organization (WTO) statistics, Korea’s global ranking for accumulated exports through January–September 2024 jumped two places to sixth (8th in 2023), posting the steepest export growth rate (9.6 percent) among the world’s top 10 exporting countries. Korea’s imports for 2024 shrank 1.6 percent year-on-year to $632.0 billion amid reduced energy imports. The trade balance stood at a surplus of $51.8 billion (+$62.1 billion year-on-year), the nation’s largest since the record of $69.7 billion surplus in 2018. In 2024, eight out of 15 key export items enjoyed growth. Semiconductors soared 43.9 percent to $141.9 billion, maintaining their upward trajectory for the 14th consecutive month since November 2023 and renewing the record high ($129.2 billion, 2022) in just two years. Notably, despite price falls of general-purpose memory chips in Q4 2024, high value-added items like DDR5s and HBMs led the overall growth and chip exports continued their upward climb throughout the year. All IT items including semiconductors, wireless communication devices, displays, and computers advanced in exports as well, a first in three years since 2021. Exports of automobiles were retained at $70.8 billion (down 0.1 percent) due to partial production setbacks caused by strikes across major automakers and car parts producers, but still managed to enter the $70 billion thresholds for the second consecutive year. Ship exports logged double-digit growth (up 18 percent to $25.6 billion) as high value-added vessels like LNG carriers and large container ships ordered in 2021 were delivered. For petrochemicals, despite unit export price drops from oil price falls in H2 2024, exports rose 5.0 percent on the backs of increased shipments. Bio-health exports hiked 13.1 percent to $15.1 billion in 2024, the growth centering on biosimilars and other pharmaceuticals. With the growing popularity of K-food and K-beauty products worldwide, the export of both agriculture, fishery, and livestock products (up 7.6 percent to $11.7 billion) and cosmetic products (up 20.6 percent to $10.2 billion) entered the $10 billion thresholds for the first time. In 2024, exports to seven out of nine major destinations expanded. To China, semiconductors, petrochemicals, and wireless communication devices showed robust performance, boosting the overall exports 6.6 percent to $133.0 billion. China-bound exports showed growth all throughout the year, with only February and November as exceptions. U.S.-bound exports set historic highs for the seventh consecutive year at $127.8 billion (up 10.5 percent). Automobiles and general machinery drove overall exports, and semiconductors also logged triple-digit growth based on U.S. big tech firms’ wider investments in datacenters. To ASEAN, exports hit $114.0 billion (up 4.5 percent) thanks to the strong growth of semiconductors and petroleum products as well as the double-digit growth of IT items like computers and wireless communication devices. Among all nine major destinations, exports to Latin America ($29.0 billion) recorded the highest growth rate of 17.8 percent. Exports to India (up 4.2 percent to $18.7 billion) came in at an all-time second high and those to the Middle East (up 4.8 percent to $19.7 billion) achieved growth for the fourth consecutive year. Exports to Japan increased 2.0 percent to $29.6 billion. As for the month of December 2024, exports and imports improved 6.6 percent and 3.3 percent to $61.4 billion and $54.9 billi date2025-01-02

Trade Minister chairs foreign investment policy consultation meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the foreign investment policy consultation meeting on December 26 at the Korea Trade Insurance Corporation (K-SURE) in Seoul with 16 local governments’ foreign investment promotion officers. The meeting was held under an aim to foster organic cooperation between the central and local government bodies to carry forward Korea’s current foreign investment momentum, while also marshalling related organizations’ capabilities to overcome pressing challenges amid persisting geo-economic tensions and global trade uncertainties. At the meeting, attendees discussed foreign investment attraction policies for 2025, recent trade trends and key issues, and local governments’ policy directions and suggestions. date2024-12-27

Trade Minister chairs foreign investment policy consultation meeting with local governments

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the foreign investment policy consultation meeting today at the Korea Trade Insurance Corporation (K-SURE) in Seoul with 16 local governments’ foreign investment promotion officers. The meeting was held under an aim to foster organic cooperation between the central and local government bodies to carry forward Korea’s current foreign investment momentum, while also marshalling related organizations’ capabilities to overcome pressing challenges amid persisting geo-economic tensions and global trade uncertainties. At the meeting, attendees discussed foreign investment attraction policies for 2025, recent trade trends and key issues, and local governments’ policy directions and suggestions. Trade Minister Cheong noted that this year’s foreign direct investment (FDI) pledges to Korea surpassed an all-time high USD 33 billion despite internal and external uncertainties, highlighting that more foreign investment can be drawn to boost Korea’s national and local economies through combining the central government’s preemptive response capacity and local governments’ local-specific foreign investment promotion strategies. Local government representatives at the meeting agreed on the importance of effective trade countermeasures and foreign investment attraction, expressing commitment to making multifaceted efforts to overcome the domestic and external crises while working closely with the central government through information sharing and consultations on countermeasures. The key points discussed today will be incorporated into establishing the foreign investment policy directions for 2025 and the Government will be giving full measure to increase incentives, improve regulations, and build a business support system so that foreign investment flowing into Korea can go towards strengthening industrial competitiveness and stimulating local economies. The Ministry of Trade, Industry and Energy (MOTIE) plans to convene policy consultation meetings with local government bodies on foreign investment and trade issues on at least a semiannual basis to enhance communication between the central and local governments.   date2024-12-26

Korea-Middle East Trade and Industry Cooperation Forum

Deputy Minister for Trade Park Jong-won of the Republic of Korea chaired the Korea-Middle East Trade and Industry Cooperation Forum on December 19 in Seoul with the participation of over 150 attendees composed of related companies, institutions, and diplomatic delegations from eight Middle Eastern countries including the United Arab Emirates (UAE), Oman, and Bahrain. date2024-12-20