Ministry of Trade Industry and Resources

Korea and Singapore sign 10 MOUs on margins of bilateral Business Forum

MOTIE Minister Dukgeun Ahn and Singapore’s Minister for Manpower and Second Minister for Trade and Industry Tan See Leng attended the Korea-Singapore MOU signing ceremony on October 8 in Singapore on the margins of the bilateral Business Forum with the participation of the two countries governments, companies and institutions, where they signed 10 MOUs in energy, infrastructure, high-tech industries, retail, and commerce. date2024-10-10

Korea and Singapore advance cooperation in supply chains, energy, and high-tech industries

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 8 that the ministry will be expanding forward-looking cooperation in areas like supply chains, energy, and high-tech industries with Singapore, the global hub of logistics, technology, and energy, on the occasion of Korean President Yoon Suk Yeol and First Lady Kim Keon-hee’s state visit. First, on the margins of the Korea-Singapore summit talks (October 8), MOTIE entered into three intergovernmental memorandums of understanding (MOUs) with Singapore’s Ministry of Trade and Industry (MTI). The two ministries sealed the Supply Chain Partnership Arrangement (SCPA), Korea’s first bilateral supply chain partnership agreement. Under the SCPA, Korea and Singapore will closely monitor and exchange supply chain disruptions, convene emergency meetings, and provide mutual customs support. MOTIE also inked an MOU with Singapore for cooperation in liquefied natural gas (LNG) areas such as LNG swaps and joint purchases with an aim to stabilize domestic natural gas supplies and reduce costs. Lastly, the two ministries forged a technology cooperation MOU to push joint R&D in future mobility, artificial intelligence (AI), renewable energy, and other high-tech industries, through which both sides look forward to creating synergy from Singapore’s advanced innovative capacity and Korea’s high-tech manufacturing technology. The MOU signing ceremony was followed by the Korea-Singapore Business Forum, organized by the Korea Chamber of Commerce and Industry (KCCI) and Singapore Business Federation (SBF) with the participation of 250 persons, including MOTIE Minister Dukgeun Ahn and Singapore’s Minister for Manpower and Second Minister for Trade and Industry Tan See Leng. The two countries’ companies and institutions signed 10 MOUs in energy, infrastructure, high-tech industries, retail, and commerce. In hydrogen, LNG, and other energy and infrastructure areas, the two sides sealed five MOUs. They plan to engage in joint research in next-generation energy systems, hydrogen technology, and clean energy areas with the participation of both countries’ businesses and universities. In high-tech, two MOUs were inked, including one on the commercialization and market expansion of autonomous cars. Through the MOU, it is expected that Korea’s self-driving carmakers will be able to establish a base for entry into Southeast Asian markets. In retail and commerce, Korea and Singapore closed two MOUs, spurring anticipation for Korean food and retail businesses’ further entry into Asia’s logistics hub. In entertainment, the two sides inked an MOU for promoting K-POP performances and events across Singapore and other Asian markets as well as supporting the discovery of new artists. MOTIE plans to provide active assistance so that the MOUs forged on this occasion can lead to tangible outcomes.   date2024-10-10

FDI pledged to Korea in Q1–Q3 reach historic $25.2 bln

The Ministry of Trade, Industry and Energy (MOTIE) announced today that the accumulated foreign direct investments (FDIs) pledged to Korea through January–September in 2024 (Q1–Q3) rose 5.2 percent year-on-year to an unprecedented USD 25.2 billion. The manufacturing sector soared 36.4 percent to $12.3 billion, renewing the quarterly high reached in Q3 2023. Electrical/electronics (up 35.9 percent to $4.5 billion), machinery/equipment/precision medicine (up 128.5 percent to $1.7 billion), and pharmaceuticals (up 136.4 percent to $0.7 billion) are among sectors that enjoyed steep climbs. Meanwhile, the service sector slowed to $12.0 billion (down 13.3 percent) as a result of the base effect from last year’s large-scale investments. FDI pledged from Japan hit historic highs at $4.7 billion (up 412.7 percent), followed by investments from China (up 316.3 percent to $4.6 billion), the EU (down 1.4 percent to $4.0 billion), and the U.S. (down 39.9 percent to $3.1 billion). By type, M&A investments pledged to Korea shrank 12.7 percent to $6.3 billion, whereas greenfield investments pledged to Korea grew 12.9 percent to $18.9 billion. FDI commitments made to non-capital regions hiked 2.7 percentage points to 26.4 percent of the entire FDI pledged to Korea.   date2024-10-02

Korea’s exports advance 7.5% in September

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on October 1 that September monthly exports rose 7.5 percent year-on-year to USD 58.8 billion. Imports inched up 2.2 percent to $52.1 billion and the trade balance stood at a surplus of $6.7 billion. Maintaining growth for the 12th consecutive month, the export value for September hit an all-time high for the month and the daily average export value also reached a historic high of $2.9 billion (up 12.9 percent). By item, six out of 15 major export items advanced. Semiconductors (up 37.1 percent to $13.6 billion) increased for the 11th consecutive month, surpassing their record high set this June. Computer exports and wireless communication devices expanded 132.0 percent and 19.0 percent to $1.5 and $1.9 billion, respectively, growing for the ninth and seventh consecutive month. Snapping the four-month losing streak, automobile exports logged $5.5 billion (up 4.9 percent) despite the lower number of operating days (-1.0) and achieved a record high for September. Meanwhile, ship exports surged 76.2 percent to $2.4 billion and exceeded the 50 percent growth rate thresholds for the second consecutive month. Bio-health exports climbed 9.9 percent to $1.2 billion, gaining for the third consecutive month. By region, September exports to China marked this year’s highest at $11.7 billion (up 6.3 percent) on the backs of strong demand for semiconductors and wireless communication devices. The trade balance to China also broke the seven-month downward streak and stood at a surplus of $0.5 billion. Exports to the U.S. amounted to a record high for September at $10.4 billion (up 3.4 percent) and renewed monthly export highs for the 14th consecutive month. To the EU, exports hiked 5.1 percent to $6.0 billion amid steep growth of IT goods including wireless communication devices and computers, renewing monthly export highs for the second consecutive month. Exports to ASEAN and CIS countries showed an uptick of 0.6 percent and 8.2 percent to $9.5 billion and $1.0 billion, respectively, each rising for the sixth and third consecutive month.  To the Middle East, exports turned to an expansion after a month of decline, growing 15.5 percent to $1.6 billion. Energy imports decreased 8.4 percent to $10.4 billion as imports shrank for crude oil (down 11.6 percent) and gas (down 0.6 percent).  The trade balance kept up the surplus trend for the 16th consecutive month, surpassing that of last year by roughly $3.0 billion. As for exports for the third quarter (Q3) of 2024, Korea achieved $173.9 billion (up 10.7 percent year-on-year). Semiconductor exports logged all-time highs of $36.7 billion (up 41.4 percent) and exports to the U.S. ($30.6 billion) and the EU ($18.0 billion) likewise outperformed their previous Q3 highs. The trade balance for Q3 stood at a surplus of $13.9 billion, an improvement of $7.5 billion compared to Q3 2023.   date2024-10-02

Minister Ahn meets Utah Governor

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held talks on September 27 in Seoul with the U.S. National Governors Association (NGA) Chair and Utah Governor Spencer Cox, who is leading the trade delegation from the State of Utah, to discuss measures for Korea-Utah economic cooperation in aerospace, life science, healthcare, financial services, semiconductors, and carbon-free energy areas including nuclear energy and clean hydrogen. date2024-09-30

Minister Ahn discusses economic and trade cooperation with Utah governor

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held talks today in Seoul with the U.S. National Governors Association (NGA) Chair and Utah Governor Spencer Cox, who is leading a trade delegation from the State of Utah, to discuss measures for Korea-Utah economic cooperation in aerospace, life science, healthcare, financial services, semiconductors, and carbon-free energy areas including nuclear energy and clean hydrogen. Composed of 50 members, the Utah trade delegation consists of the Utah Senate President and representatives of Utah businesses and relevant organizations. On the margins of the Utah trade delegation’s visit to Korea, Minister Ahn said that he looks forward to strengthening the networking between Korean and U.S. businesses and uncovering new joint projects for boosting Korean companies’ entry into the Utah market, a hub for fast-growing startups and cutting-edge firms. He also expressed hope that bilateral talent exchanges will gain further traction based on the University of Utah Asia Campus (UAC) in Incheon. Moreover, the minister asked Governor Cox for interest and support at the NGA level, regardless of the upcoming U.S. presidential election results, in ensuring the continuity and predictability of major U.S. laws that are likely to impact Korea’s investment in the U.S. so as to maintain and increase Korean businesses’ investments in the State of Utah and the U.S.   date2024-09-27

Korea-Serbia Business Conference

Korea’s Minister for Trade Inkyo Cheong attended the Korea-Serbia Business Conference with Serbia’s Minister of Domestic and Foreign Trade Tomislav Momirović on September 26 in Seoul to discuss promising joint projects in information technology, bio, energy, and critical minerals supply chains. The conference was attended by representatives of relevant institutions, including KOTRA, KITA, KOMIR, and Hyundai E&C. date2024-09-26

Korea and Zimbabwe discuss cooperation as follow-up to Korea-Africa Summit

Korea’s Minister for Trade Inkyo Cheong held talks with Zimbabwe's Minister of Higher and Tertiary Education, Science and Technology Development Amon Murwira on September 24 in Seoul and exchanged views on bilateral cooperation in trade, investment, and energy.   date2024-09-26

Korea and Zimbabwe discuss trade, investment, and energy cooperation as follow-up to Korea-Africa Summit

Korea’s Minister for Trade Inkyo Cheong held talks with Zimbabwe's Minister of Higher and Tertiary Education, Science and Technology Development Amon Murwira on September 24 in Seoul on the occasion of the Zimbabwean minister’s visit for follow-up to the Korea-Africa Summit 2024 and exchanged views on bilateral cooperation in trade, investment, and energy. Since the establishment of diplomatic ties in 1994, Korea and Zimbabwe have continuously worked together to maintain and develop favorable cooperative relations centering on development cooperation and people-to-people exchange in areas of agricultural technology and healthcare. Trade Minister Cheong remarked that their high-level exchanges have recently gained further traction, such as the Zimbabwean government delegation’s participation in the Korea-Africa Summit, and noted that the Korea-Zimbabwe Trade and Investment Promotion Framework (TIPF) agreement inked on the margins of the event have contributed to advancing the two countries’ relations towards a more tangible partnership. Minister Murwira showed interest in Korea’s development of its own Innovative Small Modular Reactor (i-SMR) for resolving Zimbabwe’s power shortages and the challenge of attaining net zero, to which the Korean trade chief suggested that the two countries discuss detailed cooperation measures as per future technological developments.   date2024-09-25

Trade Minister meets ASEAN Secretary-General

Trade Minister Inkyo Cheong held bilateral talks with Secretary-General of the Association of Southeast Asian Nations (ASEAN) Kao Kim Hourn on September 21 in Lao PDR and discussed economic cooperation measures. date2024-09-24