Ministry of Trade Industry and Resources

Trade Minister chairs meeting with Korean firms in N.Y.

Minister for Trade Inkyo Cheong chaired a meeting with representatives of Korean firms operating in New York on September 11 in New York City and discussed business issues.   The meeting was attended by representatives of POSCO International, LG Electronics, Samsung C&T, Hanwha, and Doosan Enerbility. date2024-09-13

Trade Minister meets Eurasia Group President

Minister for Trade Inkyo Cheong met with Eurasia Group President Ian Bremmer on September 11 in New York City and discussed measures for deeper Korea-U.S. cooperation amid the changing trade environment. date2024-09-13

Trade Minister chairs Investors Roundtable in N.Y.

Minister for Trade Inkyo Cheong chaired the Investors Roundtable on September 11 (local time) in New York City with the participation of representatives from U.S. companies, including UPS, DuPont, Factorial Energy, EMP Belstar, and Morgan Stanley, where he gave opening remarks and discussed global trends, plans for investment in Korea, and related issues. date2024-09-12

Trade Minister holds investment declaration ceremony in N.Y.

Minister for Trade Inkyo Cheong received the investment declaration submitted by UPS Vice President of State Government & Public Affairs at UPS Axel Carrión on September 11 (local time) in New York City for upgrading the cargo terminal logistics system at Incheon International Airport. date2024-09-12

Advanced materials and logistics companies pledge $83.6 mln investments in Korea

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on September 11 that United Parcel Service (UPS), Toray Advanced Materials Korea, and a semiconductor specialty gas manufacturer (“Company A”) submitted investment declarations worth approximately USD 83.6 million (KRW 112 billion) during Trade Minister Inkyo Cheong’s visit to the U.S. The world’s largest package delivery service company UPS currently operates a logistics business in Korea centering around its air express hub at Incheon International Airport (ICN). The multinational shipping company has pledged investment to advance its freight handling system at ICN, which is viewed to strengthen Korea’s logistics industry competitiveness through expedited services. Alongside the UPS' investment declaration, two other companies pledged investment during the trade chief's visit to the U.S. Toray Advanced Materials Korea, a global supplier of advanced material solutions, plans to expand facilities for producing polyester film, an advanced material used in the manufacturing process for displays and multilayer ceramic condensers (MLCCs). Meanwhile, Company A, producer of specialty gases used in the etching and cleaning process for manufacturing semiconductors, plans to expand facilities for producing specialty gases used for leading-edge chip manufacturing. These investments are expected to not only expand the advanced materials production base in Korea but also help stabilize the domestic chip industrial supply chain. On the heels of the investment declaration ceremony, Trade Minister Cheong attended the Investors Roundtable and discussed global industry trends as well as plans and issues concerning investments in Korea with representatives of DuPont, UPS, Emp Belstar, Factorial Energy, and Morgan Stanley.   MOTIE will be assigning ministry officials to take exclusive charge of each project for the swift and smooth facilitation of the declared investments and take steps to attract new foreign direct investment (FDI) in advanced industry sectors like semiconductors, secondary batteries, bio, and electric vehicles (EVs) to spur the economy and attain this year’s FDI target of $35 billion. date2024-09-12

Trade Minister meets U.S. Deputy Secretary of Commerce

Minister for Trade Inkyo Cheong held talks with U.S. Deputy Secretary of Commerce Don Graves on September 10 in Washington D.C. on bilateral trade issues such as the Indo-Pacific Economic Framework for Prosperity (IPEF) and the Inflation Reduction Act (IRA). date2024-09-11

Trade Minister Cheong holds talks with U.S. Representative Young Kim

Minister for Trade Inkyo Cheong met U.S. Representative Young Kim on September 10 in Washington D.C. and discussed Korea-U.S. trade issues. date2024-09-11

Trade Minister holds talks with former U.S. Representatives

Minister for Trade Inkyo Cheong held talks with former U.S. Representatives Ron Kind, Jim Davis, and Tom Davis (videoconference) on September 10 in Washington D.C. and discussed Korea-U.S. trade issues. date2024-09-11

Korea-U.S. Economic Security Conference 2024

Korea’s Minister for Trade Inkyo Cheong attended the Korea-U.S. Economic Security Conference 2024 on September 10 in Washington D.C. alongside U.S. Under Secretary of Commerce for Industry and Security Alan Estevez, where he gave a keynote speech to roughly 40 government officials, researchers, and industry experts of both countries. date2024-09-11

Korea-U.S. Economic Security Conference 2024 seeks to boost public-private cooperation on security agendas

Korea’s Minister for Trade Inkyo Cheong attended the Korea-U.S. Economic Security Conference 2024 on September 10 in Washington D.C. alongside U.S. Under Secretary of Commerce for Industry and Security Alan Estevez. Now in its third year, the Korea-U.S. Economic Security Conference 2024 is an event hosted by the Korea Strategic Trade Institute (KOSTI) and sponsored by the Ministry of Trade, Industry and Energy (MOTIE) where Korea and U.S.’ public-private experts gather to seek opportunities for joint response to changes across the global economic security environment and discuss measures for wider cooperation. Attending this year’s bilateral Economic Security Conference were policy authorities from the U.S. Department of Commerce (DOC) and Department of State (DOS), as well as relevant experts from the Center for Strategic and International Studies (CSIS), Samsung Electronics, and the Semiconductor Industry Association (SIA). Participants exchanged views on the latest economic security issues such as export controls, financial sanctions, foreign investment review, technology protection, supply chains, and their implications. They also discussed joint projects in Korea-U.S. economic security cooperation. On the margins of the event, KOSTI and the Middlebury Institute's James Martin Center for Nonproliferation Studies (CNS) entered into a memorandum of understanding (MOU) for cooperation on economic security related joint research and exchanges going forward. CNS is a world-renowned nongovernmental organization in the U.S. committed to research on nonproliferation and export control developments. In his keynote speech, Trade Minister Cheong articulated plans to upgrade the trade, investment, and technology security system for a more seamless protection over Korea’s strategic assets, while also increasing joint efforts with the U.S. based on their shared core values with regard to supply chains, advanced technology cooperation, and other economic security agendas.   date2024-09-11