Ministry of Trade Industry and Resources

Meeting with Saudi Arabia’s Minister of Industry and Mineral Resources

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Bandar Al-Khorayef, Minister of Industry and Mineral Resources of Saudi Arabia, in Saudi Arabia on June 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. The two sides discussed trade, mineral cooperation, and industrial cooperation in automobiles, shipbuilding, steel, AI, and other areas. Minister Kim also closely reviewed progress on major industrial cooperation projects Korean companies are pursuing in Saudi Arabia. Minister Kim said Korea will continue to expand economic cooperation with Saudi Arabia across manufacturing, advanced industries, and other areas, building on the practical industrial cooperation achieved so far. date2026-06-15

Meeting with Saudi Arabia’s Minister of Energy

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Prince Abdulaziz bin Salman, Minister of Energy of Saudi Arabia, in Saudi Arabia on June 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. The two ministers reviewed progress on the crude oil and naphtha supply commitments from the envoy’s April visit and agreed to continue coordination to supply the planned volumes without disruption through the end of the year. They also signed an MOU on crude oil and gas cooperation between Korea and Saudi Arabia to establish a medium- to long-term foundation for resource cooperation beyond short-term supply arrangements. Minister Kim said the visit helped reaffirm stable supplies of key national resources, including crude oil and naphtha, amid continued global supply chain instability and strengthen the foundation for medium- and long-term resource cooperation. date2026-06-15

Meeting with Saudi Arabia’s Minister of Investment

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Fahad Al-Saif, Minister of Investment of Saudi Arabia, in Saudi Arabia on June 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. During the meeting, the two sides discussed trade, mineral cooperation, and industrial cooperation in automobiles, shipbuilding, steel, AI, and other areas. Minister Kim also reviewed progress on major industrial cooperation projects Korean companies are pursuing in Saudi Arabia. Minister Kim said Korea will continue to expand economic cooperation with Saudi Arabia across manufacturing, advanced industries, and other areas, building on the practical industrial cooperation achieved so far. date2026-06-15

Trade Minister Yeo Meets Deputy Prime Minister Sun to Discuss Korea–Cambodia Economic Cooperation

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Sun Chanthol, Cambodia’s Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia (CDC), at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on June 15, 2026. The two sides discussed expanding economic and trade cooperation between Korea and Cambodia.  The meeting was held at Deputy Prime Minister Sun’s request during his visit to Korea for the 2026 Incheon–Cambodia Investment Roadshow, held in Incheon. The two sides exchanged views on a broad range of bilateral economic issues, including the implementation of the Korea–Cambodia Free Trade Agreement (FTA), stronger economic cooperation, official development assistance (ODA), and international greenhouse gas emissions reduction. Minister Yeo welcomed the continued growth in bilateral trade and investment since the Korea–Cambodia FTA entered into force in 2022 and bilateral relations were upgraded to a strategic partnership in 2024. Minister Yeo also shared updates on MOTIR’s ODA projects for Cambodia, including the TASK (Technology Advice and Solutions from Korea) Center Project for Cambodia’s food processing sector, which has been under way since 2023, and the ASEAN Trade Officials Training Program scheduled for the second half of 2026. Deputy Prime Minister Sun said Korea’s ODA projects have contributed significantly to Cambodia’s economic development and expressed hope that they would further strengthen bilateral cooperation. The two sides also reviewed the outcomes of Korea’s first approved international greenhouse gas reduction project in the industrial sector, which was finalized in 2025 with the Cambodian government’s approval. They agreed to strengthen cooperation in future industries, including green technology, building on Cambodia’s commitment to carbon reduction and Korean companies’ technological capabilities. MOTIR will continue working with Cambodia to expand bilateral exchanges and support Korean companies seeking to enter and operate in the Cambodian market. date2026-06-15

Korea and Bangladesh to Hold Fourth Round of CEPA Negotiations

Korea and Bangladesh will hold the fourth round of official negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) in Dhaka from June 14 to 19, 2026. The talks come amid a growing need to expand into promising emerging markets and diversify Korea’s export destinations in response to the rapidly changing global trade environment. The Office of Trade Negotiations at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that around 60 delegates from the two countries will attend the negotiations. Korea’s delegation will be led by Park Geun-oh, Director General for Trade Agreement Policy at MOTIR, while Bangladesh’s delegation will be led by Ayesha Akther, Additional Secretary and Head of the Foreign Trade Agreement Wing at the Ministry of Commerce. Since declaring the launch of negotiations in November 2024, the two countries have held three official rounds of talks. In Dhaka, they plan to continue detailed discussions across 11 areas, including tariff concessions, services, and rules of origin, with the aim of building a solid basis for concluding the agreement. Bangladesh is one of South Asia’s key growth markets, with a population of 170 million and a high rate of economic growth. A CEPA with Bangladesh is expected to help Korean companies broaden their export base. As the Bangladeshi government is actively expanding national infrastructure, including power, roads, and aviation, the agreement is also expected to create more opportunities for Korean construction and engineering companies. Bangladesh is scheduled to graduate from least developed country (LDC) status in November 2026 and is pursuing market-opening policies, including accession to the Regional Comprehensive Economic Partnership (RCEP) and free trade agreements with major partners. “Bangladesh is a key South Asian market, with average annual growth of more than 6 percent. A CEPA with Bangladesh is expected to expand Korean companies’ access to the South Asian market,” said Director General Park. “Korea will take a proactive approach to the negotiations so the talks can make swift progress.” date2026-06-15

Korea and Saudi Arabia Strengthen Partnership in Resources and Industry

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Saudi Arabia from June 13 to 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. Saudi Arabia is Korea’s largest crude oil supplier and pledged during the April visit to give priority to supplying crude oil and naphtha to Korea. The visit was arranged to follow up on the crude oil and naphtha supply arrangements and strengthen resource security and industrial cooperation with Saudi Arabia amid the Middle East conflict. Minister Kim first met with Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy. The two ministers reviewed progress on the crude oil and naphtha supply arrangements made during the Special Envoy’s April visit and agreed to maintain stable supplies of the planned volumes through the end of 2026. They also signed an MOU on Cooperation in the Crude Oil and Gas sector between Korea and Saudi Arabia to establish a medium- to long-term foundation for resource cooperation beyond short-term supply arrangements. The MOU identifies specific areas for stronger cooperation across energy resources, including oil, gas, and petrochemicals. These include crude oil stockpiling; pipeline infrastructure development; innovation in energy and resource technologies using AI and digital transformation; technology development to improve environmental and economic sustainability; development and use of petrochemical materials; development of appropriate infrastructure to improve access to energy resources; and business-to-business cooperation. Minister Kim also met with Fahad Al-Saif, Minister of Investment, and Bandar Al-Khorayef, Minister of Industry and Mineral Resources, to review progress on major industrial cooperation projects Korean companies are pursuing in Saudi Arabia. The projects include Hyundai Motor and PIF’s joint vehicle plant in Saudi Arabia, a project expected to deliver tangible results as it begins full-scale mass production in 2027. They also include International Maritime Industries (IMI), a joint shipyard project between HD Korea Shipbuilding & Offshore Engineering and Aramco. IMI is the largest shipyard in the Middle East, covering 4.96 million square meters, or roughly the size of 700 soccer fields. Minister Kim asked the Saudi government to provide active support to ensure timely completion of the projects. Building on successful models in traditional manufacturing, including automobiles and shipbuilding, the two sides agreed to explore new cooperation areas such as minerals. They also agreed to expand future cooperation into advanced industries, including AI. Noting Saudi Arabia’s abundant minerals for advanced industries—including sulfur, phosphate rock, bauxite, and rare earth elements—Korea’s world-class high-purity refining and processing technologies, and strong demand for these minerals in advanced industries, the two sides agreed to pursue full-cycle cooperation spanning mining, refining and processing, and advanced industry development. The two sides agreed to explore cooperation between research institutions in both countries on mineral deposit exploration in Saudi Arabia and the development of national geological information systems. “This visit to Saudi Arabia was significant because it reaffirmed stable supplies of key national resources, including crude oil and naphtha, amid continued global supply chain instability and laid the groundwork for medium- and long-term resource cooperation,” Minister Kim said. “Building on the outcomes of practical industrial cooperation, Korea will continue to expand economic cooperation with Saudi Arabia across manufacturing, advanced industries, and other areas.” Following his visit to Saudi Arabia, Minister Kim will visit Qatar on June 15 and the United Arab Emirates (UAE) on date2026-06-15

Meeting with Italy’s Minister of Enterprises and Made in Italy

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Adolfo Urso, Italy’s Minister of Enterprises and Made in Italy, in Rome on June 11, 2026, during President Lee Jae Myung’s visit to Italy. The two ministers exchanged views on shared priorities, including developments in EU economic legislation and cooperation in high-tech industries. date2026-06-12

Korea Signs AI Standardization Cooperation MoU with Singapore, UK, Australia, and Canada

The Korean Agency for Technology and Standards (KATS, Administrator Kim Dae-ja), under the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim), announced that it signed an MoU on AI pre-standardization cooperation with the national standards bodies of Singapore, the United Kingdom, Australia, and Canada in Singapore on June 11, 2026. The signatories were Enterprise Singapore (ESG), the British Standards Institution (BSI), Standards Australia (SA), and the Standards Council of Canada (SCC). The MoU reflects a shared view among the five countries that, as AI advances rapidly and spreads across industries, a cooperation framework needs to be built at the pre-standardization stage, before international standards are developed. The five countries plan to regularly hold joint workshops and expert seminars to share best practices in AI standardization and conformity assessment. The MoU also calls for pre-standardization cooperation on white papers, technical reports, and guides. The five countries will also carry out joint standardization pilot projects in key fields for AI application, such as manufacturing and healthcare. This work will help bring any draft standards developed through the projects into international standardization discussions at bodies such as ISO/IEC JTC 1/SC 42, the international committee on AI standardization. KATS President Kim Dae-ja said, “This MoU is significant in that it establishes a broader international cooperation framework that reflects a wider range of perspectives on AI standardization amid intensifying U.S.- and China-centered competition over AI technology and standards. Building on this MoU, KATS will expand cooperation with standards partners, connect M.AX outcomes to standardization, and support Korean companies as they expand globally.” date2026-06-12

Korea and Morocco Accelerate Economic Cooperation

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) visited Morocco on June 11-12, 2026, to advance trade and industrial cooperation between Korea and Morocco. During the visit, he held talks with Omar Hejira, Secretary of State to the Minister of Industry and Trade, in charge of Foreign Trade, and met with Korean companies operating in Morocco to discuss bilateral economic cooperation and ways to support Korean businesses. On June 11, Minister Yeo met with Secretary of State Hejira to discuss economic cooperation, including ways to expand trade and investment. The two sides agreed to establish a working group at the director-general level to continue detailed discussions. Through the working group, they will work closely so that negotiations for the Korea–Morocco Comprehensive Economic Partnership Agreement (CEPA) can begin at an early date. Minister Yeo also reviewed progress on Korean companies’ projects in Morocco, including Hyundai Rotem’s plan to build an electric train plant and LG Energy Solution’s investment in a battery-grade lithium refinery. He asked for the Moroccan government’s support and cooperation to help the projects proceed smoothly. The two sides also discussed cooperation in shipbuilding, defense, and other industries. At a roundtable with Korean companies operating in Morocco, Minister Yeo heard their concerns and requests related to tariffs, logistics, customs clearance, and taxation, and discussed ways to address them. He said MOTIR will closely review the difficulties raised by companies on the ground and use bilateral consultation channels to help resolve them. Amid growing interest and demand for Korean cosmetics in Morocco, Minister Yeo also visited a local store specializing in Korean cosmetics. He was briefed on the current distribution and sales of Korean cosmetics in Morocco, heard related business concerns, and discussed support measures to help more Korean companies enter the local market. “Morocco is a key emerging economy in North Africa and a geoeconomic hub linking Europe, the Americas, the Middle East, and Africa. As the only African country with FTAs with major economies, including the United States and the EU, Morocco is an important gateway for Korean companies seeking to enter African markets,” Minister Yeo said. “Korea will strengthen government-to-government cooperation with Morocco to support stable trade and investment by Korean companies.” date2026-06-12

Korea and Kyrgyzstan Move to Accelerate Trade and Investment Cooperation

1. First Korea–Kyrgyzstan Trade and Investment Cooperation Committee The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that Bae Jun-hyoung, Director General for International Trade Relations, held the first meeting of the Korea–Kyrgyzstan Trade and Investment Cooperation Committee with Mederbek Tumanov, Deputy Minister of Economy and Commerce of the Kyrgyz Republic, in Bishkek on June 12, 2026. At the meeting, the two sides discussed cooperation tasks and future work across trade and investment, official development assistance (ODA), critical minerals, industrial cooperation, business cooperation, and other areas. On trade and investment, the two sides welcomed the recent growth in bilateral trade and agreed to create favorable conditions to expand two-way investment and strengthen industrial cooperation. They also agreed to support Korean companies entering the Kyrgyz market and promote business exchanges through the Korea Trade-Investment Promotion Agency (KOTRA) trade office in Bishkek, which is being prepared for opening within 2026. On development cooperation, the two sides reviewed the results of MOTIR’s technical guidance project for Kyrgyzstan’s textile sector and discussed future ODA cooperation, including a digital transformation (DX) technical guidance project scheduled to begin in 2026. The project will support the digitalization of Kyrgyzstan’s transport infrastructure and textile and apparel industry, expand technical exchanges between the two countries, and help build a stronger basis for Korean companies to enter the local market. On critical minerals, the two sides identified potential for cooperation on promising mineral resources in Kyrgyzstan, including antimony and tungsten. They agreed to share information on mineral resources, policies, and prospective projects, and to review possible cooperation in sustainable mineral development and processing technologies over the medium to long term. On business cooperation, the two sides focused on key issues Korean companies raised in the course of advancing business projects in Kyrgyzstan. The Korean side asked the Kyrgyz government for its close attention and support in maintaining a predictable and favorable business environment, so that Korean companies can continue investing and operating in the country under stable conditions. 2. Meeting with Kyrgyzgeology Vice President Director General Bae then met with Tynchybek Uulu Ryskul, Vice President of State Enterprise Kyrgyzgeology. The meeting focused on expanding bilateral cooperation in critical minerals, particularly high-potential mineral resources in Kyrgyzstan, including antimony, tungsten, and rare earth elements. The two sides shared the view that stable and diversified critical mineral supply chains are important and agreed to continue cooperation between relevant organizations from both countries in exchanging mineral resource information, identifying project opportunities, and strengthening exploration capabilities. 3. Roundtable  with Korean Companies Operating in Kyrgyzstan Director General Bae also attended a roundtable to support Korean companies operating in Kyrgyzstan at the Korean Embassy in Bishkek, together with Ambassador Kim Kwang-jae. At the roundtable, he exchanged views with Korean companies on expanding their presence in the Kyrgyz market and advancing their business projects in the country. He noted that MOTIR will continue to strengthen communication with Korean companies operating in Kyrgyzstan and work with the Korean Embassy, relevant ministries, and related organizations to support the stable progress of their business projects and help them achieve concrete results. “Bilateral trade between Korea and Kyrgyzstan is expanding rapidly, and Kyrgyzstan is an important economic cooperation partner for Korea in Central Asia,” Director General Bae said. “Bui date2026-06-12