Ministry of Trade Industry and Resources

Korea and Italy Build on Improved Trade Environment to Advance High-Tech Supply Chain Synergies

During President Lee Jae Myung’s visit to 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. The two ministers exchanged views on shared priorities, including EU economic legislation, a more stable trade environment for businesses, and cooperation in high-tech industries. The two sides first discussed recent developments in EU legislation on key economic issues and cooperation to provide businesses with more predictable trade conditions. Korea expressed appreciation that Italy moved swiftly to remove the “Made in EU” regional restriction from the hyper-depreciation regime introduced by emergency decree on March 28, 2026, giving the change final legal effect through parliamentary approval on May 22, 2026, and helping reduce uncertainty in bilateral trade conditions. The two ministers agreed that high-quality Korean machinery and equipment could help Italian small and medium-sized manufacturers improve productivity and compete globally, while creating a basis for closer cooperation across future strategic industries. They also agreed to continue intergovernmental cooperation during future EU legislative processes on economic issues, helping strengthen industrial ecosystems in both countries and improve predictability for businesses. On high-tech industries, the two sides agreed that cooperation centered on AI and semiconductors could combine their complementary strengths and strengthen both countries’ global competitiveness. Korea presented its Manufacturing AI Transformation (M.AX) policy and highlighted potential synergies between Korea’s AI-driven manufacturing transformation and Italy’s traditional manufacturing base. Italy outlined its strengths in semiconductor materials, equipment, and advanced packaging, and expressed strong interest in working with Korea’s world-class memory and foundry technologies. The two sides also agreed to continue reviewing cooperation on stable supply chains for critical minerals essential to electric vehicles, batteries, and other industries. The meeting served as an opportunity for the two countries to share tangible outcomes from efforts to improve the trade environment and to jointly address shared industrial priorities, including AI transformation in manufacturing and semiconductor supply chains. The two sides will closely review progress in implementing the agreed items and continue to strengthen their strategic partnership in industry and trade. Minister Kim said, “The significance of this discussion lies in its move beyond coordination on individual trade issues to broaden the scope of bilateral industrial cooperation. At a time of major shifts in the global industrial paradigm, Korea and Italy explored a shared future vision and a joint industrial strategy.” He added, He added, “We will continue to develop a partnership built around improving the EU trade environment and expanding cooperation in high-tech industries, and translate that partnership into tangible synergies on the global stage.” date2026-06-12

Korea and EU Expand Economic Cooperation in Advanced Technologies, Digital Trade, and Supply Chains

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that it held an investment declaration ceremony and a roundtable with European investors in Belgium on June 10, 2026, during President Lee Jae Myung’s visit to the European Union (EU). Korea and the EU also formally signed the Korea–EU Digital Trade Agreement (DTA), marking key outcomes in trade, investment, and digital cooperation. 1. European High-Tech Firms Report USD 165 Million in FDI At the investment declaration ceremony co-hosted by MOTIR and the Korea Trade-Investment Promotion Agency (KOTRA), four European high-tech companies reported a combined USD 165 million in foreign direct investment in Korea. Germany’s Orafol plans to expand the factory of a Korean reflective film company it acquired in 2025 and use Korea as an export hub serving Asia-Pacific demand by combining its technology with the Korean company’s global network, which spans more than 80 countries. France’s Quandela plans to expand R&D with Korean companies, universities, and research institutes and build Korea into an R&D and manufacturing base for photonic quantum computing. Dutch company Prodrive Technologies will establish its first Korean subsidiary to import and sell equipment modules for advanced industries, including semiconductors, and may later consider establishing a manufacturing base and R&D center as the business develops. Sweden’s Mycronic plans to use Korea as a research base to advance display and semiconductor equipment technologies, including laser systems used to produce photomasks. The investor roundtable that followed brought together Minister JK (Jung-Kwan) Kim; Kang Kyung Sung, President of KOTRA; Philippe van Hoof, Chairperson of the European Chamber of Commerce in Korea (ECCK); and representatives from six European companies and research institutes in areas including semiconductor materials, parts, and equipment, and quantum computing. Participants shared the view that investment cooperation among trusted partners, including Korea and Europe, has become more important as geopolitical tensions, growing protectionism, and rapid technological change make it difficult for any one country to respond alone. They also shared their business operations and future investment plans in Korea. “Korea’s competitive supply chains in advanced industries and its AI ecosystem will continue to create new opportunities for cooperation with European companies,” Minister JK Kim said. “The government will support investment in Korea by expanding foreign investment incentives, improving the regulatory environment, and addressing difficulties that arise during the investment process.” 2. Formal Signing of the Korea–EU Digital Trade Agreement Minister for Trade Yeo Han-koo of MOTIR and Maroš Šefčovič, European Commissioner for Trade and Economic Security, formally signed the Korea–EU DTA in the presence of the leaders of Korea and the EU. The agreement is Korea’s second bilateral digital trade agreement after Singapore and the first it has concluded with one of Korea’s top five trading partners. Building on the Korea–EU Free Trade Agreement, which entered into force in 2011, the DTA extends the two sides’ trade relationship into the digital field and provides an institutional basis for responding to the changing digital trade environment. The EU, with its 27 member states and growing e-commerce market, has been seen as a promising next-generation export market for Korean companies, led by K-content. The standalone agreement consists of 42 articles. The two sides launched negotiations in October 2023, held seven formal rounds, and announced the conclusion of negotiations in March 2025. The Korea–EU DTA is expected not only to further solidify digital trade cooperation between the two sides, but also to sign date2026-06-12

Meeting with Morocco’s Minister of Industry and Trade

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Ryad Mezzour, Morocco’s Minister of Industry and Trade, in Morocco on June 12, 2026. The two ministers discussed ways to expand trade and investment between Korea and Morocco and strengthen bilateral economic cooperation. Minister Yeo said Korea will strengthen government-to-government cooperation with Morocco to support stable trade and investment by Korean companies. date2026-06-12

MOTIR Reviews Economic Cooperation Projects with Uzbekistan Ahead of 1st Korea-Central Asia Summit 2026

Bae Jun-hyoung, Director General of MOTIR’s Bureau of International Trade Relations, visited Tashkent, Uzbekistan, and met with Uzbek government officials, including deputy ministers of the Ministry of Investment, Industry and Trade of Uzbekistan and the Chair of the Fund for Reconstruction and Development of the Republic of Uzbekistan (UFRD). He also held a roundtable with Korean companies operating in Uzbekistan. The visit took place ahead of the 1st Korea-Central Asia Summit, scheduled for Seoul in September 2026, to review key bilateral economic cooperation projects and discuss ways to address business concerns raised by Korean companies operating in Uzbekistan. During the meeting, Director General Bae discussed expanding cooperation with his Uzbek counterparts in critical minerals, AI and digital manufacturing, and industrial complexes. He also requested their continued attention and cooperation to help ensure that bilateral supply chain and advanced industry projects move forward smoothly. Director General Bae also held a luncheon roundtable with Korean companies operating in Uzbekistan. He heard their concerns over investment, permits and approvals, and infrastructure, and exchanged views on ways to help them maintain stable operations and improve the investment environment. date2026-06-09

Meeting with Kazakhstan’s Minister of Energy

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Yerlan Akkenzhenov, Kazakhstan’s Minister of Energy, at the Ministry of Energy in Astana, Kazakhstan, on June 8, 2026, on the sidelines of the 11th Korea-Kazakhstan Joint Committee on Trade, Economic, Scientific and Technical Cooperation. The two sides discussed stabilizing crude oil supply and cooperation on critical minerals and plant projects. The meeting followed the Joint Committee, where Korea and Kazakhstan discussed cooperation across trade and investment, energy and resources, construction, digital affairs and intellectual property, and the environment. date2026-06-09

Signing Ceremony for the Agreed Minutes of the 11th Korea-Kazakhstan Joint Committee on Trade, Economic, Scientific and Technical Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) attended the signing ceremony for the agreed minutes of the 11th Korea-Kazakhstan Joint Committee on Trade, Economic, Scientific and Technical Cooperation at the Rixos Hotel in Astana, Kazakhstan, on June 8, 2026. The ceremony was attended by government delegations from both countries, including Nagaspayev Yersaiyn Kairgazievich, Kazakhstan’s Minister of Industry and Construction. Minister Kim said Korea and Kazakhstan are expanding cooperation beyond existing areas such as resources, energy, and plant projects into digital and green sectors, and will use the first Korea-Central Asia Summit in September 2026 as an opportunity to further strengthen bilateral economic cooperation. date2026-06-09

Meeting with Serbian Prime Minister Đuro Macut

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Serbian Prime Minister Đuro Macut in Belgrade, Serbia, on June 5, 2026, during his visit for the signing ceremony marking the conclusion of negotiations for the Korea–Serbia Comprehensive Economic Partnership Agreement (CEPA). date2026-06-09

Roundtable with Korean Companies Operating in Serbia

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) chaired a roundtable with representatives and officials from Korean companies operating in Serbia, including Yura Corporation, Kyungshin Cable, and Hyundai Engineering, in Belgrade, Serbia, on June 5, 2026, during his visit for the signing ceremony marking the conclusion of negotiations for the Korea–Serbia Comprehensive Economic Partnership Agreement (CEPA). At the roundtable, Minister Yeo delivered opening remarks and heard about company-specific on-the-ground difficulties. The meeting also introduced the expected export-expansion effects for major items following the conclusion of the Korea–Serbia CEPA. Minister Yeo said the government will move forward with the necessary follow-up procedures without delay so that businesses and citizens in both countries can begin to experience the benefits of the agreement as soon as possible. date2026-06-09

Meeting with Aramco Downstream President

Vice Minister Moon Shin-hak of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Mohammed Y. Al Qahtani, Downstream President of Aramco, Saudi Arabia’s state-owned oil company, at Mugunghwa Hall of Government Complex Seoul on June 5, 2026. The two sides discussed how to strengthen medium- and long-term resource security cooperation, including stable supplies of crude oil and naphtha, and expand cooperation on plant construction projects. date2026-06-08

Korea, Kazakhstan Strengthen Economic Cooperation on Supply Chains and Energy

1. Korea-Kazakhstan Economic Joint Committee Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) and Yersaiyn Nagaspayev, Kazakhstan’s Minister of Industry and Construction, held the 11th meeting of the Korea–Kazakhstan Joint Committee on Trade, Economic, Scientific, and Technical Cooperation in Astana, Kazakhstan, on June 8, 2026. Established under the bilateral trade agreement that entered into force in 1992, the Joint Committee is the highest-level consultative body between the Korean and Kazakh governments. Korea’s Minister of Trade, Industry and Resources and Kazakhstan’s Minister of Industry and Construction serve as chief delegates, with relevant ministries and agencies also taking part. The meeting was the first in two years, following the 10th meeting in May 2024. At the meeting, the two sides discussed cooperation across trade and investment, energy and resources, construction, digital affairs and intellectual property, and the environment. On trade and investment, they discussed ways to move toward concluding the Korea-Kazakhstan Comprehensive Economic Partnership Agreement (CEPA) to upgrade bilateral economic cooperation. They also agreed to work together to resolve issues affecting Korean companies operating in Kazakhstan, including in electronics, automobiles, and plant projects, and to support smoother business operations. On energy and resources, the two sides agreed to cooperate to secure stable crude oil imports as the war in the Middle East has increased uncertainty over energy supplies. They also agreed to expand cooperation on building Kazakhstan’s power infrastructure and modernizing aging power plants. On construction, the two sides discussed sharing Korea’s smart city development experience and expanding business participation in Alatau, a new city project the Kazakh government is prioritizing. They also agreed to continue discussions on cooperation between Korean and Kazakh companies in urban air mobility (UAM) as part of the project. The two sides also agreed to continue cooperation on digital affairs and intellectual property, including IP protection and efforts to combat counterfeit goods. On the environment, they discussed international greenhouse gas mitigation projects under the Paris Agreement, water management technologies, forest restoration, and climate action. “Korea and Kazakhstan are broadening cooperation beyond existing areas such as resources, energy, and plant projects into digital and green sectors,” Minister Kim said. “We will continue follow-up consultations on the issues discussed at the Joint Committee and utilize the first Korea-Central Asia Summit, scheduled for September 2026, as an opportunity to further strengthen bilateral economic cooperation.” 2. Meeting with Kazakhstan’s Minister of Energy Minister Kim also met with Yerlan Akkenzhenov, Kazakhstan’s Minister of Energy, and reviewed progress on crude oil imports following the April 2026 visit to Kazakhstan by Kang Hoon-sik, Special Presidential Envoy for Strategic Economic Cooperation. The two sides agreed to continue cooperation to stabilize crude oil supply. They also agreed to support the smooth implementation of the Karachaganak gas processing plant project, which Korean companies secured, and to work together so that the Ekibastuz power plant modernization project can make early progress. MOTIR will further develop the key cooperation tasks identified during the Kazakhstan visit, including energy, plant projects, and smart cities, and continue follow-up consultations to help bilateral economic cooperation lead to tangible results. date2026-06-08