Ministry of Trade Industry and Resources

Minister Kim Meets US Senators to Strengthen Bilateral Cooperation

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with US Senators Tammy Duckworth of Illinois (the Democratic Party) and Andrew Kim of New Jersey (the Democratic Party) in Seoul on August 19, 2025. The two sides discussed measures to strengthen bilateral cooperation and expand investment in shipbuilding and other industries. Illinois is home to numerous Korean logistics, appliance, and auto parts companies thanks to its excellent transportation infrastructure and workforce. New Jersey hosts North American branches of major Korean corporations and businesses across diverse sectors including electronics, food, and machinery. During the meeting, Minister Kim requested unwavering attention and support for Korean companies that have established operations in both states, and throughout the US. To ensure further bilateral economic ties, he also emphasized the importance of stable and consistent policies that facilitate investment in the US. The minister cited Hanwha Philly Shipyard near New Jersey as a successful example of shipbuilding cooperation between the two countries, noting the collaboration between the Korean shipbuilder and the state in sourcing qualified professionals and rebuilding the shipbuilding ecosystem. He expressed hope that the US Congress would support diversifying bilateral shipbuilding cooperation from merchant ships to naval vessels, emphasizing Korea’s world-class shipbuilding capabilities and technology as a reliable partner for the US. Both sides agreed on the need to develop new policies and enhance bilateral partnership in a shifting trade landscape. Meanwhile, the Ministry of Trade, Industry and Energy plans to provide support for industries prone to recent tariff changes and devise mid- and long-term measures to strengthen industrial competitiveness and respond to the evolving trade environment. date2025-08-21

Trade Minister Hosts Strategy Meeting for Upcoming APEC Business Events

Korea’s Minister for Trade Yeo Han-koo hosted a strategy meeting on Monday, August 18, 2025, at the Korea Chamber of Commerce and Industry in Seoul to ensure meaningful economic outcomes from upcoming Asia-Pacific Economic Cooperation (APEC) business events. In line with the 2025 APEC Economic Leaders' Meeting week scheduled for October, various events will be held, including the CEO Summit, Invest KOREA Summit, and Export Boom-Up Korea Week. The strategy meeting brought together relevant agencies to review overall progress and discuss cooperative measures for tangible outcomes. At the meeting, the Ministry of Trade, Industy and Energy considered ways to attract respected figures in the global business arena and launched the control tower for the APEC business events. The control tower seeks to produce concrete results, such as fostering communication and partnerships between domestic and overseas companies, promoting investment and export, and identifying new collaborative projects. In his opening remarks, Trade Minister Yeo stated that the recent conclusion of US tariff negotiations eased some export uncertainties; however, other risks remained, including the decline of the multilateral trading system and the growing trend of protectionism. He added, “We must ensure that this year’s APEC business events serve as a springboard for companies to take another leap forward.” He also noted that global attention is focused on the APEC 2025 KOREA, which is being held amid sweeping changes in the trade landscape. The minister stressed, “We must demonstrate open leadership as a middle power by facilitating cooperation between APEC member economies and contributing to regional economic revitalization.” This year marks the first time in 20 years that Korea is serving as APEC Chair. The APEC 2025 KOREA will be the largest international event hosted by the new administration and serve as a major opportunity to behold the country’s economic resilience and mature democracy. date2025-08-19

Vice Minister Meets Oman’s Undersecretary of the Ministry of Energy and Minerals

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with Oman’s Undersecretary of the Ministry of Energy and Minerals H.E. Mohsin Hamad Al Hadhrami on Monday, August 18, 2025, at Conference House Dalgaebi in Seoul. The two sides discussed cooperation in energy sectors, such as green hydrogen, renewable energy, and plants. date2025-08-19

Trade Minister Meets US Representatives

Korea’s Minister for Trade Yeo Han-koo met with US Representatives Beth Van Duyne and Richard McCormick on Thursday, August 14, 2025, at The Plaza Hotel in Seoul to discuss bilateral economic cooperation and trade negotiations. date2025-08-19

Trade Minister Meets Japanese Ambassador to Korea

Korea’s Minister for Trade Yeo Han-koo met with Japanese Ambassador Extraordinary and Plenipotentiary to Korea Mizushima Koichi on Thursday, August 14, 2025, at the Korea Chamber of Commerce and Industry in Seoul. The two sides discussed tangible measures to strengthen bilateral economic cooperation in industries, trade, and energy. date2025-08-19

Korea’s Shipbuilding Takes Another Leap with MASGA Project

[Naming Ceremony for LNG Carriers] Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan attended the naming ceremony for two very large liquefied natural gas (LNG) carriers on Thursday, August 14, 2025, at Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea. This marked his first industrial site visit following his appointment to the ministerial position. The two vessels are the first and second of five LNG carriers, worth a total of USD 1.2 billion, ordered in 2022 by a US LNG production company. They will be used for the global export of US-produced LNG. The vessels are categorized as very large LNG carriers, each with a capacity of 200,000㎥, enough to transport roughly one day’s worth of LNG consumption for the Korean population in a single shipment. They are symbolic examples of the “Make American Shipbuilding Great Again (MASGA)” collaborative project between Korea and the US, in that a Korean shipbuilder constructed vessels to transport US-sourced energy. In his congratulatory speech, Minister Kim stated that the MASGA project would support the US shipbuilding industry through investment in shipyards, skilled workforce training, and re-establishment of supply chains, while creating new market opportunities for Korean companies. He added that the Korean government would promptly form a council of related agencies and work closely with the US government to produce tangible results. [Visit to MRO Site of US Naval Vessel] Following the naming ceremony, Minister Kim visited the maintenance, repair, and overhaul (MRO) site for Charles Drew, the 3rd US naval vessel currently at Hanwha Ocean’s Geoje Shipyard. He encouraged Hanwha employees and crew members, stating, “Shipbuilding cooperation between Korea and the US begins with MRO for US vessels. We hope our shipbuilding technology will revive Charles Drew, just as we did with the previous two MRO projects.” [Meeting with Hanwha Ocean’s Labor Union Leader] Lastly, Minister Kim met with Kim Yoo-chul, Leader of Hanwha Ocean’s labor union and Chairman of the Daewoo Shipbuilding & Marine Engineering branch. The minister expressed his appreciation for the dedication of site workers who have contributed to the rebound of Korea’s shipbuilding industry. Emphasizing that workplace safety must be a shared priority for labor, management, and the government alike, he called for all parties to work together as a team to prevent industrial accidents and ensure safe shipyard operations. In the first meeting of its kind between a MOTIE minister and a shipyard labor union leader, the minister also expressed hope that employees at the site would actively support the MASGA project, adding it would create new opportunities for Korea’s shipbuilders. date2025-08-14

Korea-Vietnam Business Forum Held During State Visit by Vietnamese General Secretary To Lam

Prime Minister Kim Min-seok attended the Korea-Vietnam Business Forum at Lotte Hotel Seoul on the morning of Tuesday, August 12, 2025, demonstrating a commitment to strengthening bilateral relations. The forum was co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Vietnam’s Ministry of Finance (MOF) during Vietnamese General Secretary To Lam’s state visit to Korea. As the first state visit since Korea’s new government took office, the event brought together over 500 participants, including Second Vice Minister of MOTIE Lee Ho-hyun and Minister of MOF Nguyen Van Thang, government officials, agency representatives, and business leaders from both countries. It also featured a corporate presentation session where six Korean and Vietnamese firms shared insights on three key topics: digital, cutting-edge industries and supply chains, and energy. In the presence of the general secretary and the prime minister, a total of 52 Memorandums of Understanding (MOUs) were signed between bilateral private businesses and agencies. The MOUs will establish new foundations for economic partnership, covering various areas such as industrial cooperation, energy, and food and tourism. Of these, 28 MOUs cover traditional manufacturing and emerging industries, including shipbuilding, aviation, AI, finance, and port logistics. These agreements are expected to diversify industrial cooperation between the two countries through initiatives such as joint investment, human resources development, and industry-academia collaboration. 11 MOUs address areas such as clean energy and power grid stabilization, strengthening the foundation for stable and sustainable energy supply chains between the two countries. In addition, 3 MOUs on high-speed rail partnerships will likely create opportunities for Korean companies to participate in Vietnam’s national transportation and construction projects, while 10 MOUs on food, tourism, and other areas are expected to establish closer bilateral cultural cooperation. The Korean government plans to work closely with the Vietnamese government based on economic cooperation platforms such as the Joint Committee on Industry and Free Trade Agreements, to ensure the MOUs are effectively implemented and deliver tangible results. date2025-08-14

Minister Meets Vietnam’s Finance Minister

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with Vietnam’s Minister of Finance Nguyen Van Thang at Lotte Hotel Seoul on Tuesday, August 12, 2025, during Vietnamese General Secretary To Lam’s state visit. The ministers discussed ways to expand bilateral foreign direct investments and other areas of economic cooperation. date2025-08-13

Trade Minister Attends 32nd PECC General Meeting

Korea’s Minister for Trade Yeo Han-koo attended the 32nd Pacific Economic Cooperation Council (PECC) General Meeting at The Federation of Korean Industries (FKI) conference center in Seoul on Tuesday, August 12, 2025. The trade minister delivered a keynote address on the theme, "Trade, AI, and Demographics in a Shifting Global Landscape." The event brought together over 200 participants, including Lee Si-wook, President of the Korea Institute for International Economic Policy; Chung Chul, President of the Korea Economic Research Institute; Kim Chang-beom, Vice Chairman of FKI; and Richard Cantor, International Co-Chair of PECC and Vice Chairman of Moody's Investors Service; as well as government representatives from APEC member economies, industry insiders, and academics. date2025-08-13

Trade Minister Delivers Keynote Address at PECC, APEC’s Think Tank

Korea’s Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE) attended the 32nd Pacific Economic Cooperation Council (PECC) General Meeting on Tuesday, August 12, 2025, at the Federation of Korean Industries (FKI) Conference Center in Seoul, Korea. The event was co-hosted by the Korea Institute for International Economic Policy and FKI. PECC brings together government, industry, and academic representatives from across the Asia-Pacific region, serving as an official observer of the Asia-Pacific Economic Cooperation (APEC) and functioning as its think tank. Established in 1980, PECC directly contributed to the launch of APEC in 1989 by developing the concept for a regional economic cooperation body. This year marks the first time in 20 years that Korea is serving as APEC Chair. The PECC General Meeting was held in Seoul under the overarching theme, “Trade, AI, and Demographics in a Shifting Global Landscape." Trade Minister Yeo was invited as a special keynote speaker alongside James Robinson, 2024 Nobel Laureate in Economics and Professor at the University of Chicago. In his address, Yeo presented Korea’s mid- to long-term trade strategies for responding to fundamental shifts in the global trade environment, as well as his vision for the future direction of APEC. In his keynote address, he stated, “The global trade environment is undergoing a structural transformation,” identifying the securitization of economic issues, the weaponization of interdependence, and the rapid digitalization of trade driven by AI as the three major changes. He stressed that trade, technology, and supply chains are no longer purely economic issues but matters directly linked to national security. He noted that interdependence once served as a foundation to prevent disputes and promote cooperation, but under recent trade protectionism, it is increasingly being used as a weapon to pressure trading economies for national profit. Trade Minister Yeo added that these shifts in the trade landscape will have a particularly significant impact on the Korean economy, considering its high trade dependency (over 90 percent) and ratio of manufacturing (27 percent). To this end, he proposed three countermeasures: diversifying supply chains and markets through wider cooperation with the Global South, including ASEAN and India; strengthening convergence policies that combine trade, industry, and security with a focus on strategic sectors; and leading the establishment of new trade rules in areas such as climate change, supply chains, and AI. He stated, “Trade and industrial policy can no longer be pursued separately,” emphasizing the need for a packaged approach binding strategic sectors, trade negotiations, overseas investment, and technical cooperation. Furthermore, the trade minister remarked, “We stand at a turning point where the trade order that enabled global economic growth is undergoing fundamental change. Now more than ever, APEC needs to seek creative, practical cooperation,” calling on APEC and PECC, incubators of policy ideas for Asia-Pacific economic growth and prosperity, to “band together once again for cooperation and solidarity in the Asia-Pacific region.” In line with the 2025 APEC Summit scheduled for October, MOTIE is preparing various international business events to generate tangible economic outcomes. These include the APEC CEO Summit hosted by the Korea Chamber of Commerce and Industry; the Invest KOREA Summit; and Boom-Up Korea Week. The Korean government plans to successfully host APEC, demonstrating the country’s economic resilience and mature democracy to the world while exercising open leadership as a middle power in the evolving global trade order. date2025-08-13