Ministry of Trade Industry and Resources

Trade Minister Hosts Strategy Meeting for APEC Business Events

Korea’s Minister for Trade Yeo Han-koo hosted a strategy meeting for upcoming Asia-Pacific Economic Cooperation (APEC) business events on Monday, August 18, 2025, at the Korea Chamber of Commerce and Industry (KCCI) in Seoul. Following his opening remarks, the trade minister reviewed relevant agency preparations and discussed control tower operations and cooperative measures to achieve tangible outcomes from the APEC business events. The strategy meeting brought together officials from the Korea Trade-Investment Promotion Agency, KCCI, the Korea Institute of Startup & Entrepreneurship Development, and the APEC Preparation and Support Bureau. date2025-08-21

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