Ministry of Trade Industry and Resources

Minister Ahn Discusses Stronger Korea-U.S. Cooperation on Industry, Energy, and Trade with Federal and State Officials

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) visited the state of Georgia and Washington, D.C. on January 6 to January 9, 2025. During his visit, he held meetings with the U.S. Secretary of Energy, the U.S. Trade Representative (USTR), the Governor of Georgia, state lawmakers, federal senators and representatives, leading think tanks, and other stakeholders. Minister Ahn also participated in a roundtable with Korean companies operating in Georgia. During his meetings with members of the U.S. Senate Committee on Finance and House Committee on Ways and Means, which oversee trade and taxation matters, Minister Ahn emphasized the strengthened supply chain connections between the two countries, driven by Korean companies’ investments in the United States. He urged U.S. legislators to continue fostering a favorable business environment for Korean companies. In a separate meeting with Senator Todd Young, co-sponsor of the "SHIPS for America Act," a bill aimed at strengthening the U.S. shipbuilding industry, Minister Ahn discussed the ongoing cooperation on policies and legislation to revitalize the U.S. shipbuilding sector. Furthermore, in discussions with legislators representing states such as Georgia, Tennessee, and Alabama—key hubs for Korean investment in the U.S.—he sought their active interest and support to ensure the smooth and stable implementation of Korean investment projects in these states. Minister Ahn also held bilateral meetings with U.S. Secretary of Energy Jennifer Granholm and USTR Ambassador Katherine Tai. In these meetings, he reviewed the achievements resulting from the mutually beneficial cooperation between the two governments and highlighted the need for continued cooperation in industry, energy, and trade sectors under the new U.S. administration. Minister Ahn stated, "This visit provided an opportunity to highlight the activities of Korean investors to U.S. federal and state officials as well as legislators, while reaffirming the strength of the Korea-U.S. relationship amid  evolving political landscape in both countries." He added, "We will closely monitor the policies introduced by the new U.S. administration and continue to strengthen U.S.-Korea cooperation to ensure that Korean investments and business operations in the U.S. remain stable amid the changing global environment." date2025-01-10

Joint Statement of the United States of America and the Republic of Korea on the Expansion of Peaceful Nuclear Energy

The Department of Energy and the Department of State of the United States of America signed today with the Ministry of Trade, Industry and Energy and Ministry of Foreign Affairs of the Republic of Korea a Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation.  This MOU finalizes the provisional understanding reached by the participants in November 2024. The United States and Republic of Korea have worked together on civil nuclear power for more than 70 years.  The cornerstone of this cooperation reflects the two countries’ mutual dedication to maximizing the peaceful uses of nuclear energy under the highest international standards of nuclear safety, security, safeguards, and nonproliferation.  This MOU continues to build upon this long-standing partnership and provides a framework for the parties to cooperate in expanding civil nuclear power in third countries while strengthening their respective administration of export controls on civil nuclear technology.  It will also provide a pathway to help both countries keep up with the emergence of new technologies in this sector.  date2025-01-09

Korea and Pakistan Launch Negotiations for Bilateral EPA

Negotiations for an Economic Partnership Agreement (EPA) with Pakistan, South Asia's second-largest market, officially began, marking Korea’s first step in 2025 toward further expanding its export base through stronger trade networks. Minister for Trade Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) and Pakistan’s Federal Minister of Commerce Jam Kamal Khan formally announced the launch of the Korea-Pakistan EPA negotiations on the morning of January 9, 2025, in Seoul. Pakistan, the world’s fifth most populous country, boasts abundant labor resources, with a population of 250 million and young people accounting for 30 percent of the total, as well as natural resources including coal, natural gas, and copper. Strategically located in South Asia, it is a key potential market that shares borders with major Asian economies including China and India. Expanding trade and investment through the Korea-Pakistan EPA is expected  benefit both countries by securing a new export growth market for Korea and contributing to Pakistan's stable economic development. Furthermore, as the Pakistani government actively promotes policies to foster its digital, IT, and automotive industries for economic growth, opportunities for collaboration in these sectors—where Korea has strengths—are expected to expand significantly. Trade Minister Cheong remarked, “Amid heightened uncertainties caused by rapid shifts in the trade environment, including the inauguration of the new administration and the weakening of the multilateral trade system under the WTO, FTAs are becoming increasingly significant.” He added, “Beginning with Pakistan, we aim to broaden our trade networks this year, focusing on emerging markets in the Global South.” Following the launch of EPA negotiations with Bangladesh in November 2024, today’s launch of negotiations with Pakistan is expected to lay the groundwork for long-term partnerships with key South Asian nations that have significant growth potential. date2025-01-09

Korea Named Global Innovation Champion at CES 2025

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) announced on January 8, 2025, that Korea was named one of this year’s Global Innovation Champions at the Consumer Electrics Show (CES) 2025 currently underway in Las Vegas, United States. The Consumer Technology Association (CTA), which owns and produces CES, evaluates countries’ technological innovation capacity through its Global Innovation Scorecard and announces the results during CES. This year’s report evaluates 75 countries according to 15 criteria. Countries are classified into four tires in descending order: Innovation Champions, Innovation Leaders, Innovation Adopters, and Modest Innovators. This year, Korea moved up from its previous position as an Innovation Leader in 2023, to the highest tier of Innovation Champion. Korea received high scores for its openness to global tech trade and cross-border data flows, favorable environment for startup and small business, innovation-friendly legal environment, and digital transparency. Other Innovation Champions include the U.S., the UK, Japan, France, and Germany. date2025-01-08

Minister Ahn chairs meeting with Korean businesses operating in Georgia, U.S.

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea chaired a meeting on January 7 in Atlanta with representatives of Korean businesses operating in Georgia, U.S., including Hyundai Motor Group, Absolix, Aluko, Hyundai Mobis, and LS C&S as well as related institutions like KOTRA, to discuss investment issues. date2025-01-08

Minister Ahn visits SK Battery America

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea visited SK Battery America in Georgia, U.S., on January 7 where he received a briefing on business management from SK Battery CEO Yoonsang Chaey and discussed U.S. investment issues. date2025-01-08

Minister Ahn meets U.S. lawmakers in Georgia

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. lawmakers including Georgia State Senator Michael Rhett on January 6 in Atlanta to discuss measures for Korea-U.S. and Korea-Georgia cooperation and received a resolution expressing appreciation for Korean firms’ investment in the state of Georgia. date2025-01-08

Minister Ahn meets Georgia Governor

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met Georgia Governor Brian Kemp in Atlanta on January 6 and discussed measures for Korea-Georgia cooperation and asked for support and interest towards Korean businesses investing in the state of Georgia. date2025-01-08

Korea’s Plant Project Orders Top $30 Billion for Second Consecutive Year

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) announced on January 7, 2025, that Korean companies won a total of USD 34.1 billion in 2024, up 12.7 percent year-on-year. This was the highest annual total in nine years since the $36.5 billion recorded in 2015. Around 46 percent of the total came from projects in the Middle East, amounting to $15.5 billion. In April 2024, Samsung E&A and GS E&C secured Saudi Arabia’s $7.3 billion Fadhili Gas Increment Program, the third biggest mega deal following the United Arab Emirates’ (UAE) Barakah nuclear power plant project ($19.1 billion) in 2009 and Iraq’s Bismayah New City project ($7.7 billion) in 2012. Moreover, a Korean consortium’s participation from the early stages of Qatar’s $2.8 billion desalination and combined cycle power plant project led to Samsung C&T securing the engineering, procurement, and construction (EPC) contract in November 2024. Meanwhile, large-scale project wins in Eastern Europe and Southeast Asia last year helped diversify Korea’s presence in the global plant market. Korean companies secured $4.7 billion worth of projects in Eastern Europe alone, including the $1.7 billion Serbian solar power plant project awarded to Hyundai Engineering,. This brought the total value of orders secured in Europe in 2024 to $6.6 billion, up 250.6 percent. Orders from Southeast Asian likewise soared 79.1 percent to $3.4 billion, including Malaysia’s $0.95 billion Phoenix Biorefinery Project, secured by Samsung E&A in December 2024. date2025-01-07

FDI pledges to Korea reach historic high in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that foreign direct investment (FDI) pledged to Korea in 2024 reached a total of USD 34.6 billion (up 5.7 percent year-on-year), surpassing the previous high of 2023. FDI arrivals added up to $14.8 billion (down 24.2 percent). By industry, FDIs pledged to the manufacturing sector hit an all-time high of $14.5 billion (up 21.6 percent). Investments showed notable increases in areas like electrical and electronics (up 29.4 percent to $5.3 billion), machinery and precision medical devices (up 174.0 percent to $2.4 billion), and pharmaceuticals (up 113.2 percent to $0.7 billion). FDIs pledged to the service sector rose 0.3 percent to $17.8 billion. FDIs pledged from Japan (up 375.6 percent to $6.1 billion) and China (up 266.1 percent to $5.8 billion) climbed steeply, whereas those from the U.S. and the EU shrank to $5.2 billion (down 14.6 percent) and $5.1 billion (down 18.1 percent), respectively. The U.S. and EU’s reduced FDI pledges can be attributed to the high base effect of the previous year as well as investors’ wait-and-see stance in light of political factors arising from the regions’ leadership changes. In 2024, greenfield investments pledged to Korea jumped 13.5 percent to a historic high of $26.7 billion, while M&A investment pledges declined 14.5 percent to $7.9 billion.   date2025-01-07