Ministry of Trade Industry and Resources

Roadmaps to New Nuclear 2024 Conference

Deputy Minister for Energy Policy Lee Ho-hyeon attended the Roadmaps to New Nuclear 2024 conference on September 19 at the OECD Conference Center in Paris, France, where he introduced Korea’s nuclear energy policies.   The conference was attended by high-level government officials of 20 countries, CEOs of 40 nuclear energy companies, as well as relevant experts for discussions on measures to expand nuclear new build projects worldwide and accelerate the distribution of small modular reactors (SMRs). date2024-09-23

Korea and Czech Republic seek wider cooperation via joint Business Forum

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that a large-scale Korea-Czech Republic Business Forum (“Forum”) was co-hosted by the Korea Chamber of Commerce and Industry (KCCI), Czech Chamber of Commerce, and the Confederation of Industry of the Czech Republic today (local time) in Prague on the occasion of Korean President Yoon Suk Yeol’s state visit to the Czech Republic. The Forum was attended by roughly 470 persons, including Korea’s economic delegation comprising representatives of economic groups, large- and medium-sized companies, SMEs, public institutions, and relevant associations. Forum attendees took stock of the Korea-Czech collaboration in advanced industries and infrastructure, exchanging views on promising areas for future cooperation. Among advanced industries, the potential for bilateral cooperation is considered high in future mobility, battery, and robot. For infrastructure, strong synergy is anticipated in high speed rail and the Ukraine recovery and reconstruction project. Moreover, Korea entered into a total of 14 memorandums of understanding (MOUs) with the Czech Republic to further expand its industrial cooperation base with the Central European manufacturing powerhouse across various areas like corporate support, advanced industries (battery, future mobility), energy (hydrogen), nuclear reactors, and infrastructure (high speed rail, Ukraine reconstruction project). On the margins of the state visit, 20 more MOUs are to be sealed through nuclear and advanced industry related events. Taking this Forum as an opportunity to look back on the bilateral cooperation outcomes spanning the past 30 years since the establishment of diplomatic relations in 1990, Korean and Czech business leaders were able to build a shared understanding for comprehensive and across-the-board economic cooperation in not only nuclear energy but over diverse industrial sectors. The Korean government plans to continue consultations with the Czech authorities for wider bilateral cooperation, while also assisting corporate activities to ensure that the MOUs develop into tangible business projects. date2024-09-20

Korea shares nuclear policies at Roadmaps to New Nuclear 2024

Deputy Minister for Energy Policy Lee Ho-hyeon attended the Roadmaps to New Nuclear 2024 conference on September 19 at the OECD Conference Center in Paris, France, where he introduced Korea’s nuclear energy policies. The conference was attended by high-level government officials of 20 countries, CEOs of 40 nuclear energy companies, as well as relevant experts for discussions on measures to expand nuclear new build projects worldwide and accelerate the distribution of small modular reactors (SMRs). The second of its kind since launched last year, Roadmaps to New Nuclear 2024 serves as a meaningful opportunity for Korea in sharing its robust nuclear industrial ecosystem and knowhow in construction and operation safety, particularly in view of recent outcomes such as the selection as preferred bidder for the new Czech nuclear reactor project.  In the first session, the Korean delegation was asked to present its nuclear policy progress and best practices in reactor construction and operation alongside the U.S., France, the UK, and other major nuclear operating countries, followed by a Q&A session. On the occasion of the conference, representatives of the 20 participating countries adopted a joint statement for implementing the global expansion of nuclear reactors. The joint statement reaffirms nuclear energy’s contribution to attaining carbon neutrality and economic stimulation, while also acting as an international pledge for cooperation across diverse areas, such as the development of SMRs and other next-generation technologies, expediting of licensing procedures, and the establishment of a stable supply chain. Lastly, the OECD NEA announced that Korea will be co-hosting Roadmaps to New Nuclear 2025 in September next year.   date2024-09-19

Korea’s automobile exports log $5.1 bln in August

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s automobile exports for August 2024 reached USD 5.1 billion, logging the second highest export value for the month despite the slight decline year-on-year. The accumulated export value through January–August totaled $47.4 billion, outpacing last year’s all-time high by 1.3 percent. The monthly value of hybrid electric vehicle (HEV) exports ($1.07 billion) soared 61.9 percent in terms of shipment volume, surpassing the previous high achieved in April last year ($1.06 billion). Exports of automotive parts sank 3.5 percent to $1.8 billion, impacted by the industry’s lower number of working days (-1 weekday) compared to last year. Domestic production decreased 7.1 percent to 289,948 units amid the ongoing facility repair at Kia’s Hwaseong plant and GM Korea’s Bupyeong plant, as well as the wage and collective bargaining agreement (CBA) negotiations at GM Korea. Major automakers have settled negotiations, setting off anticipation of revitalized exports and production in September. Domestic sales shrank 1.9 percent to 128,199 units. Meanwhile, sales of HEVs (up 21.5 percent) and EVs (up 60.0 percent) both posted double-digit growth, boosting the overall domestic sales of eco-friendly cars to 51,366 units (up 29.7 percent).   date2024-09-19

Vice Minister attends Defense Industry and Design Convergence Forum

Vice Minister Sungtaek Park at the Ministry of Trade, Industry and Energy (MOTIE) attended Korea’s first Defense Industry and Design Convergence Forum on September 13 at the Korea Institute of Design Promotion (KIDP) in Gyeonggi Province following the signing of a memorandum of understanding (MOU) for stronger collaboration in weapon systems design, with the participation of 30 related institutions including the Korea Defense Industry Association (KDIA) and design and defense specialized companies. date2024-09-13

Trade Minister visits Google’s New York headquarters

Trade Minister Inkyo Cheong visited Google’s New York headquarters on September 12 and met Google Cloud's Vice President of Government Affairs and Public Policy Marcus Jadottee and discussed ways to deepen Korea-U.S. cooperation in IT and digital trade policies development before touring Google’s New York campus. date2024-09-13

Trade Minister speaks at Korea-U.S. Economic Cooperation Seminar

Trade Minister Inkyo Cheong attended the Korea-U.S. Economic Cooperation Seminar on September 12 at Korea Society headquarters in New York to discuss the impact of trade, investment and technology cooperation on both economies and future vision for Korea-U.S. economic cooperation.   The seminar was attended by 60 economy experts of both countries, including Korea Society President Thomas Byrne and representatives of Korea International Trade Association (KITA) and LG Business Research. date2024-09-13

3rd Korea-Philippines Joint Commission for Trade and Economic Cooperation meeting

Korea’s Deputy Minister for Trade Yang Byeong-nae and the Philippines’ Assistant Secretary for Industry Development and Trade Policy Allan B. Gepty led their respective delegations in the 3rd Korea-Philippines Joint Commission for Trade and Economic Cooperation meeting via videoconference on September 12 to discuss the Korea-Philippines Free Trade Agreement (FTA) and measures for cooperation in areas like shipbuilding and eco-friendly vehicles. date2024-09-13

Korea’s ICT exports climb 28.5% in August

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s export and import of information and communication technology (ICT) goods for the month of August 2024 reached USD 20.6 billion and $11.6 billion, respectively, and the trade balance stood at an estimated surplus of $9.0 billion. ICT exports (up 28.5 percent year-on-year) logged double-digit growth for the eighth consecutive month on the backs of robust growth of semiconductors (up 37.6 percent), mobile phones (up 60.1 percent), and computers and peripherals (up 144.2 percent). By item, semiconductors posted double-digit growth for the 10th consecutive month as memory chips (up 71.7 percent to $7.3 billion) and system chips (up 2.7 percent to $4.1 billion) simultaneously advanced. Mobile phone exports surged over 60 percent as finished products (up 95.0 percent to $0.3 billion) and parts (up 53.0 percent to $1.3 billion) enjoyed strong demand. Computers and peripherals skyrocketed as solid-state drives (SSDs) hit a monthly export value of $1.3 billion (up 249.8 percent). By region, exports increased for most destinations, including China (including Hong Kong) (up 27.0 percent), Vietnam (up 7.5 percent), the U.S. (up 57.6 percent), and the EU (up 44.3 percent), whereas exports to Japan declined (down 17.2 percent).   date2024-09-13

Trade Minister Cheong engages in wide-ranging outreach to U.S.

Korea’s Minister for Trade Inkyo Cheong met various key figures in the Biden administration, U.S. Congress, academia, and financial circles in Washington D.C. and New York City during his visit from September 11–12 as part of outreach activities to advance the mutually beneficial economic and trade cooperation between Korea and the U.S. amid increasing changes in the trade environment. Among those in the current administration, Trade Minister Cheong met with Deputy Secretary of Commerce Don Graves and discussed the outcomes and follow-up measures to the Korea-U.S. Supply Chain and Commercial Dialogue Ministerial Meeting and the Korea-Japan-U.S. trilateral Commerce and Industry Ministerial Meeting held in June, as well as Korea’s Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network chairmanship and other trade issues.  The trade chief met U.S. Representative Young Kim to discuss visa issues and asked support for investment incentives under the Inflation Reduction Act (IRA) and other agendas of interest for Korean businesses. He also met with former Representatives Ron Kind, Jim Davis, and Tom Davis to discuss response measures to future U.S. industrial and trade policies. At Google’s New York headquarters, he sat down with executives to exchange views on digital trade policy development and ways to deepen Korea-U.S. advanced technology cooperation in AI, smart devices, and cloud computing before touring the cutting-edge working environment at Google’s New York campus.   Meanwhile, Trade Minister Cheong took part in the various events convened on the occasion of his visit. He attended the Korea-U.S. Economic Cooperation Seminar and Investors Roundtable for wider scope of bilateral cooperation and gathered business issues from locally operating Korean companies. On the last day of his trip, he met with experts from LG Business Research and U.S. law firm Arnold & Porter at the Korea-U.S. Economic Cooperation Seminar to take stock of trade, investment and technology cooperation outcomes. Lastly, the trade minister met Eurasia Group President Ian Bremmer among other leaders of major think tanks like Asia Society to assess the Korea-U.S. alliance and its role amid the rapidly changing global dynamics. In view of the growing geopolitical importance placed on East Asia, they discussed tasks to tackle for Korea to rise as a key country in terms of trade, economy, and security. Trade Minister Cheong stated that this trip to the U.S. leading up to its presidential elections is expected to further catalyze the two countries’ economic exchanges going forward.   date2024-09-13