Ministry of Trade Industry and Resources

Korea-South Africa Insight Forum cohosted by MOTIE and South African Embassy to ROK

The economic cooperation with the Republic of South Africa (herein referred to as RSA) is expected to be invigorated. RSA is the largest economy in Africa and one of the emerging markets among the Global South countries. The Ministry of Trade, Industry and Energy (Minister Jung-kwan KIM, herein referred to as MOTIE) held the Korea-South Africa Insight Forum in collaboration with the South African Embassy in Seoul (Ambassador Sindi Mququ) to expand cooperation with RSA, this year's host to G20 Summit on Wednesday, 17 September at the Diplomacy Center located in Yangjae-dong. * RSA, which recorded the largest GDP (400.2 billion dollars) in Africa as of 2024, is Korea’s second largest trading partner in Africa with its trading volume standing at 3.3 billion dollars. The upcoming G20 trade and investment ministerial meeting to be held on 10 October and the G20 Summit scheduled from 22 to 23 November will serve as a momentum to promote the intergovernmental exchange by high-ranking officials from ROK and RSA. Therefore, the participants in the forum discussed various areas for cooperation including manufacturing, supply chain, energy, critical minerals, and infrastructure development. * The participants included Mr. Jongchul Kim, Director General, Bureau of International Trade relations at MOTIE; Ms. Sindi Mququ, Ambassador Young-chae Kim, Chairman of the Korea-Africa Foundation, South African Ambassador to Korea; Mr Timothy Dickens, Chairman of the SA Chamber of Commerce in Seoul; Mr Jong-woo Lee, team leader of Hyosung Heavy Industry; Dr Moon-su Kang, of KIEP; Mr Sang-hyun Seo, chief researcher of POSCO Research Institute; Mr Sung-hyuck Yoon, advisor of DR AJU and former executive officer for African market of Samsung Electronics. In particular, as RSA has recently been focusing on modernization of power infrastructure and supply of clean energy to stabilize power supply and conduct energy transition, Korea is highly likely to cooperate with RSA since Korea holds excellent capability in technologies especially for power generation facility, grid, ESS (Energy Storage System). RSA is also rich in critical minerals, with its production of platinum, manganese, and chrome ranking first in the world. Therefore, a possibility to cooperate in supply chain of critical minerals was also explored in the forum. In addition, the forum also addressed ways to expand trade between Korea and Africa, leveraging RSA as a foothold to cooperate with the South African region as well as the Pan African market, with the implementation of African Continental Free Trade Area (AfCFTA). Mr. Jongchul Kim, Director General, bureau of International Trade relations at MOTIE, said “RSA is the gateway for Korea to expand cooperation with Africa. This year’s G20 Summit will serve as a momentum for Korea to seek ways to cooperate with RSA in areas including trade, investment, industry and energy.” In response, Ms. Sindi Mququ, South African Ambassador to Korea said “Through South Africa’s G20 Presidency, we are mobilising finance for Just Energy Transition and harnessing critical minerals for inclusive growth and development. Therefore, South Africa-South Korea collaboration is of critical importance and mutually beneficial”. date2025-09-17

The 4th Korea–Vietnam Plus Joint Working Group Meeting

Kim Jong-chul, Director General for International Trade Relations at the Ministry of Trade, Industry and Energy (MOTIE), co-chaired the 4th Korea–Vietnam Plus Joint Working Group meeting at the Korea Chamber of Commerce and Industry in Seoul on Monday, September 15, 2025. The meeting was attended virtually by Do Quoc Hung, Deputy Director General for Foreign Market Development at Vietnam’s Ministry of Industry and Trade, as well as delegations from both governments and representatives from KEPCO, KOTRA, GS1 Korea, and other related organizations. After the opening remarks, the two sides reviewed bilateral trade and investment trends, implementation plans for the MOU on nuclear energy workforce development, and follow-up measures from the recent summit. date2025-09-16

MOTIE Holds Director-Level Meetings with Vietnam

The Ministry of Trade, Industry and Energy (MOTIE, Minister Kim Jung-kwan) announced that it held virtual meetings with Vietnam’s Ministry of Finance on Friday, September 12, and with the Ministry of Industry and Trade on Monday, September 15. The discussions focused on implementing the outcomes of the Korea-Vietnam summit in August, held during General Secretary To Lam’s state visit to Korea, and on follow-up measures.   The first director-level meeting between MOTIE and Vietnam’s Ministry of Finance on September 12 was co-chaired by Kim Jong-chul, Director General for International Trade Relations, and Do Van Su, Director General of the Foreign Investment Agency. Participants included representatives from the Korean Embassy in Vietnam, the Vietnamese Embassy in Korea, and related organizations such as the Korea Electric Power Corporation (KEPCO), the Korea Institute for Advancement of Technology, and the Korea Federation of Textile Industries. Discussions addressed key business challenges, including: (1) prompt resolution of delayed VAT refunds for Korean textile companies operating in Vietnam, (2) succession of special incentives following HD Korea Shipbuilding & Offshore Engineering’s acquisition of Doosan Vina, and (3) timely support for the implementation of the global minimum tax. The two sides also reviewed proposals from the Vietnamese Ministry of Finance on cooperation in supply chains, energy, infrastructure development, and collaboration between public enterprises under both ministries. While the two ministries have previously co-hosted the Korea-Vietnam Business Forum, this meeting marked the establishment of their first regular consultation mechanism. Both sides agreed to use this meeting as a starting point for continued cooperation in foreign investment, corporate support, and infrastructure development, including nuclear power and supply chains. The Vietnamese Ministry of Finance noted that although VAT refunds and incentive succession fall under local government jurisdiction, it is also conducting direct consultations at the ministry level. The ministry added that it will actively support Korean companies on other challenges such as stable power supply and infrastructure expansion. On September 15, the fourth Korea-Vietnam Plus Joint Working Group meeting was held, co-chaired by Kim Jong-chul and Do Quoc Hung, Deputy Director General for Foreign Market Development at Vietnam’s Ministry of Industry and Trade. Participants included officials from both embassies, the Korea Trade-Investment Promotion Agency, GS1 Korea, KEPCO, and other relevant organizations. Launched in September 2023, the Joint Working Group serves as a director-level hotline platform for discussing trade and investment promotion measures toward the shared goal of expanding bilateral trade to USD 150 billion by 2030. In addition to trade and investment cooperation, the platform also addresses challenges faced by Korean companies operating in Vietnam. At the meeting, the two sides reviewed the status of bilateral trade and investment and discussed action plans to achieve the USD 150 billion trade target by 2030. They also examined follow-up measures from the summit, including plans for an MOU on nuclear energy workforce development. The Korean side requested support to address challenges facing Korean renewable energy investors in Vietnam, particularly regarding electricity sales, as well as improvements to the regulatory framework for participation in LNG power projects. The Vietnamese side responded that it is actively seeking solutions with relevant ministries and agencies and will share the results promptly. MOTIE stated that it will continue to actively support Korean investors in Vietnam by operating multilayered consultation channels such as the ministerial-level Korea-Vietnam Joint Industrial Committee and the Korea-Vietnam FTA Joint Committee, enabling date2025-09-16

Korea’s ICT Exports Up 11.1% in August

The Ministry of Trade, Industry and Energy and the Ministry of Science and ICT announced on September 15 that Korea’s exports of ICT goods in August 2025 rose 11.1 percent year-on-year to USD 22.9 billion, while imports grew 7.6 percent to $12.5 billion. The trade balance recorded a surplus of $10.3 billion. Despite new tariff measures, ICT exports reached an all-time high for the month of August, driven by record-breaking semiconductor shipments. Semiconductor exports surged 27.0 percent year-on-year, supported by rising DRAM and NAND contract prices and strong demand for high-value memory products such as DDR5 and HBM. Communication device exports increased 1.8 percent, supported by favorable demand for battlefield communications equipment in the U.S. and Mexico. By contrast, exports of displays (down 9.4 percent), mobile phones (down 15.4 percent), and computers/peripherals (down 16.6 percent) declined. Display exports fell on weak demand for TVs, monitors, and mobile devices. Mobile phone exports were weighed down by slowing parts shipments despite solid demand for new finished models. Computer and peripheral exports were impacted by last year’s high base for SSD shipments, though demand from data centers in China and the Netherlands helped narrow the decline. By destination, exports to Taiwan (up 65.6 percent), Vietnam (up 18.0 percent), the EU (up 8.2 percent), Japan (up 3.9 percent), and China including Hong Kong (up 0.3 percent) all increased, while exports to the U.S. fell 9.9 percent. ICT imports in August rose 7.6 percent year-on-year to $12.5 billion, driven by gains in semiconductors (up 4.7 percent), mobile phones (up 20.2 percent), and computers/peripherals (up 31.1 percent).   date2025-09-16

Korea Discusses Enhanced Industrial and Energy Cooperation with Saskatchewan, Canada

  Korea’s Deputy Minister for Trade Park Jong-won met with Saskatchewan’s Minister of Trade and Export Development Warren Kaeding in Seoul on Monday, September 8, to discuss ways to strengthen bilateral cooperation in industries, critical minerals, and energy. The Canadian province of Saskatchewan is rich in natural resources, including uranium, natural gas, oil, and critical minerals. The region ranks first globally in both potash reserves and production, third in uranium reserves, and second in uranium production. It is also pursuing the introduction of small modular reactors (SMRs) to decarbonize up to 80 percent of its electricity supply by 2030. The two sides noted that since the Korea-Canada Free Trade Agreement entered into force in 2015, bilateral economic and trade relations have grown significantly, with trade nearly doubling over the past decade (from USD 8.6 billion to 17.2 billion). They agreed on the importance of expanding cooperation amid growing uncertainty in the global trade environment, driven by rising protectionism worldwide. Regarding enhanced energy cooperation between Korea and Saskatchewan, Deputy Minister Park stated, “This creates mutual benefits from an energy security perspective, enabling Korea to secure stable energy sources and Canada to diversify its energy exports.” He also expressed hopes for the provincial government’s continued support for bilateral cooperation in future-oriented strategic industries and eco-friendly energy sectors, such as batteries, SMRs, hydrogen, and critical minerals, in light of active Korean investment in Canada.   date2025-09-08

Vice Minister Attends Power Transformation Session of CEM16/MI-10

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon attended a high-level dialogue session of the 16th Clean Energy Ministerial Meeting (CEM16) and the 10th Mission Innovation Ministerial Meeting (MI-10) on Tuesday, August 26, 2025, at BEXCO in Busan, Korea. The session’s theme was “Power Transformation.” After delivering a keynote address, the vice minister discussed ways to expand carbon-free power generation facilities and electricity infrastructure to meet rising energy demand, while exploring strategies for power system innovation to accelerate the clean energy transition. The session brought together officials from member countries including the UK, China, Australia, and the Netherlands, as well as experts from domestic and international organizations and business leaders. date2025-09-08

Vice Minister Meets the Netherlands’ Vice Minister of Climate Policy and Green Growth

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with the Netherlands’ Vice Minister of Climate Policy and Green Growth Michel Heijdra on Tuesday, August 26, 2025, at BEXCO in Busan, Korea. The two sides discussed bilateral energy cooperation during the 16th Clean Energy Ministerial Meeting and the 10th Mission Innovation Ministerial Meeting held at the same venue. date2025-09-08

Vice Minister Meets European Commission’s Director-General for Energy

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with the European Commission’s Director-General for Energy Ditte Juul Jørgensen on Tuesday, August 26, 2025, at BEXCO in Busan, Korea. They discussed the Global Energy Transition Forum and energy policies during the 16th Clean Energy Ministerial Meeting and the 10th Mission Innovation Ministerial Meeting held at the same venue. date2025-09-08

Vice Minister Meets Saudi Arabia’s Undersecretary for Sustainability and Climate Change

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with Saudi Arabia’s Undersecretary for Sustainability and Climate Change at the Ministry of Energy Khalid Almehaid on Tuesday, August 26, 2025, at BEXCO in Busan, Korea. The two sides discussed bilateral energy cooperation during the 16th Clean Energy Ministerial Meeting and the 10th Mission Innovation Ministerial Meeting held at the same venue. date2025-09-08

Vice Minister Attends Plenary Session of MI-10

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon attended the plenary session of the 10th Mission Innovation Ministerial Meeting (MI-10) on Tuesday, August 26, 2025, at BEXCO in Busan, Korea. After delivering a welcome address, the vice minister celebrated MI’s 10th anniversary and discussed key missions’ achievements and plans. Attendees included officials from member countries such as the US, the UK, China, and Japan, as well as experts from international bodies and businesses. date2025-09-08