Ministry of Trade Industry and Resources

Trade Minister meets CSIS President

Minister for Trade Inkyo Cheong met with John Hamre, President and CEO of the Center for Strategic and International Studies (CSIS), on March 12 in Washington D.C. to discuss bilateral cooperation in advanced technologies and supply chain issues. date2024-03-15

Korea's ICT exports climb 29.1% in February

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 14 that Korea's exports and imports of information and communications technology (ICT) goods for February recorded USD 16.5 billion (up 29.1 percent year-on-year) and $10.3 billion (down 6.7 percent), respectively. The trade balance stood at a surplus of approximately $6.3 billion.   February ICT exports showed a definite rebound, recording double-digit growth for the second consecutive month on the backs of increased exports of major items like semiconductors, which posted double-digit growth for the fourth consecutive month.   Exports of semiconductors (up 62.9 percent to $10.0 billion) were boosted by increased demand from the AI market expansion, resulting in increased exports of both memory (up 108.1 percent to $6.1 billion) and system chips (up 27.2 percent to $3.4 billion).   Displays (up 18.7 percent to $1.6 billion) advanced in exports as demand for TVs, mobile phones and other IT devices recovered growth, raising exports of OLEDs and LCDs.   Exports of mobile phones (down 21.3 percent to $0.8 billion) shrank despite robust demand for finished products owing to new model releases, as overseas companies’ demand for parts (down 36.9 percent to $0.5 billion) dropped.   Increased demand for solid-state drives (SSDs) led the entire computers and peripherals (up 14.0 percent to $0.8 billion) exports, achieving growth for the second consecutive month.   Communications equipment (down 6.7 percent to $0.2 billion) showed growth to some markets like Vietnam, but exports to China and India fell, reducing overall exports.   By destination, ICT exports to China (including Hong Kong) rose (up 43.8 percent to $7.4 billion) for the fourth consecutive month, thanks to advances of major items like semiconductors and displays.   Exports to Vietnam (up 24.3 percent to $2.6 billion) grew for the seventh consecutive month on the backs of semiconductors and displays and other major items.   To the U.S. (up 13.5 percent to $1.9 billion), ICT exports expanded for the fourth consecutive month as semiconductors, computers and peripherals and other major items met increased demand.   Exports to the EU (down 0.5 percent to $0.9 billion) fell despite the steep climb of semiconductors (up 33.8 percent to $0.2 billion) and mobile phones (up 102.1 percent to $0.1 billion), as those of secondary batteries plunged (down 54.7 percent to $0.1 billion).   To Japan (down 4.3 percent to $0.3 billion), exports of secondary batteries and computers and peripherals increased, but the contraction of semiconductor exports shrank overall ICT exports. date2024-03-14

Minister meets U.S.’ Senior Advisor to President Biden for International Climate Policy

Trade, Industry and Energy Minister Dukgeun Ahn met with John Podesta, the U.S.’ Senior Advisor to President Biden for International Climate Policy, on March 12 at the Lotte Hotel Seoul to discuss measures for cooperation in clean energy transition and supply chain stabilization. date2024-03-14

Trade Minister meets Singapore's Ambassador to Korea

Minister for Trade Inkyo Cheong met with Singapore’s Ambassador to Korea Eric Teo on March 11 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul to discuss measures for bilateral cooperation. date2024-03-14

MOTIE and U.S. DOC discuss healthcare industry cooperation

The Ministry of Trade, Industry and Energy (MOTIE) and the U.S. Department of Commerce (DOC) held the Korea-U.S. Supply Chain and Commercial Dialogue Healthcare Working Group meeting on March 14 via videoconferencing.   Launched in 2022, the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) is a bilateral ministerial-level channel between MOTIE and the U.S. DOC consisting of four Working Groups (WGs): 1. Advanced Manufacturing and Supply Chain Resilience, 2. Dual-Use Export Controls, 3. Digital Economy, and 4. Healthcare and Healthcare Technology. The Healthcare WG meeting was held to seek measures for enhancing the two countries' mutual understanding and cooperation with regard to their healthcare industries.   The two sides shared their respective healthcare industry issues and policies and discussed measures for expanding cooperation in the healthcare industry and related technologies. They also agreed to uncover opportunities for collaboration in joint private-sector R&D projects and to continue to actively utilize the SCCD Healthcare WG channel for advancing bilateral industrial cooperation. date2024-03-14

Vice Minister chairs pan-ministerial consultative committee for high-tech specialization complex

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a pan-ministerial consultative committee meeting on March 13 to coalesce efforts among local authorities, related ministries and companies for supporting the establishment of the national high-tech strategic industry specialization complex. date2024-03-14

MOTIE holds pan-ministerial meeting to review investment progress for high-tech complex

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a pan-ministerial consultative committee meeting on March 13 to coalesce efforts among local authorities, related ministries and companies for the successful establishment of the national high-tech strategic industry specialization complex (“high-tech complex”) and facilitation of corporate investment.   The committee meeting aimed at reviewing the current investment situation for the high-tech complex and its construction progress, and for local government bodies to share successful cases of other regions’ specialization complex establishment. Attendees consisted of representatives of related ministries, local authorities, Korea Electric Power Corporation (KEPCO) and K-Water.   According to local authorities’ estimations, the high-tech complex has so far secured approximately 70 trillion won in investments. Six local government bodies presented the “Specialization Complex Nurturing Plan”, including plans to allocate local governments’ budget in addition to national funding in order to accelerate the construction of basic infrastructure for power and water.   They also vowed active support in launching a talent training program and measures for low-interest loan support. Further plans include building boarding quarters for the young workforce, expanding roads connecting the high-tech complex and new cities to improve residential conditions, and mitigating regulatory burden on businesses. date2024-03-13

Korea and ASEAN to discuss FTA upgrade to enhance companies' utilization

Trade, Industry and Energy Ministry’s Director General for FTA Policy Ahn Chang-yong is leading the Korean delegation in the 20th Korea-ASEAN Free Trade Agreement (FTA) Implementing Committee meeting through March 12-13 in Jakarta, Indonesia, for assessing FTA implementation and discussing measures for upgrading the Agreement. The ASEAN delegation is led by Alpana Roy, ASEAN Division Director at Singapore’s Trade and Industry Ministry.   On the margins of the meeting, Korea and ASEAN member countries will be reviewing the outcomes of past joint research projects and discussing measures for an upgrade of the bilateral FTA through a workshop on the Korea-ASEAN FTA upgrade and digital trade joint research. Both sides have been making effort to take stock of the changing landscape following the Regional Comprehensive Economic Partnership (RCEP) Agreement signed in 2020 and to push forward joint research for upgrading the Korea-ASEAN FTA. The aim of the workshop is to seek detailed directions for upgrading the FTA to enhance companies' utilization, while also incorporating new trade issues like digital and supply chains.   At the meeting, Vietnam will be briefing on its completion of domestic procedures for the ratification and entry into force (November 2023) of the Korea-ASEAN Agreement on Trade in Goods Agreement (AKTIGA), which is significant in that it will allow for a more stable application of the FTA tariff rate and lay the foundation for bilateral discussions on upgrading the Korea-ASEAN FTA.   Meanwhile, the Korean delegation will be holding separate discussions with the ASEAN Secretariat to discuss plans for contribution to RCEP and measures for economic cooperation.   Noting that ASEAN is a core partner for Korea’s Indo-Pacific Strategy, Director General Ahn stated plans to “advance economic cooperation with ASEAN through the Korea-ASEAN FTA and RCEP.” date2024-03-12

Trade Minister to visit Washington D.C. to discuss FTA and other key bilateral issues

Minister for Trade Inkyo Cheong is visiting Washington D.C., U.S., from March 12-15 (EST) to meet with key figures of the U.S. administration, Congress, major thinktanks and law firms for extensive discussions on Korea-U.S. bilateral cooperation and trade issues, his first visit upon taking office.   Trade Minister Cheong will be meeting with U.S. Trade Representative Katherine Tai on March 15 for the seventh Korea-U.S. Free Trade Agreement (FTA) Joint Committee meeting, a first in three years, to review bilateral FTA implementation and outcomes, and discuss future plans.   The trade minister is to also meet with Korean firms operating in the U.S. to gather opinions on investment issues. He will be meeting with representatives of major U.S. companies as well, including Thermo Fisher Scientific, General Motors, and Chevron, to discuss cooperation measures for investment in Korea’s bio, hydrogen, and other national strategic technology areas.   Trade Minister Cheong articulated his plans to “hold in-depth discussions with the U.S. administration and Congress members over the CHIPS Act, Inflation Reduction Act (IRA) incentives, and other key trade issues,” and highlighted that he will “actively seek measures to build on the bilateral cooperation momentum created through last April’s Korea-U.S. summit talks in advanced industries and supply chains.” date2024-03-12

SK Group shares 76 patented technologies with 53 SMEs and middle-market companies

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 11 that SK Group shared 76 of its patented technologies to 53 middle-market companies and SMEs free of charge.   MOTIE's Deputy Minister for Industries and Enterprises Oh Seung-cheol attended the MOTIE-SK Group technology sharing event held this day, which was attended by representatives of 38 beneficiary companies and other relevant firms and organizations, including SK Innovation, SK Hynix, SK Telecom and Korea Institute for Advancement of Technology (KIAT).   SK Group has been launching the giveaway since 2014, transferring a total of 315 patented technologies to 197 companies so far.   Success cases of the technology sharing include ERANGTEK, a developer of wireless communication devices for signal processing, which managed to generate KRW 12.1 billion in sales to domestic and global mobile carriers and create 74 new job openings by leveraging technology freely shared by SK.   At the event, SK Group entered a memorandum of understanding (MOU) with MOTIE and KIAT expressing its commitment to continued technology sharing for the nurturing of an ecosystem for shared growth of both large and mid- and small-sized companies.   Deputy Minister Oh stated that “SK Group’s sharing of its leading technologies with other companies will serve as a great asset for SMEs and middle-market companies in building competitiveness,” and added that “POSCO Group, Samsung Electronics and public energy companies are also planning to share their technologies this year.”   Any middle-market company or SME wanting to participate in the technology sharing events slated for 2024 can apply in accordance with procedures that will be notified on websites of MOTIE (www.motie.go.kr) and KIAT (www.KIAT.or.kr).  date2024-03-11