Ministry of Trade Industry and Resources

Vice Minister Attends Plenary Session of CEM16

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon attended the plenary session of the 16th Clean Energy Ministerial Meeting (CEM16) on Tuesday, August 26, 2025, at BEXCO in Busan, Korea. The vice minister delivered a welcome address and exchanged views with participants on maximizing CEM’s influence as an action-oriented platform. Participants included officials from member countries such as the US, China, Japan, Indonesia, and Russia, as well as experts from international bodies. date2025-09-08

Vice Minister Attends Opening Ceremony of CEM16/MI-10

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon attended the opening ceremony 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, where he delivered opening remarks. The meetings brought together stakeholders from the climate and energy sectors to discuss the expansion of clean energy and seek cooperation to accelerate innovation in clean energy technologies. Attendees included officials from member countries such as the US, China, Japan, Indonesia, and the Netherlands, as well as experts from international bodies. date2025-09-08

Vice Minister Meets Germany’s Parliamentary State Secretary of Economic Affairs and Energy

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with Germany’s Parliamentary State Secretary to the Federal Ministry for Economic Affairs and Energy Stefan Rouenhoff 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 China’s Vice Minister of Science and Technology

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with China’s Vice Minister of Science and Technology Chen Jiachang 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 Finland’s State Secretary to the Minister of Employment

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with Finland’s State Secretary to the Minister of Employment Mika Nykänen 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

Minister Attends Korea-US Manufacturing Partnership Signing Ceremony

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan attended the Korea-US Manufacturing Partnership Signing Ceremony, held on Monday, August 25, 2025, at InterContinental The Willard Washington DC during President Lee Jae Myung’s visit to the US. Following his remarks, 11 contracts and memorandums of understanding were signed in shipbuilding, nuclear power, aviation, liquefied natural gas, and critical minerals. Attendees included US Secretary of Commerce Howard Lutnick and representatives from related agencies and businesses of both countries. date2025-09-08

Korea Holds K-FEZ Day 2025 to Boost Global Investment in Free Economic Zones

The Ministry of Trade, Industry and Energy (MOTIE) hosted K-FEZ Day 2025 at the Shilla Hotel in Seoul on Thursday, September 4, to expand global investment in Korean Free Economic Zones (KFEZs). The event drew nearly 240 participants, including members of the diplomatic corps, representatives from foreign chambers of commerce, and foreign-invested enterprises (FIEs) in Korea. It served as a platform to promote the investment appeal and future growth visions of KFEZs by highlighting strategic industries within the zones, the Korean government’s AI policy and outlook, and success stories from FIEs. The Korean government’s key policy initiatives include stimulating investment through regulatory innovation; fostering cutting-edge technologies and future industries; and establishing an investment environment that meets global standards. Accordingly, KFEZs are being developed into clusters for future high-tech industries, such as semiconductors, rechargeable batteries, bio, and clean energy, while offering new investment opportunities to global investors. Speaking at the event, Industries and Enterprises Deputy Minister Oh Seung-cheol stated, “Korea strives to establish an open and reliable investment environment where global businesses can invest with confidence, leveraging our world-class manufacturing competitiveness and exceptional human resources.” He also called for continued interest in KFEZs as major economic hubs and encouraged active promotion of these zones to potential investors. K-FEZ Day 2025 marks the second consecutive year for the event. MOTIE plans to continue leveraging its network with the diplomatic corps and global companies to develop tailored promotional strategies, positioning KFEZs as both Korea’s premier investment hubs and global innovation clusters. date2025-09-05

Korea Discusses Trade Network and Supply Chain Cooperation with Latin America and the Caribbean

Korea’s Minister for Trade Yeo Han-koo met with ambassadors from 18 member states of the Group of Latin America and the Caribbean (GRULAC) in Seoul on Wednesday, September 3, to discuss the global trade environment and explore ways to strengthen economic and trade cooperation between Korea and GRULAC. Attendees included ambassadors from Mexico, Brazil, Argentina, Chile, and Peru. During the meeting, Trade Minister Yeo stated that the multilateral trading system was facing a fundamental challenge amid intensifying geopolitical competition and rising protectionism. He stressed the need to actively expand trade networks with GRULAC members to respond to these shifts. With a population of nearly 690 million and GDP of around USD 7 trillion, Latin America and the Caribbean (LAC) represent a core part of the Global South and a key market for Korea to diversify exports and reduce regional dependency. Korea currently has free trade agreements (FTAs) with seven GRULAC members, including Chile, Peru, and Colombia. Additionally, it formally signed the Strategic Economic Cooperation Agreement with Ecuador on September 2 and the Protocol on the Accession of Guatemala to the Korea-Central America FTA in January 2024. Both agreements will enter into force following completion of remaining procedures, including ratification by the National Assembly. Minister Yeo also highlighted that LAC is a major source of critical minerals such as lithium, nickel, copper, and graphite. Given Korea’s strengths in advanced manufacturing technologies for electric vehicles, batteries, and semiconductors, he emphasized the importance of strengthening supply chain cooperation between Korea and the region. Furthermore, Minister Yeo added that as Chair of APEC 2025, Korea aims to achieve meaningful outcomes on global issues such as AI cooperation and demographic change. He noted that Korea will also host a series of business events, including the APEC CEO Summit Korea 2025, to promote exchange and collaboration among global business leaders. He requested active interest and support from GRULAC members to help ensure the successful hosting of APEC 2025. date2025-09-05

Korea and Ecuador Sign Strategic Economic Cooperation Agreement for Market Diversification

Korea’s Minister for Trade Yeo Han-koo met with Ecuador’s Minister of Production, Foreign Trade, Investments, and Fisheries Luis Alberto Jaramillo in Seoul on Tuesday, September 2. The two sides held bilateral talks and formally signed the Strategic Economic Cooperation Agreement (SECA). Since launching negotiations in 2016, Korea and Ecuador have held nine rounds of formal discussions, concluding the agreement in October 2023. With the official signing completed, the SECA will enter into force following remaining procedures, including ratification by the National Assembly. Once the SECA takes effect, Ecuador will phase out tariffs of up to 40 percent on Korean automobiles within 15 years, including eliminating the 35-percent tariff on hybrid vehicles within five years. This is expected to give Korea an advantage over major competitors, including China and Japan. Additional sectors such as online gaming, distribution, film, and music will also open up, which raises prospects for growth in local consumption and exports of Korean cultural content. The SECA will include various means to support companies in resolving difficulties and protecting rights. For example, when technical regulations are amended, grace periods will be provided to enable businesses to prepare for those changes. Enhanced remedies for intellectual property infringements will be offered as well. Ahead of the signing ceremony, Trade Minister Yeo emphasized during talks with his Ecuadorian counterpart, “the SECA will serve as a solid safeguard for the bilateral economies in this time when factors such as rising protectionism have led to growing uncertainty in the global trade environment.” He expressed hope that the SECA would help companies from both countries build future-oriented cooperation, facilitating export expansion, market diversification, and joint efforts during supply chain crises. Both sides agreed to accelerate remaining procedures for the SECA’s implementation, including ratification by the National Assembly. date2025-09-04

Korea’s Trade Minister Discusses Economic Cooperation and Trade Issues with UK Counterpart

Korea’s Minister for Trade Yeo Han-koo met with the UK’s Minister of State at the Department for Business and Trade Douglas Alexander in Seoul on September 1. The two sides exchanged views on industrial and trade policy directions in the current global trade environment and discussed ways to expand bilateral cooperation. The UK is Korea’s 25th-largest trading partner, with bilateral trade totaling $11.2 billion in 2024. Since the Korea-UK Free Trade Agreement (FTA) entered into force in January 2011, trade between the two countries has remained strong. The UK is also one of Korea’s major investment partners, ranking 3rd among European countries in cumulative investment in Korea as of 2024. Active investment and technological partnerships between companies from both countries serve as the foundation for bilateral cooperation. During the meeting, Trade Minister Yeo confirmed active industrial and trade cooperation between the two countries, citing ongoing Korea-UK FTA upgrade negotiations and supply chain dialogues. He emphasized the importance of building on shared values, such as liberal democracy and the market economy, to sustain a strong economic partnership. Furthermore, he expressed hope that the UK’s industrial and trade strategies announced in June would further strengthen bilateral ties. Regarding the introduction of the UK Carbon Border Adjustment Mechanism, Trade Minister Yeo highlighted the need for sufficient preparation time and measures to ease burdens on businesses. He also requested the UK government to support Korean companies in adapting to recently strengthened steel safeguard measures and the Electric Car Grant system. date2025-09-03