Ministry of Trade Industry and Resources

Meeting with Qatar’s Minister of State for Foreign Trade Affairs

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with H.E. Dr. Ahmed bin Mohammed Al-Sayed, Qatar’s Minister of State for Foreign Trade Affairs, at the Korea Chamber of Commerce and Industry in Seoul on April 29, 2026.  The two sides discussed ways to expand Korea–Qatar investment cooperation in advanced industries, including semiconductors and biotechnology. “This meeting is an important step toward translating Korea and Qatar’s partnership into concrete investment cooperation in advanced industries,” Trade Minister Yeo said. He added that Korea will continue to strengthen energy security while expanding economic cooperation with Qatar into future industries, including manufacturing AI and biotechnology. date2026-04-30

Meeting with Australian Foreign Minister

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Penny Wong, Australia’s Minister for Foreign Affairs, in the Government Complex Seoul on April 30, 2026. The two ministers discussed recent developments in the Middle East and ways to cooperate on energy supply chains and critical minerals supply chains. Minister Kim noted that Australia’s condensate and other crude oil supplies are essential to maintaining Korea’s petrochemical operations amid Middle East-related supply uncertainty. He also asked for Australia’s cooperation to ensure uninterrupted LNG exports to Korea while maintaining stable domestic natural gas supplies in Australia. date2026-04-30

Korea and Australia Strengthen Energy and Resource Security Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Penny Wong, Australia’s Minister for Foreign Affairs, in Seoul on April 30, 2026, during her visit to Korea. The two ministers discussed energy and resource security cooperation in response to global supply chain risks heightened by the conflict in the Middle East. The two ministers reaffirmed the close, complementary energy and resources partnership between Korea and Australia. Australia is Korea’s largest LNG supplier, accounting for 31.4 percent of Korea’s LNG imports in 2025, and a major supplier of condensate, which is essential for producing naphtha, a basic feedstock for Korea’s petrochemical industry. Korea, in turn, is Australia’s largest supplier of petroleum products, with a 29.1 percent market share. These stable two-way flows have underpinned both countries’ complementary economic relationship. On this strong foundation of trust, Korea and Australia issued the Joint Statement on Energy Resource Security, prepared with the participation of Korea’s five relevant ministries, including MOTIR. The statement carries particular significance as it publicly affirms the two countries’ commitment to strengthening supply chain resilience at a time of heightened uncertainty in global energy markets following the outbreak of the conflict in the Middle East. Minister Kim noted that Australian condensate and crude oil are essential to maintaining Korea’s petrochemical operations amid Middle East-related supply uncertainty. He also described Australia as “a highly reliable partner.” Minister Kim asked the Australian side to help ensure that LNG exports to Korea continue without disruption while Australia maintains stable domestic natural gas supplies. Minister Kim also reaffirmed the importance of cooperation with Australia on critical minerals essential to future advanced industries, in the context of continued supply chain uncertainty. Australia is rich in resources and is a major investment destination for Korean companies. The two sides will continue discussions on Australia’s planned Critical Minerals Strategic Reserve so that it can support a stable production base for supplier countries while serving as a reliable supply source for consumer countries. MOTIR will use high-level channels such as the Korea-Australia Joint Committee on Energy and Mineral Resources (JCEM) to help translate the joint statement into tangible business outcomes. Through these channels, MOTIR will work to implement key areas of cooperation covering crude oil, LNG, condensate and critical minerals. date2026-04-30

Visit to Hyundai Motor Group Innovation Center Singapore

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) visited Hyundai Motor Group Innovation Center Singapore (HMGICS) on April 28, 2026, together with Rep. Lee Un-ju, chair of the Korea–Singapore Parliamentary Friendship Association.  The delegation reviewed manufacturing AI and logistics automation technologies and toured HMGICS facilities, including automated production lines and a digital command center. They also discussed implications for Korea’s M.AX initiative, which aims to accelerate AI transformation in manufacturing. date2026-04-29

Major Retailer Sales Up 5.6% in March 2026

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that total sales at 26 major retailers (15 brick-and-mortar retailers and 11 online retailers) in March 2026 rose 5.6 percent year-on-year, with offline sales up 1.9 percent and online sales up 8.1 percent. Offline sales increased at department stores (up 14.7 percent) and convenience stores (up 2.7 percent), while hypermarkets (down 15.2 percent) and super supermarkets (SSMs) (down 8.6 percent) declined. Department stores and convenience stores extended their growth streaks to nine consecutive months since July 2025. Department store sales increased across all categories, including premium international brands, fashion and accessories, and children’s and sports goods, supported by a base effect from weak sales in March 2025, an increase in foreign tourist arrivals, and spring outing and back-to-school demand. Convenience store sales also rose across all product categories, including processed and ready-to-eat foods, tobacco and other items, and general merchandise. Hypermarket sales fell again after one month of growth, as consumer spending continued to shift online, weighing on most product categories, including food and household goods. Hypermarket sales have declined for eight consecutive quarters since the second quarter of 2024. SSM sales remained weak for a third consecutive quarter since the third quarter of 2025, as sales in their core food category remained sluggish. Online sales rose across most product categories, supported by the launch of new mobile devices in March and spring outing and back-to-school demand. Cosmetics (up 15.8 percent), food (up 10.6 percent), and household goods (up 9.5 percent) maintained steady growth, while home appliances and electronics (up 11.1 percent), children’s and baby products (up 10.7 percent), and books and stationery (up 4.1 percent) also contributed to the increase. Sales shares by channel were 60.6 percent for online retailers, 15.4 percent for department stores, 13.9 percent for convenience stores, 8.1 percent for hypermarkets, and 2.0 percent for SSMs. date2026-04-29

Korea and Qatar Strengthen Investment Cooperation in Manufacturing AI, Robotics, Biotech, and Semiconductors

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with H.E. Dr. Ahmed bin Mohammed Al-Sayed, Qatar’s Minister of State for Foreign Trade Affairs, in Seoul on April 29, 2026, to discuss expanding investment cooperation in advanced industries, including semiconductors and biotechnology. The meeting followed up on discussions held during the visit to Qatar by Korea’s special presidential envoy for strategic economic cooperation on April 13, 2026, and was arranged to help turn the two countries’ cooperation agenda into concrete outcomes. Trade Minister Yeo recognized Qatar’s resilience in maintaining stability amid heightened tensions in the Middle East. He also reaffirmed the strong foundation of bilateral cooperation built through Korea’s imports of Qatari natural gas and Korean companies’ participation in major energy infrastructure projects in Qatar. The two sides agreed to expand strategic investment cooperation in advanced industries by combining Korea’s strengths in advanced manufacturing with Qatar’s capital and industrial diversification policy. The two sides paid particular attention to opportunities in future industries, including AI transformation (AX) in manufacturing and robotics. Trade Minister Yeo introduced the M.AX Alliance, launched to advance manufacturing innovation, as well as Korea’s leading manufacturing AI companies. He expressed hope that investment cooperation would expand in AI solutions that help address challenges at manufacturing sites, as well as in robotics projects that can be linked with infrastructure development. The meeting also covered investment cooperation in biotechnology and semiconductors. Trade Minister Yeo noted that Korean companies are expanding into Qatar in health screening, including genetic analysis, as well as pharmaceuticals, and expressed hope that Qatar would further expand investment cooperation with promising Korean biotech companies. In semiconductors, he highlighted the potential of Korea’s AI semiconductor fabless companies with low-power, high-performance technologies. The two sides agreed to keep sharing information, including on companies with potential interest, and continue consultations to ensure smooth progress in investment cooperation on these prospective projects. “This meeting reaffirmed the trust built through the recent special envoy’s visit and marks an important step toward translating Korea and Qatar’s partnership into concrete investment cooperation in advanced industries,” Trade Minister Yeo said. “Korea will continue to strengthen energy security while expanding economic cooperation with Qatar into future industries, including manufacturing AI and biotechnology.” date2026-04-29

Korea–Singapore Trade Ministers’ Meeting

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Grace Fu, Minister-in-charge of Trade Relations, at Singapore’s Ministry of Trade and Industry on April 28, 2026. The meeting covered ways to accelerate upgrade negotiations for the Korea–ASEAN FTA and the Korea–Singapore FTA. Following the meeting, the two sides held a signing ceremony for the terms of reference (ToR) for negotiations to upgrade the Korea–Singapore FTA, attended by the trade ministers of both countries. “This visit allowed us to follow up on the March summit by launching FTA upgrade negotiations and discussing key economic cooperation issues, including supply chain stability, investment promotion and cross-border e-commerce exports,” Trade Minister Yeo said. “We will work to translate these discussions into practical outcomes for Korean companies.” date2026-04-29

Meeting with Singapore’s Minister-in-Charge of Energy and Science & Technology

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Dr Tan See Leng, Singapore’s Minister-in-charge of Energy and Science & Technology in the Ministry of Trade and Industry, in Singapore on April 27, 2026. Rep. Lee Un-ju, chair of the Korea–Singapore Parliamentary Friendship Association, also attended the meeting. The meeting covered ways to accelerate upgrade negotiations for the Korea–ASEAN FTA and the Korea–Singapore FTA, as part of efforts to strengthen Korea’s economic cooperation framework with New Southern Policy partner countries. date2026-04-29

Launch Ceremony for Strategic Council on Shared Growth in Shipbuilding and Shipping

Minister JK Kim of the Ministry of Trade, Industry and Resources (MOTIR) attended the launch ceremony for a strategic council on shared growth in shipbuilding and shipping in Seoul on April 28, 2026.  The event was attended by MOF Minister Hwang Jong-woo, officials from relevant ministries and institutions, and representatives from major Korean shipbuilders. “Shipbuilding and shipping are industries critical to Korea’s economic security,” Minister Kim said. “MOTIR will work closely with MOF to ensure that joint orders, future-vessel technology development and stronger industrial ecosystems lead to tangible results.” date2026-04-29

Korea Launches Shipbuilding–Shipping Alliance under Next-Generation W.A.V.E. Strategy

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the Ministry of Oceans and Fisheries (MOF, Minister Hwang Jong-woo) held a launch ceremony in Seoul on April 28, 2026, for a strategic council to promote shared growth between the shipbuilding and shipping industries. The ceremony followed the two industry associations’ December 2025 agreement at the Strategic Meeting of the M.AX Alliance for Autonomous Ships to form the council. The event brought together more than 100 participants, including the ministers of MOTIR and MOF; Korea Gas Corporation (KOGAS); the Korea Offshore & Shipbuilding Association (KOSHIPA); the Korea Shipowners’ Association (KSA); and representatives from major Korean shipbuilders and shipping companies. The council will link Korea’s shipbuilding and shipping industries and build a maritime supply chain connecting Korean-built vessels with Korean-flag shipping. Led by KOSHIPA and KSA, it brings together shipbuilders, shipping companies, government officials, and academic experts under the W.A.V.E. strategy. The W.A.V.E. strategy sets out four goals: securing world-leading technologies (World Top Class); building industry alliances across shipbuilding and shipping (Alliance); expanding the Korean-flag fleet and securing orders for Korean shipbuilders (Vessel Production); and creating a shared-growth innovation ecosystem rooted in regional economies (Ecosystem). The two industries will identify detailed tasks for each goal and prepare an implementation plan by the end of 2026. The council will operate through expert task forces on technology development, demonstrations, vessel orders, financing and regulatory improvements, with quarterly meetings tied to policy proposals. As a first step in strategic cooperation, KOSHIPA and KSA adopted a declaration on joint orders for Korean-flag vessels to support the development of Korea’s shipbuilding and offshore cluster. The declaration will strengthen order links between Korean shipping companies and shipyards, helping shipping companies expand advanced fleets at competitive prices and giving shipbuilders and marine equipment suppliers a more stable order pipeline. KOGAS, KSA, and Korea’s three major shipbuilders also signed an MOU on LNG transportation. Under the MOU, they will work together to stabilize Korea’s LNG transport system amid growing resource security concerns and the need to strengthen the country’s energy transport capacity. The government and industry agreed to strengthen a one-team framework that aligns shipbuilding and shipping under a single industrial strategy, including technology development, demonstrations, and fleet expansion. MOTIR and MOF will jointly pursue regulatory improvements, budget support, demonstration infrastructure, and links with regional industrial bases, drawing on input from the field. Through the M.AX Alliance for Autonomous Ships, the two ministries will also launch a KRW 600 billion project in 2026 to develop fully autonomous AI-powered ships. They will support future-vessel technologies, including ammonia- and electric-powered eco-friendly ships and localized LNG cargo tanks, and discuss expanding MASGA, the Korea–U.S. shipbuilding cooperation project, to shipping and ports. “Shipbuilding and shipping are industries critical to Korea’s economic security,” said Minister Kim of MOTIR. “Today’s launch is significant because it puts in place an action-oriented framework for the two industries to shape and carry out work on market demand, technology, demonstrations, and regulatory improvements. Under the W.A.V.E. strategy, I hope shipbuilding and shipping will move forward together into a new phase of growth.” Minister Kim added, “MOTIR will work closely with MOF to ensure that the cooperation announced today, including joint orders, future-vessel technology developm date2026-04-28