Ministry of Trade Industry and Resources

Korea and Singapore Launch FTA Upgrade Negotiations

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) visited Singapore from April 27 to 28, 2026, to formally launch negotiations to upgrade the Korea–Singapore Free Trade Agreement (FTA) and discuss key ministerial-level trade issues. He also reviewed crude oil and naphtha market conditions with global energy traders and promoted Singaporean investment in Korea’s advanced industries and cross-border e-commerce exports of Korean consumer goods. Rep. Lee Un-ju, a Supreme Council member of the Democratic Party of Korea and chair of the Korea–Singapore Parliamentary Friendship Association, participated in key programs, including industry meetings and investment promotion activities, drawing on her experience in the National Assembly’s industry and trade committee as well as in business and law. 1. Launch of Korea–Singapore FTA Upgrade Negotiations On April 28, 2026, MOTIR and Singapore’s Ministry of Trade and Industry (MTI) formally launched negotiations to upgrade the Korea–Singapore FTA by signing the terms of reference, following the two countries’ agreement at their March 2026 summit. Trade Minister Yeo and Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong attended the signing, which was carried out by the chief negotiators of the two countries. MOTIR then held the first round of Korea–Singapore FTA upgrade negotiations together with relevant Korean ministries, including the Ministry of Economy and Finance (MOEF) and the Ministry of Land, Infrastructure and Transport (MOLIT). The talks covered supply chains, the green economy, aviation maintenance, repair, and overhaul (MRO), and trade facilitation. 2. Ministerial-Level Trade Discussions with Singapore  Trade Minister Yeo held talks with Singaporean ministerial-level officials, including Deputy Prime Minister Gan Kim Yong; Dr. Tan See Leng, Minister-in-charge of Energy and Science & Technology; and Grace Fu, Minister-in-charge of Trade Relations. They discussed accelerating the upgrade negotiations for the Korea–ASEAN FTA and the Korea–Singapore FTA to strengthen Korea’s economic cooperation framework with New Southern Policy partner countries. The two sides also discussed plurilateral cooperation in support of free trade, including the Future of Investment and Trade Partnership (FIT Partnership) and the Green Economy Partnership Agreement (GEPA), as well as supply chain cooperation in energy, biotechnology, and pharmaceuticals. 3. Meetings with Global Energy Traders to Review Crude Oil and Naphtha Supply Risks Trade Minister Yeo and Rep. Lee held a series of meetings in Singapore with global energy traders Vitol and Trafigura and commodity market intelligence provider S&P Global to discuss the global energy market outlook and response options. They also met with Korean refining and petrochemical companies operating in Singapore to review crude oil and naphtha supply conditions and hear industry concerns. 4. Investment Promotion and Cross-Border E-Commerce Exports The Korean delegation met with Chia Song hwee, CEO of Temasek Global Investments. Temasek, a Singapore investment company and long-term investor in Korea in areas such as life sciences, expressed interest in exploring further investments in advanced technology sectors in the country, including AI and semiconductors. The delegation also visited Shopee, Southeast Asia’s largest e-commerce company, to discuss dedicated sections for Korean products, certification support, and logistics cooperation for Korean SMEs in K-fashion, beauty, and food. 5. Visits to Advanced Manufacturing AI and Port Automation Sites The Korean delegation visited Hyundai Motor Group Innovation Center Singapore (HMGICS), Singapore’s advanced manufacturing innovation hub, and PSA Singapore, a globa date2026-04-28

On-Site Visit and Roundtable with Reshoring Companies

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Kolmar Korea, a cosmetics manufacturer in Jeonui-myeon, Sejong, on April 27, 2026. Kolmar Korea was selected as the first company under Korea’s 2026 reshoring program. Minister Kim toured key facilities at Kolmar Korea’s plant before chairing a roundtable with reshoring companies. The meeting was attended by representatives from related organizations and companies, including the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Industrial Complex Corporation (KICOX), Hanwha Engine and Simmtech. At the roundtable, Minister Kim said secure and stable supply chains now define the competitiveness of companies and countries alike, and that the government will provide full support so that reshoring and regional investment become a more rational and attractive choice. date2026-04-28

MOTIR Seeks to Boost Domestic Investment by Improving Reshoring Policy

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Kolmar Korea, a cosmetics manufacturer selected as the first company under Korea’s 2026 reshoring program, on April 27, 2026. Minister Kim also held an on-site roundtable with reshoring companies and discussed ways to improve Korea’s reshoring support policy. Since the enactment of the Act on Assistance to Korean Off-Shore Enterprises in Repatriation (the Reshoring Act), Korea’s reshoring policy has helped generate around KRW 7 trillion in investment and 8,000 jobs between 2014 and 2025. However, calls have grown for policy reform as new reshoring cases have slowed, with Korea’s reshoring framework not yet fully reflecting rapid changes in the global investment environment, including stronger protectionism and supply chain realignment. In particular, as major economies compete to attract investment to anchor advanced industries and critical supply chains domestically, Korea now needs to redesign its reshoring policy not simply to support the relocation of overseas operations, but to secure core industrial capabilities at home. Companies attending the roundtable also called for stronger government support for corporate investment amid global supply chain uncertainty and accelerating AI transformation. In particular, they noted that eligibility for reshoring support remains too narrow, as companies must produce the same or similar products or services at their overseas and returning domestic operations. As a result, businesses may have difficulty qualifying for support when shifting to different products, such as from auto parts to energy storage system components, or when investing in domestic R&D facilities instead of manufacturing operations. Participants also said the current maintenance requirement limits companies’ flexibility in operating their business sites. Under the rule, companies must maintain an existing domestic business site for three years. They added that employment requirements should also be made more flexible to reflect growing automation trends. In response, MOTIR said it is preparing improvements to Korea’s reshoring policy centered on three areas: expanding eligibility and refining detailed requirements; diversifying subsidy programs based on the nature of each reshoring project, including regional investment, large-scale investment and investment in strategic advanced sectors; and helping attract strategic investment while providing closer support for implementation. MOTIR will finalize and announce the measures after gathering industry feedback and consulting relevant ministries. Minister Kim thanked companies for their reshoring investments, saying, “We are now in an era in which the competitiveness of both companies and countries depends on secure and stable supply chains. The government will provide full support so that reshoring and regional investment become the most rational and attractive choice.” date2026-04-27

M.AX Requires Speed: MOTIR Moves to Align Policy with Industry Pace

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held a special lecture for MOTIR staff on April 24, 2026, delivered by Park Min-won, president of Changwon National University and chair of the M.AX Alliance’s Industrial Complex AX Division. Held under the theme “Manufacturing, the Heart of Korea’s Economy, Opens the Future through M.AX,” the lecture was designed to help MOTIR officials build the policy capacity needed to support M.AX implementation on the ground. The Industrial Complex AX Division was established on February 26, 2026, as the 11th division of the M.AX Alliance. On April 17, 2026, it held its first meeting, with the chairs of the 10 MINI Alliances joining as division members. As industrial complex AX moves into full implementation, MOTIR invited President Park to speak to staff based on his work with the ministry at the forefront of M.AX and his efforts to bring together industry, academia and research institutions. In the lecture, President Park briefed MOTIR staff on the background to M.AX, why M.AX is urgently needed, and specific implementation plans. He noted that as global industrial leadership shifts, technology competition is intensifying, making demonstration projects essential to help reduce the investment burden on companies adopting AI technologies. He also shared direct feedback from companies on demand for AX, bringing field-level perspectives into the discussion. Minister JK Kim said, “MOTIR will use this lecture as an opportunity to narrow the gap between policy and the field, renew the sense of urgency behind M.AX policy implementation, and strengthen its internal capacity. The ministry will also continue engaging with field experts to expand opportunities for policy officials to better understand the pace and needs of industry.” date2026-04-24

MOTIR Discusses Regional Strategy to Attract Foreign Investment for the Five Mega-Regions and Three Special Self-Governing Provinces Initiative

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the 2026 first-half workshop on attracting foreign investment for local governments and related agencies in Seoul on April 24, 2026. The event brought together around 200 officials responsible for foreign investment promotion from local governments and related institutions. The event was held to share region-led, industry-policy-aligned approaches to attracting strategic foreign investment, particularly from global leading companies that can support the government’s strategy to cluster and upgrade advanced industries. It also aimed to help local governments apply these approaches to their own regional investment strategies. The workshop is expected to provide practical support for attracting foreign investment by sharing real-world cases of foreign-invested companies connecting with regional industries and local talent, along with the key factors that shape investment decisions by global companies. Through its 2026 foreign investment promotion measures, MOTIR plans to strengthen policy support for the government’s regional strategic projects under the Five Mega-Regions and Three Special Self-Governing Provinces initiative, including expanded regional incentives and regulatory improvements. To this end, MOTIR, local governments and related institutions will work as one team to provide hands-on support for attracting foreign-invested companies. Nam Myung-woo, Director General for Cross-Border Investment Policy at MOTIR, said, “It is important that regional economies also benefit from the positive momentum of last year’s record-high USD 36.1 billion in foreign direct investment. We will work to attract promising companies strategically and significantly strengthen incentives for investment outside the capital region to support regional growth.” date2026-04-24

Korea–Japan New Economic Cooperation Seminar in the Age of Complex Crisis

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) attended the Korea–Japan New Economic Cooperation Seminar in the Age of Complex Crisis, jointly hosted in Tokyo on April 22, 2026, by the Korea Economic Research Institute (KERI) of the Federation of Korean Industries (FKI) and Keidanren Policy Research Institute of Japan.  The seminar was organized to explore new directions for Korea–Japan economic cooperation amid rapid changes in the global environment. About 100 experts from both countries attended, including Chung Chul, President of KERI, and Masakazu Kubota, Vice Chair of Keidanren and Head of the Keidanren Policy Research Institute. “Korea and Japan face a common set of challenges, including the situation in the Middle East, strategic competition between the United States and China, and demographic pressures from low birth rates and aging populations. As middle powers with similar positions, the two countries should pursue coordinated efforts in supply chains, energy, AI, and trade agreements,” Trade Minister Yeo said. date2026-04-24

Meeting with Vietnam’s Minister of Industry and Trade

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Minister Le Manh Hung of Vietnam’s Ministry of Industry and Trade on April 22, 2026, on the occasion of President Lee Jae Myung’s state visit to Vietnam. The two sides discussed cooperation on the Ninh Thuan 2 nuclear power project and agreed to stay in close coordination on resource security and on building a cooperation framework for supply chains for rare earths and other critical minerals. “Vietnam is Korea’s third-largest trade and investment partner, and MOTIR will continue to strengthen economic ties and support business activity in both countries,” Minister Kim said. date2026-04-24

Meeting with Piyush Goyal, Minister of Commerce and Industry of India

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Piyush Goyal, Minister of Commerce and Industry of India, on April 20, 2026, at Bharat Mandapam Convention Centre in New Delhi, on the occasion of President Lee Jae Myung’s state visit to India. During the meeting, the two ministers discussed follow-up measures to the Korea–India summit, including the Korea–India Industrial Cooperation Committee, and exchanged views on ways to expand industrial cooperation between the two countries. Minister Kim said the Korean government would provide the institutional support needed to give Korea–India economic cooperation fresh momentum and create more business opportunities for companies in both countries. date2026-04-24

Korea and Poland Discuss Strengthening Supply Chain and Advanced Industry Cooperation

Deputy Minister for Trade Park Jung Sung of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Michał Jaros, Secretary of State at Poland’s Ministry of Economic Development and Technology, in Seoul on April 24, 2026, to discuss stronger Korea–Poland economic cooperation, with a focus on supply chains and advanced industries. The meeting took place shortly after the recent summit between the two countries and helped carry forward the momentum in bilateral relations built on the summit’s outcomes. Korea and Poland noted that bilateral trade and investment have grown steadily. Poland is one of Korea’s key trading partners in the European Union and the largest destination for Korean investment among the Visegrád Four, which also includes Hungary, Czechia and Slovakia. The two sides agreed to build on the industrial cooperation created by large-scale Korean battery investments, and work together to expand trade and achieve a more balanced trade structure. Korea emphasized that energy storage systems (ESS) are directly linked to energy security, and asked the Polish side to make greater use of batteries produced locally by Korean companies for ESS projects. MOTIR also requested Poland to consider making the battery industry eligible for support under its law on support for energy-intensive industries. Regarding the EU Battery Regulation, the ministry requested Poland’s continued support for predictable and reasonable implementing rules. As EU-level legislative discussions on the Industrial Accelerator Act (IAA) continue, the Korean government welcomed the principle of equal treatment for products from FTA partner countries. Korea also requested Poland’s cooperation to help ensure that the system is applied clearly and consistently at the EU level and that Korea’s views are taken into account. Korea and Poland also agreed that coordination is becoming more important as shifting global supply chains, intensifying strategic competition, and the energy transition bring economic and security issues more closely together. They noted that stable supply chains, technology cooperation and policy coordination will be increasingly important in strategic industries such as critical minerals, batteries and defense. “Korea and Poland have built a stable foundation for cooperation based on mutual trust,” Deputy Minister Park said. “We hope to continue expanding practical cooperation not only in strategic industries such as batteries, but also in supply chain stability and advanced technologies.” MOTIR will continue to strengthen cooperation with the Polish government to deliver concrete outcomes in key areas including supply chains, the energy transition and advanced industries. date2026-04-24

MOTIR Reviews Technology and Infrastructure Roadmap for Next-Generation Power Semiconductor Industry

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the Next-Generation Power Semiconductor Forum at EL Tower on April 23, 2026, with officials from relevant ministries and experts from industry, academia and research institutes. At the forum, MOTIR presented progress on the Roadmap for Developing the Next-Generation Power Semiconductor Industry, a key implementation task under the Semiconductor Industry Strategy for the AI Era announced in December 2025. The roadmap has been under development for about four months since the task force was launched. The forum also brought together anchor companies and experts to discuss future directions for large-scale R&D projects and plans for a power semiconductor innovation belt in Korea’s southern region. The roadmap sets out a medium- to long-term blueprint for securing core technologies and stabilizing supply chains in the power semiconductor industry. It covers next-generation technology development, demonstration and mass-production infrastructure, and workforce training. Moving beyond fragmented support, MOTIR is planning large-scale R&D projects that will connect demand companies in electric vehicles, defense, power grids and data centers across the full value chain, from materials, devices and modules to system-level demonstration. MOTIR will also build power semiconductor infrastructure around key regional hubs. It will upgrade the public fab at the specialized power semiconductor complex in Busan and help private companies use demonstration data from public facilities in Pohang and Naju for product mass production. Furthermore, the ministry will link regional hub universities and use local demonstration facilities for hands-on training, helping train key talent for the power semiconductor innovation belt in Korea’s southern region and support growth in both the region and the industry. Choi Woo-hyuk, Director General for High Technology Industry at MOTIR, said, “As the restructuring of global power semiconductor supply chains accelerates, MOTIR will give priority to compound semiconductors as a key development area. Together with relevant ministries, we will build an ecosystem for the power semiconductor industry, centered on the power semiconductor innovation belt in Korea’s southern region.” date2026-04-23