Ministry of Trade Industry and Resources

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

Minister chairs public-private joint Battery Alliance meeting

Trade, Industry and Energy Minister Dukgeun Ahn held the third public-private joint Battery Alliance meeting on March 11 at Korea Technology Center in Seoul to lead discussions on next-generation battery technology development, development of low-end products, responding to trade issues, self-sufficient supply chain establishment through investment, and building a battery cycle ecosystem, for which he stated that public-private communication and cooperation will be strengthened. Attendees also reviewed domestic and global issues and discussed future response measures.   Attendees consisted of representatives of relevant companies and institutions, including Samsung SDI, SK On, LG Energy Solution, and POSCO Future M. date2024-03-11

Public and private sectors join hands for development of all-solid-state batteries

Trade, Industry and Energy Minister Dukgeun Ahn attended the public-private Battery Alliance meeting on March 11 to discuss key issues and future response measures, and Korea’s top battery makers agreed on the need for the development of next-generation battery technology.   Considered a gamechanger for the battery industry, next-generation batteries are secondary batteries made with substances different from those of existing batteries to dramatically enhance their performance and safety. Next-generation battery development in Korea, led by three major battery producers, is currently conducted on an individual company basis, but it is anticipated that the above project will help nurture an organic ecosystem incorporating all firms specializing in domestic parts, materials, equipment, and cells, as well as finished car makers. The Korean government plans to pour KRW 117.2 billion won by 2028 in developing three kinds of promising batteries: all-solid-state batteries (ASSBs), lithium metal batteries and lithium-sulfur (Li-S) batteries.   At the Alliance meeting, public and private sector representatives discussed a wide range of joint projects to launch this year. Major domestic battery producers, as well as EcoPro and L&F, are pushing investment related to lithium iron phosphate (LFP) products, for which MOTIE provided support to companies’ technology development in 2023. In 2024, MOTIE plans to support private sectors secure technologies for sodium-ion battery development.   In 2024, Korean companies intend to invest over 9 trillion won in facilities and R&D, 7.1 trillion won of which will go to facility investment. Key facilities include next-generation battery pilot lines, the 4680 battery production line, LFP cathodes production lines, and anodes production, including graphite processing.   Minister Ahn presented the following as joint public-private project tasks this year: next-generation battery technology development, low-end product development, responding to trade issues, self-sufficient supply chain building through investment, and establishing a battery cycle ecosystem. Minister Ahn said that the Alliance will be the beginning of efforts for strengthening public-private communication and cooperation in tackling these project tasks. date2024-03-11

Korea and UK deepen cooperation in international standards for quantum technologies as summit follow-up

Korean Agency for Technology and Standards (KATS) President Jin Jong-wook, under the Ministry of Trade, Industry and Energy (MOTIE), visited the British Standardization Institute (BSI) in the UK on March 11 to enter a memorandum of understanding (MOU) on the management of the ISO/IEC joint technical committee (JTC3) on quantum technologies and on the establishment of a subcommittee for standards development.   This is a part of the follow-up to the Korea-UK summit meeting (November 2023) with aim to deepen bilateral cooperation on international standards development in quantum technologies. Korea and the UK led the establishment of JTC3 in December 2023, with Korea as Chair and the UK as Secretariat, and the two countries will be able to further mutual cooperation on developing international standards in quantum technologies through this MOU.   Korea and the UK are to hold the JTC3 inaugural general meeting this May in Seoul, and the two sides discussed measures for aligning their quantum technology standards strategies and industrialization, agreeing to expand bilateral cooperation in advanced industries in the future.   Moreover, Korea signed a contribution agreement with the International Electrotechnical Commission (IEC) in Geneva as the first country to participate in the Global Impact Fund (GIF), launched to facilitate the international standards utilization of developing countries. Over the next five years, Korea plans to transfer international standards experience and knowhow to developing countries’ relevant experts and support their efforts in tackling climate change and other global issues through international standards utilization.   KATS President Jin stated that “As Invited Chair for JTC3, Korea has established a cooperation system for stronger leadership in international standards through this MOU with the Secretariat holder UK” and added that “strong support will be provided through the JTC3 general assembly slated this year in Korea to bolster the nation’s leadership in global standards development for quantum technologies, a key area for technological innovation in future advanced industries.” date2024-03-11

12th Korea-Denmark Green Growth Alliance

Trade, Industry and Energy Minister Dukgeun Ahn met Lars Aagaard, Danish Minister of Climate, Energy and Utilities, in Seoul for the 12th Korea-Denmark Green Growth Alliance (GGA) to discuss bilateral cooperation in offshore wind and hydrogen energy and entered a memorandum of understanding (MOU) on new energy industrial cooperation. date2024-03-11

Minister meets Arkansas Governor

Trade, Industry and Energy Minister Dukgeun Ahn met with Arkansas Governor Sarah Huckabee Sanders on March 11 in Seoul to discuss measures for cooperation in critical minerals and trade between Korea and the State of Arkansas. date2024-03-11

Vice Minister meets UK's Permanent Secretary for the Department of Energy Security and Net Zero

Trade, Industry, and Energy Vice Minister Namho Choe met with the UK's Jeremy Pocklington, Permanent Secretary for the Department of Energy Security and Net Zero, on March 8th in Seoul for the UK-ROK Clean Energy High-Level meeting and held discussions on measures for cooperation in critical minerals, offshore wind power, and clean hydrogen. date2024-03-08

Korea and Denmark hold 12th bilateral Green Growth Alliance to discuss clean energy cooperation

On Friday, 8 March, Minister of Trade, Industry and Energy, Dukgeun Ahn, and Danish Minister of Climate, Energy and Utilities, Lars Aagaard, met in Seoul for the 12th Korea-Denmark Green Growth Alliance (GGA) to engage in constructive discussions on bilateral clean energy cooperation.  Since its inception in 2011, the Green Growth Alliance (GGA) has been a platform to foster bilateral cooperation in sectors including green industry, shipping, and finance through annual ministerial meetings. This year's Green Growth Alliance meeting was centered on discussing clean energy cooperation, with a keen focus on offshore wind and hydrogen. Minister Ahn highlighted Korea's commitment to promoting carbon neutrality by emphasizing the need to mobilize all available carbon-free energy (CFE) sources. Moreover, he expressed his eagerness to collaborate with Denmark, a country renowned for its expertise in carbon neutrality implementation, to raise awareness about the importance of expanding the deployment of carbon-free energy. Both ministers also agreed to expand cooperation in offshore wind power by combining Denmark's extensive expertise in power generation and Korea's strong manufacturing capabilities. In addition, they committed to sharing their relevant experiences, including policy responses to the issue of public acceptance, in an effort to promote offshore wind as a viable pathway towards achieving carbon neutrality. The two countries agreed to expand industrial and technological cooperation on a private level in the hydrogen sector and work together to build a stable and economical global hydrogen supply chain. Denmark, renowned for its advanced wind power technology, is a future green hydrogen producer, and it is envisaged that bilateral cooperation in this field will facilitate the exchange of ideas and expertise and foster a fruitful partnership between the two nations. Furthermore, the two countries renewed the Memorandum of Understanding (MOU) on cooperation in the clean energy and new energy industry to include more areas of cooperation. To this end, both Ministers agreed to strengthen collaboration in hydrogen and energy efficiency. During the Danish minister's visit, the two countries also held the Korean-Denmark Hydrogen R&D Symposium and the Korea-Denmark Offshore Wind Business Conference, in an effort to expand public and private cooperation in key clean energy sectors like hydrogen and offshore wind. date2024-03-08

The UK-ROK Clean Energy High-Level Meeting

The UK-ROK Clean Energy High-Level Meeting              The UK-ROK Clean Energy High-Level meeting took place on March 8th in Seoul, with Namho Choe, Vice Minister of Trade, Industry, and Energy (MOTIE), and Jeremy Pocklington, Permanent Secretary for the Department of Energy Security and Net Zero, leading the discussion. This meeting is a deliverable to the Clean Energy Partnership signed during President Yoon suk-yeol’s State Visit to London in late November last year, meeting with Prime Minister Rishi Sunak to discuss our shared priorities. It marks a significant step towards a "global strategic partnership" to advance our respective efforts and common goals to address energy security and the climate crisis.              Vice Minister Choe and Permanent Secretary Pocklington have highlighted the immense potential of bilateral cooperation to accelerate the global transition to net zero, with a strong emphasis on clean energy. This collaboration is crucial in light of the recent geopolitical conflicts and the climate crisis, which have disrupted the energy supply chain and created an urgent need for sustainable solutions. To this end, both countries have agreed to actively use the UK-ROK Nuclear Energy Industry dialogue, establish a Critical Minerals Working Group, continue the Offshore Wind Industry Dialogue, expand cooperation in clean hydrogen and energy technology development, and further cooperation in the field of carbon-free energy to further decarbonization efforts in the industrial and power generation sectors. The UK and ROK discussed collaboration in the G20 and the need to agree on a delivery plan to implement the COP28 Global Stocktake commitments to transition away from fossil fuels and accelerate the clean energy transition.              “Korea boasts commendable expertise in the field of clean energy manufacturing, and we are eager to work together towards advancing our respective industries and promoting clean energy worldwide,” said Vice Minister Choe. “The UK-ROK Clean Energy High-Level meeting marks an important milestone towards the establishment of a global strategic partnership, as agreed upon in the Downing Street Accord. These collaborative efforts will also position both nations as significant players in the global response to carbon neutrality and energy security.”            “The 2023 State Visit of President Yoon Suk-yeol was a landmark moment for UK-ROK collaboration”, said Permanent Secretary Jeremy Pocklington.  “Cooperation to tackle the climate crisis and to enhance energy security is to the fore of our global strategic partnership.  During the UK-RoK Clean Energy High-Level meeting, I was pleased to agree further cooperation, accelerating joint efforts on nuclear, offshore wind, critical minerals and a number of other sectors. This demonstrates our shared determination to deliver the COP28 outcomes on transitioning away from fossil fuels, tripling nuclear energy capacity and tripling renewables capacity globally by 2030.”said Permanent Secretary Jeremy Pocklington. date2024-03-08