Ministry of Trade Industry and Resources

Minister JK Kim Attends MOU Signing Ceremony at Korea–Philippines Business Forum

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) attended a memorandum of understanding (MOU) signing ceremony held during the Korea–Philippines Business Forum at the Conrad Hotel in Manila on March 4, 2026, on the occasion of President Lee Jae Myung’s state visit to the Philippines. The ceremony was also attended by Cristina A. Roque, Secretary of Trade and Industry of the Philippines, and featured the signing of seven MOUs covering sectors including nuclear power, shipbuilding, and consumer goods. date2026-03-04

Minister JK Kim Attends Korea–Philippines Business Partnership Event

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited the Korea–Philippines Business Partnership event at the SMX Convention Center in Manila on March 4, 2026, during President Lee Jae Myung’s state visit to the Philippines.  The event brought together Korean companies in consumer-goods sectors such as food, beauty, and healthcare to expand business cooperation with Philippine partners. Minister Kim stated, “Korean products, including beauty and food, are gaining popularity in the Philippines. MOTIR will work closely with relevant ministries and agencies to support Korean companies as they expand their business in the Philippines and the wider Southeast Asian market.” date2026-03-04

Meeting with Korean Nuclear Companies Operating in the Philippines

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) chaired a meeting with Korean nuclear power companies operating in the Philippines at the SMX Convention Center in Manila on March 4, 2026, during President Lee Jae Myung’s state visit to the Philippines.  The meeting was attended by representatives from Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, Daewoo E&C, Samsung C&T, and Hyundai Engineering & Construction. The meeting reviewed the current status of Korean nuclear companies’ activities in the Philippines and discussed their future plans for participation in local nuclear power projects. date2026-03-04

February 2026 Exports Hit Record High for Any February at $67.5 Billion

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that in February 2026, Korea’s exports rose 29.0 percent year-on-year to USD 67.5 billion, while imports increased 7.5 percent to $51.9 billion, resulting in a $15.5 billion surplus. Exports reached the highest level on record for any February, despite three fewer working days following the shift of the Lunar New Year holiday. Average daily exports (adjusted for working days) increased 49.3 percent to $3.6 billion, exceeding $3.0 billion for the first time. By product, exports increased in five of Korea’s 15 key export items. Semiconductor exports rose to $25.2 billion (up 160.8 percent), posting the highest monthly figure on record and extending exports above $20.0 billion for a third consecutive month. Wireless communication devices reached $1.5 billion (up 12.7 percent), led by mobile phones ($0.5 billion, up 131.6 percent), while computers increased to $2.6 billion (up 221.6 percent), and bio-health products to $1.3 billion (up 7.1 percent). By contrast, automobiles fell to $4.8 billion (down 20.8 percent) and auto parts to $1.5 billion (down 22.4 percent), reflecting fewer working days due to the holiday shift. Petroleum products fell to $3.7 billion (down 3.9 percent) as lower export prices offset higher shipment volumes, while petrochemicals dropped to $3.3 billion (down 15.4 percent), steel to $2.4 billion (down 7.8 percent), and general machinery to $3.3 billion (down 16.3 percent). By destination, exports increased in seven of Korea’s nine major markets. Shipments to the United States rose to $12.9 billion (up 29.9 percent), the highest on record for any February. Exports to China grew 34.1 percent to $12.8 billion, led by semiconductors, computers, and petroleum products. Exports to ASEAN increased to $12.5 billion (up 30.4 percent), while exports to the EU rose to $5.6 billion (up 10.3 percent). Imports rose 7.5 percent year-on-year to $51.9 billion. Energy imports edged down to $9.3 billion (down 1.4 percent), as crude oil imports fell to $5.4 billion (down 11.4 percent), while gas imports increased to $2.6 billion (up 15.9 percent). Non-energy imports rose 9.6 percent to $42.6 billion, including semiconductors ($6.8 billion, up 19.1 percent), semiconductor equipment ($2.6 billion, up 43.4 percent), and mobile phones ($1.0 billion, up 80.2 percent). The trade surplus in February reached $15.5 billion, up $11.6 billion from 2025, marking the largest on record for any month and extending Korea’s surplus streak to 13 consecutive months since February 2025. Minister JK (Jung-Kwan) Kim stated, “Despite fewer working days following the Lunar New Year shift, exports extended their growth streak to nine consecutive months, led by key items such as semiconductors, computers, and ships.” He noted that export uncertainty is rising amid heightened tensions in the Middle East and recent U.S. tariff measures and said the government will monitor trade flows and take measures as needed to limit potential disruptions. He added that the government will continue consultations with the United States to ensure that the benefits secured under the Korea–U.S. tariff agreement are maintained and that conditions for exports to the U.S. market are not adversely affected. He added that the government will strengthen the trade structure to remain resilient to external shifts, based on the government-wide export expansion package announced on February 25, 2026. The package focuses on diversifying export items and markets, upgrading export support—including finance, trade fairs, and infrastructure—and broadening the exporter base through step-by-step support for SMEs and regional companies. The government will pursue these measures to help Korea rank among the world’s top five exporters this year. date2026-03-03

MOTIR Minister Chairs Meeting with Korean Companies Operating in Singapore

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) chaired a meeting with Korean companies operating in Singapore on March 2, 2026, at the Shangri-La Hotel in Singapore on the occasion of President Lee Jae-myung’s state visit to the country. The meeting was attended by representatives of Korean companies with operations in Singapore, including Hyundai Motor Company, LG Electronics, Celltrion, and Hanwha Ocean, and served as a platform to share key business developments and operational challenges faced by Korean firms in the local market. Prior to the meeting, Minister Kim attended the signing ceremony of a memorandum of understanding (MOU) on cooperation in manufacturing AI transformation (M.AX) between the Korea Institute for Advancement of Technology (KIAT) and the Singapore Manufacturing Federation (SMF). During the meeting, participants discussed major local issues affecting Korean companies and explored ways for the government to provide further support. date2026-03-03

Korea and Singapore Advance Trade and Civil Nuclear Cooperation

During President Lee Jae Myung’s state visit to Singapore, a global hub for technology, energy, and logistics, the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) agreed with Singapore to expand forward-looking cooperation in trade and nuclear energy. Joint Declaration on the Launch of Korea–Singapore FTA Upgrade Negotiations On March 2, 2026, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) exchanged a Joint Declaration on the Launch of Negotiations to Upgrade the Korea–Singapore Free Trade Agreement (FTA) with Singapore’s Ministry of Trade and Industry (MTI). The exchange took place in the presence of the two leaders on the sidelines of the summit between President Lee Jae Myung and Prime Minister Lawrence Wong. Singapore was Korea’s first FTA partner among ASEAN members. As the Korea–Singapore FTA marks the 20th anniversary of its entry into force on March 2, 2026, the two sides agreed to modernize the agreement by adding modular provisions covering new trade areas such as supply chains and the green economy. In supply chains, Korea and Singapore will set out cooperation measures, particularly in the bio and pharmaceutical sectors, and establish a stronger framework for bilateral supply chain cooperation. In the green economy, the two governments will advance cooperation on decarbonization, helping lay the groundwork for Korean companies to expand into ASEAN markets. In trade facilitation, the two sides will improve procedures to speed up customs clearance. They will also step up cooperation in aviation maintenance, repair, and overhaul (MRO), helping strengthen Korea’s competitiveness in the sector. Korea and Singapore Sign an MOU on SMR Cooperation Korea Hydro & Nuclear Power (KHNP) and Singapore’s Energy Market Authority (EMA) exchanged a Memorandum of Understanding (MOU) on small modular reactor (SMR) cooperation in the presence of the two leaders. This marks the first civil nuclear cooperation MOU between a Korean nuclear power company and a Singapore government agency. In 2025, the Singapore government allocated about KRW 5 trillion under its Future Energy Fund for SMR-related projects to better respond to rising energy demand and energy transition challenges, including those linked to the expansion of AI data centers and carbon neutrality goals. Given Singapore’s limited land area and high population density, SMRs are seen as a viable option because they present fewer siting constraints. KHNP is currently developing the Korean Innovative Small Modular Reactor (i-SMR) for commercialization by the mid-2030s. Under the MOU, KHNP and EMA will cooperate on feasibility studies on SMR adoption, workforce training, and the sharing of technical information and nuclear best practices in the nuclear sector. KHNP will participate in EMA’s ongoing review of SMR technologies to showcase Korea’s next-generation nuclear technology and explore opportunities to take part in related projects. MOTIR will support the implementation of the MOU to ensure that the outcomes lead to tangible business and project opportunities. date2026-03-02

Minister Kim Attends Industrial Complex AX Subcommittee Launch Ceremony

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) attended the launch ceremony of the Industrial Complex AX Subcommittee on February 26, 2026, at Changwon National University. After delivering congratulatory remarks, he presented a letter of appointment to the subcommittee chair and took part in a commemorative button ceremony marking the subcommittee’s official launch. The event was attended by representatives from manufacturing companies, AI firms, universities, research institutes, and local governments. In his remarks, Minister Kim said, ““Industrial complex AX goes beyond individual companies adopting AI. The focus is on testing and scaling AI innovation models through industry–academia–research collaboration within industrial complexes.” He added, “The Industrial Complex AX Subcommittee will serve as a platform to support regional growth and deliver tangible M.AX results.” date2026-02-27

Roundtable with Heads of Foreign Chambers of Commerce in Korea

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) chaired a roundtable with heads of foreign chambers of commerce in Korea on February 26, 2026, at KEPCO in Seoul. The meeting was held ahead of the revised Trade Union Act taking effect on March 10, 2026, to hear views from foreign-invested companies and review on-the-ground conditions. The meeting was attended by Minister Kim Young-hoon of the Ministry of Employment and Labor (MOEL), as well as representatives of foreign chambers of commerce in Korea, including those from the United States, Europe, and Japan.   In his remarks, Minister Kim said that MOTIR and MOEL had coordinated to prepare guidelines for interpreting the revised Act to reduce uncertainty in labor–management relations and support stable relations through dialogue and cooperation. He added that MOTIR, together with MOEL, will strengthen labor–management communication and set up a hotline for foreign-invested companies. date2026-02-27

MOTIR Hosts First Public–Private Export Expansion Meeting

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) chaired the first Public–Private Export Expansion Meeting on February 25, 2026, at the KOTRA headquarters in Seoul. Prior to the meeting, he attended the signing ceremony of an MOU between the Korea Trade Insurance Corporation (K-SURE) and Hana Bank to provide KRW 5.0 trillion in preferential financing for exporting SMEs and mid-sized firms.  Participants included officials from the Ministry of Economy and Finance (MOEF) and the Ministry of Health and Welfare (MOHW), as well as representatives from K-SURE, Hana Bank, and leading companies across key industries such as automobiles, bio, nuclear power, defense, power equipment, steel, and shipbuilding. The meeting focused on public–private cooperation measures to sustain export momentum amid a rapidly changing global trade environment. In his remarks, Minister Kim stressed the need to maintain export momentum despite heightened uncertainty and reaffirmed the government’s commitment to proactive export diversification. He also highlighted plans to expand support for priority export sectors and strengthen inclusive trade finance to broaden the export base. date2026-02-27

MOTIR Launches Industrial Complex AX Initiative to Expand M.AX Nationwide

A region-led framework to scale AI transformation (AX) across industrial complexes is now underway. On February 26, 2026, the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the launch ceremony for the Industrial Complex AX Subcommittee, the 11th subcommittee under the M.AX Alliance, at the Changwon National Industrial Complex. Manufacturers, AI companies, universities, research institutes, and local governments attended the event and discussed the direction of the industrial complex AX and the subcommittee’s operating plan. The new subcommittee brings together more than 500 institutions from industry, academia, and research, and is chaired by Park Min-won, President of Changwon National University. The subcommittee will coordinate industrial complex AX projects and policies, connect tenant firms with the Alliance’s 10 existing subcommittees, share best practices and on-the-ground challenges across complexes, and build a system to collect, share, and use manufacturing data. It will serve as a private sector–led platform that aligns regional growth strategies with M.AX policy and drives AX through industry–academia–research collaboration. The Industrial Complex AX Subcommittee includes the chairs of 10 regional “M.AX Innovation Network in Industrial Complexes (MINI) Alliances” as subcommittee members. The MINI Alliances will serve as the subcommittee’s implementation arm and will be rolled out in phases—starting with the Changwon MINI Alliance launched the same day as the subcommittee—with further expansion depending on the designation of AX pilot industrial complexes. They will identify AX priorities tailored to local industries and develop demonstration models for immediate on-site use and wider adoption. At the event, the government also released its Industrial Complex AX Strategy. Korea’s 1,341 industrial complexes cluster companies by industry and supply chain, making them well-suited to scaling manufacturing AX. The strategy sets out three priorities to make industrial complexes the main hubs for this effort. First, MOTIR will upgrade key regional industrial complexes into M.AX clusters and support anchor firms under the “Five Mega-Regions and Three Special Self-Governing Provinces” initiative in building world-leading lights-out manufacturing facilities (dark factories), foster AX ecosystems, and integrate them with mega regulatory sandbox districts. MOTIR will also select three additional AX pilot industrial complexes in 2026 to build demonstration testbeds and integrated support centers for large-scale AI deployment. Second, MOTIR will build an industry–academia–research ecosystem around industrial complexes to develop and deploy shared AI models for tenant firms. It will also run regular M.AX Caravan programs to match manufacturers with AI specialists. In addition, the ministry will work with local universities on demand-driven R&D and workforce training. Third, MOTIR will expand essential infrastructure for industrial complex AX by continuing to attract AI data centers—following the 2025 placements in the Osong Industrial Complex and the Busan Myeongji–Noksan National Industrial Complex—and building dedicated 5G networks. The ministry will pilot the 5G network in one industrial complex in 2026 before scaling it nationwide. Minister JK (Jung-Kwan) Kim said, “Industrial complex AX goes beyond individual companies adopting AI. The focus is on testing and scaling AI innovation models through industry–academia–research collaboration within industrial complexes.” He added, “The Industrial Complex AX Subcommittee will serve as a platform to support regional growth and deliver tangible M.AX results.” date2026-02-27