Ministry of Trade Industry and Resources

Korea–Philippines Summit Leads to USD 16 Million in K-Consumer Goods Export Deals

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the Korea Trade-Investment Promotion Agency (KOTRA, President Kang Kyung Sung) held the Korea–Philippines Business Partnership in Manila on March 4, 2026, on the sidelines of President Lee Jae Myung’s state visit to the Philippines. The event took place at the SMX Convention Center and brought together 52 Korean companies in food, beauty, healthcare, and other consumer sectors, along with 70 Philippine buyers. A total of 11 contracts worth USD 16.4 million were signed, underscoring growing momentum for K-consumer goods in the Philippine market. At the venue, Minister JK (Jung-Kwan) Kim visited exhibition booths operated by Korean companies in consumer goods and franchising to discuss ways to expand the reach of the Korean lifestyle in the Philippines. He also visited booths run by major Philippine distributors, including SM and Landers, and reviewed ways to raise awareness of Korean consumer goods and expand local sales channels. “Korean products, including beauty and food, are gaining popularity in the Philippines,” Minister JK Kim said. “The government 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.” On the morning of March 4, 2026, MOTIR and the Federation of Korean Industries (FKI, Chairman Jin Roy Ryu) co-hosted the Korea–Philippines Business Forum at the Manila Hotel in the presence of the presidents of both countries. At the forum, seven MOUs were signed in sectors including shipbuilding, nuclear power, and consumer goods, with Minister JK Kim and Cristina A. Roque, Secretary of Trade and Industry of the Philippines, in attendance. In nuclear power, Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM) signed an MOU with Philippine power company Meralco to jointly develop business and financing models for a new nuclear power project and support workforce training. In shipbuilding, HD Hyundai Heavy Industries signed an MOU with the Philippines’ Technical Education and Skills Development Authority (TESDA) to expand workforce training and technology cooperation. In food, Samyang Foods signed an MOU with Philippine retailer S&R to strengthen K-food distribution in the Philippine market. During the presentation session, Korean companies, including HD Hyundai Heavy Industries, LX International, Lotte, and K-water, presented their business cases in sectors including critical minerals, shipbuilding, consumer goods, and infrastructure, and discussed practical ways to expand bilateral business cooperation. MOTIR will continue follow-up talks, including through the Korea–Philippines Economic Cooperation Committee, to turn the business outcomes from the state visit into tangible opportunities for Korean companies. It will also strengthen support to help address business challenges, including local licensing and distribution issues. date2026-03-04

MOTIR and Philippine DTI Agree to Establish a Standing Ministerial Economic Cooperation Committee

Following the Korea–Philippines summit held during President Lee Jae Myung’s state visit to the Philippines on March 3, 2026, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) and Cristina A. Roque, Secretary of Trade and Industry of the Philippines, exchanged the Korea–Philippines Memorandum of Understanding (MOU) on Trade, Investment, and Economic Cooperation in the presence of the two leaders. From 2019 to 2025, MOTIR and the Philippine Department of Trade and Industry held three meetings of the Korea–Philippines Economic and Trade Cooperation Committee and discussed a broad range of industrial and trade issues. Since the Korea–Philippines Free Trade Agreement (FTA) entered into force in December 2024, Korean companies have expanded their operations in the Philippines in sectors including electrical and electronics, shipbuilding, critical minerals, and infrastructure. Korea’s investment ranking in the Philippines also rose from outside the top ten in 2023 to fourth in 2025, underscoring closer economic cooperation between the two countries. Building on these developments, the two ministries agreed to refocus the agenda of the Economic Cooperation Committee away from a broad cooperation framework and toward high-potential industries such as shipbuilding, semiconductors, electrical and electronics, and the digital economy. They also agreed to establish a standing consultative mechanism to facilitate timely communication when issues arise and support more flexible, ongoing cooperation. MOTIR will use the committee as a channel to address issues affecting Korean companies in the Philippines in a timely manner. The ministry plans to hold the 4th Korea–Philippines Economic Cooperation Committee in 2026 to discuss follow-up steps from the recent Korea–Philippines summit, including measures to resolve difficulties facing Korean companies in the local market. date2026-03-04

MOTIR Launches Chemical Industry Innovation Alliance to Back the Petrochemical Sector’s Move Up the Value Chain

The Chemical Industry Innovation Alliance (the “Alliance”), launched to drive the chemical industry’s transition toward higher value-added and cleaner production, is now fully operational. On March 4, 2026, the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the Alliance’s general meeting at the Korea Chamber of Commerce and Industry (KCCI), with around 150 participants from across the chemical industry ecosystem in attendance, including petrochemical companies, small and medium-sized enterprises (SMEs), middle market enterprises (MMEs), demand-side companies, and research institutes. The meeting marked the start of the Alliance’s full-scale operations as the implementing platform for the “K-Chemical Next Generation Technology Innovation Roadmap 2030,” unveiled in late 2025 to support the petrochemical industry’s shift toward higher-value products amid ongoing restructuring. Participants discussed the Alliance’s operating plan, the recent trends in large-scale R&D programs, R&D investment priorities among key demand-side companies, and a strategy for developing an R&D agenda under the Roadmap that spans the entire chemical value chain—from feedstocks to materials and applications. During the meeting, major demand-side companies presented their R&D investment priorities to help identify a flagship project for the initiative. These inputs will serve as practical guideposts, helping chemical companies pursuing higher-value and cleaner production to reduce uncertainty by incorporating market demand from the planning stage and to develop a demand-driven technology strategy. Demand-side companies across key sectors—including Samsung Electronics, LG Energy Solution, Taihan Cable & Solution, and HD Hyundai Heavy Industries—also shared their R&D strategies, which are expected to help chemical companies develop flagship projects that integrate the entire value chain from feedstocks to materials and applications, strengthen the technological capabilities of SMEs and MMEs in the materials and applications sectors, and drive innovation across the industry. To drive meaningful outcomes in the private sector, the government announced that it is preparing a large-scale R&D project under the Roadmap to support the transition toward higher value-added and cleaner production. Song Hyeon-ju, Director General for Industrial Supply Chain Policy of MOTIR, stated that “while last year’s launch ceremony set out the goals for chemical industry innovation, today’s meeting marks the first step toward implementation.” She added, “the government will provide large-scale R&D support to underpin the transition toward higher value-added and cleaner production if petrochemical companies move swiftly to restructure through rigorous self-help efforts.” She also said that MOTIR would “ensure strong policy support so that the flagship projects developed through the Alliance can become a new engine of growth for Korea’s chemical industry.” date2026-03-04

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