Ministry of Trade Industry and Resources

Meeting with President of the Mongolian National Chamber of Commerce and Industry

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Baatarjav Lkhagvajav, President of the Mongolian National Chamber of Commerce and Industry (MNCCI), in Ulaanbaatar, Mongolia, on June 18, 2026. The meeting was held during Minister Yeo’s visit to Mongolia to discuss ways to expand economic cooperation and advance negotiations on the Korea–Mongolia Comprehensive Economic Partnership Agreement (CEPA). Minister Yeo said the Korea–Mongolia CEPA will provide a key institutional foundation for expanding bilateral trade and investment and building a stable supply chain partnership. date2026-06-19

Roundtable with Korean Companies in Mongolia

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) chaired a roundtable with representatives of Korean companies operating in Mongolia, including E-mart, GS Retail, and Osstem, in Ulaanbaatar on June 17, 2026. Minister Yeo delivered remarks and received detailed input on specific business concerns, including customs clearance delays and strict CEPA rules-of-origin certification requirements. Minister Yeo said the Korea–Mongolia CEPA will provide a key institutional foundation for expanding bilateral trade and investment and building a stable supply chain partnership. date2026-06-18

Meeting with Mongolia’s Minister of Economy and Development

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Jadambyn Enkhbayar, Mongolia’s First Deputy Prime Minister and Minister of Economy and Development, in Ulaanbaatar, Mongolia, on June 17, 2026. They discussed ways to expand economic cooperation with resource-rich Mongolia and advance negotiations on the Korea–Mongolia Comprehensive Economic Partnership Agreement (CEPA). Minister Yeo said the Korea–Mongolia CEPA will provide a key institutional foundation for expanding bilateral trade and investment and building a stable supply chain partnership. date2026-06-18

Korea, Mongolia Discuss Ways to Advance CEPA Talks and Accelerate Strategic Economic Cooperation

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and Jadambyn Enkhbayar, Mongolia’s First Deputy Prime Minister and Minister of Economy and Development, held a Korea–Mongolia trade ministers’ meeting in Mongolia on June 17, 2026. The two sides discussed expanding economic cooperation with resource-rich Mongolia and advancing negotiations on the Korea–Mongolia Comprehensive Economic Partnership Agreement (CEPA). Mongolia is one of the world’s major resource-rich countries, with abundant minerals essential to advanced industries, including copper, molybdenum, and rare earth elements, and is an important emerging trade partner for Korea’s critical mineral supply chain stabilization strategy. Since upgrading their bilateral relationship to a Strategic Partnership in 2021, Korea and Mongolia have strengthened cooperation across politics, the economy, culture, and other areas. However, they have had no separate trade agreement to provide an institutional basis for expanding bilateral trade and investment, and have been pursuing the Korea–Mongolia CEPA since November 2023. During the meeting, Minister Yeo stressed the importance of concluding the Korea–Mongolia CEPA at an early date, noting that the agreement is key to accelerating bilateral economic cooperation and strengthening supply chain links. In the working groups on goods and rules of origin, the key areas of the CEPA negotiations, the two sides worked to align their positions toward a mutually beneficial outcome. Minister Yeo also held a roundtable with Korean companies operating in Mongolia and heard specific business concerns on the ground, including customs clearance delays and strict CEPA rules-of-origin certification requirements. At the trade ministers’ meeting, he asked the Mongolian government to give close attention to these issues and help address them. “The Korea–Mongolia CEPA will provide a key institutional foundation for expanding bilateral trade and investment and building a stable supply chain partnership,” Minister Yeo said. “We will accelerate the negotiations to reach a mutually beneficial outcome.” date2026-06-17

May 2026 Automobile Exports Total $5.83 Billion

The Ministry of Trade, Industry and Resources (MOTIR) announced that Korea’s automobile exports fell 5.9 percent year-on-year to USD 5.83 billion in May 2026, amid fewer working days and production disruptions caused by a fire at a domestic auto parts. Domestic sales and production fell 10.3 percent and 8.2 percent, respectively. For January–May, export value and production edged down 2.6 percent and 2.3 percent, respectively, while domestic sales rose 1.0 percent. By region, exports increased to Oceania (up 20.1 percent) and Africa (up 16.1 percent) in May, but declined in key markets, including North America (down 1.0 percent) and the European Union (down 6.5 percent). Exports also fell in Asia (down 37.3 percent) and the Middle East (down 4.2 percent). The decline appears to reflect a combination of domestic and external factors, including logistics disruptions from the prolonged war in the Middle East and lower used-car exports. Exports of eco-friendly vehicles remained solid. Export value rose 9.9 percent year-on-year to $2.40 billion in May, accounting for more than 40 percent of total automobile exports. Hybrid vehicles made up about 65 percent of eco-friendly vehicle exports and continued to lead growth in the segment. Domestic sales totaled 127,000 units in May, down 10.3 percent year-on-year. The decline reflected production and delivery disruptions for some domestically produced vehicles caused by parts supply issues, as well as delayed purchases ahead of new model launches scheduled for the second half of 2026. Eco-friendly vehicle sales rose 5.5 percent year-on-year to 77,000 units, accounting for more than 60 percent of total domestic sales. Electric vehicle sales rose 65.4 percent to 35,000 units. Automobile production totaled 330,000 units in May, down 8.2 percent year-on-year. The decline reflected an average of one fewer working day and some production disruptions caused by a fire at a domestic auto parts supplier. As parts supply is expected to normalize beginning in June, production and export performance are projected to improve gradually. MOTIR will continue communicating closely with the industry and monitoring parts supply, logistics conditions, and changes in export markets, as external uncertainties persist, including the global economic slowdown and expanded local sourcing by major global automakers. date2026-06-17

Korea, UAE Build on Special Strategic Partnership to Deepen Cooperation on Crude Oil Supplies, Nuclear Power, and Plant Projects

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited the United Arab Emirates (UAE) on June 16, concluding a three-country Middle East tour to bolster energy security and economic cooperation. As Korea’s third-largest crude oil supplier, the UAE is the only Middle Eastern nation to hold a Special Strategic Partnership with Korea. During a March visit by the Special Envoy for Strategic and Economic Cooperation, UAE President Mohammed bin Zayed Al Nahyan pledged to prioritize crude oil supplies to Korea amid the global energy crisis. Minister Kim's visit aimed to review the implementation of that March agreement and discuss strategic initiatives, including joint oil stockpiling, nuclear energy, and industrial plant projects. Minister Kim met with senior officials, including Musabbeh Al Kaabi, CEO of the Upstream Division at the Abu Dhabi National Oil Company (ADNOC)—a central player in global energy supply chains, where he received confirmation that the 24 million barrels of emergency crude oil pledged by the UAE in March were arriving smoothly on schedule. Minister Kim, throughout his tour, also engaged with high-level UAE officials to discuss long-term resource security cooperation. As a result, both sides agreed to continue talks on joint crude oil stockpiling, a key priority for the UAE. Furthermore, the two sides consulted extensively on cooperation regarding the UAE’s large-scale infrastructure projects—such as pipeline expansions and underground oil storage facilities—designed to establish a supply chain bypassing the Strait of Hormuz. Minister Kim requested the UAE’s active support to aid Korean companies, which possess high-level design, construction, and operational capabilities, secure participation in major plant projects aimed at stabilizing core energy supply chains. Subsequently, Minister Kim met with high-ranking officials from key UAE nuclear energy agencies, including Sharif Salim Al Olama, Undersecretary of the Ministry of Energy and Infrastructure. To deepen full-cycle cooperation at the Barakah Nuclear Power Plant, both sides reviewed corporate progress and discussed concrete plans regarding △securing stable nuclear fuel supplies, △strengthening plant maintenance, and △expanding artificial intelligence (AI) and digital transformation (DT) in plant operations. Building on the Barakah model, they also held in-depth discussions on jointly entering strategic global nuclear power markets, focusing on △selecting candidate markets, △establishing cooperation frameworks, △defining corporate roles, and △financial and investment cooperation. In addition, following the May 17 drone attack on power transmission facilities near the Barakah Nuclear Power Plant, Korea and the UAE agreed to strengthen information sharing and technical cooperation on nuclear plant protection systems. This serves as a follow-up to a May 21 Ministerial virtual, where both Ministers reviewed repair progress and discussed safety measures for Korean employees working in the region. Minister Kim stated, “The UAE is a vital partner that has steadfastly anchored Korea’s energy supply chains despite Middle Eastern uncertainties. This visit confirmed that our oil cooperation has evolved beyond simple trade into a strategic partnership that functions effectively in any crisis.” He emphasized, “Based on this deep mutual trust, we will advance our strategic partnership by deepening full-lifecycle nuclear cooperation—including operations, maintenance, security, and joint exports to third countries—while expanding opportunities for Korean companies in key plant infrastructure sectors. date2026-06-17

Roundtable with Korean Companies in the UAE

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) chaired a roundtable with Korean companies and support organizations operating in the United Arab Emirates (UAE) in Abu Dhabi on June 16, 2026, including GS Energy, Samsung C&T, Doosan Enerbility, Korea Electric Power Corporation (KEPCO), and KOTRA. At the meeting, Minister Kim listened to key concerns and suggestions regarding business operations in the UAE and discussed follow-up plans with the participating companies and organizations. Minister Kim said Korea will build on its deep trust with the UAE to expand opportunities for Korean companies to participate in major plant infrastructure projects. date2026-06-17

Meeting with ADNOC Upstream CEO

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with senior officials at Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates (UAE) on June 16, 2026, including Musabbeh Al Kaabi, ADNOC Upstream CEO. The two sides confirmed that deliveries are proceeding as scheduled under the March agreement for the UAE to supply Korea with 24 million barrels of crude oil on an emergency basis. They also discussed cooperation to maintain stable crude supplies and agreed to continue talks on joint crude oil stockpiling, a key area of interest for the UAE. Minister Kim said the visit confirmed that Korea-UAE crude oil supply cooperation has moved beyond a simple trading relationship into a strategic partnership that remains effective even in times of crisis. date2026-06-17

Meeting with UAE Energy and Infrastructure Undersecretary

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited the UAE Ministry of Energy and Infrastructure on June 16, 2026, and met with Sharif Salim Al Olama, Undersecretary for Energy and Petroleum Affairs, and other senior officials from key UAE nuclear power institutions. The two sides reviewed ongoing Korean-UAE corporate projects to expand cooperation across the full life cycle of Barakah plant operations, including stable nuclear fuel supply, stronger maintenance cooperation, and wider use of artificial intelligence (AI) and digital transformation (DT). They also discussed next steps to further develop the projects. Minister Kim said Korea and the UAE will build on their deep trust to deepen full life-cycle nuclear cooperation, including operation and maintenance, joint entry into third-country markets, and facility protection. date2026-06-17

Korea, Qatar Agree to Resume Stable LNG Imports and Expand Cooperation in Advanced Industries

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Qatar on June 15, 2026, following his June 13–14 visit to Saudi Arabia. The visit was part of his three-country trip to the Middle East to help stabilize crude oil and gas supplies and strengthen economic and trade cooperation amid the conflict in the region. Qatar is Korea’s third-largest LNG supplier. During the April visit to Qatar by the Presidential Special Envoy for Strategic Economic Cooperation, HH Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, assured Korea that Qatar would supply LNG without disruption once the Strait of Hormuz returned to normal operations. Minister Kim’s visit was arranged to reaffirm Qatar’s commitment to giving Korea top priority for LNG supplies and to discuss expanding bilateral cooperation into advanced industries. Minister Kim visited QatarEnergy headquarters and met with H.E. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy. Minister Al-Kaabi oversees Qatar’s energy policy, including oil and gas resource development and LNG contracts. At the meeting, Minister Kim received a briefing on LNG production facilities and operating conditions at Ras Laffan Industrial City after four force majeure declarations were made following the outbreak of the war in the Middle East. The two sides then discussed cooperation on the gas supply chain amid geopolitical instability in the region. Building on strong mutual trust between the two countries, Minister Kim confirmed Qatar’s unchanged position that it would give Korea top priority for LNG and condensate supplies. He also asked Minister Al-Kaabi to give due consideration to Korean companies with strong technical capabilities and support their participation as new energy plant projects are expected to move forward in earnest once the war ends. On the same day, Minister Kim met with H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry. The two sides agreed to broaden bilateral cooperation beyond energy into shipbuilding, advanced industries, and other areas. They also discussed cooperation on attracting Qatari investment to Korea’s advanced industries, including AI, biotechnology, and robotics. To strengthen the strategic partnership, the two sides agreed to hold the Korea–Qatar High-Level Strategic Cooperation Committee in Doha at an early date and use the government-wide ministerial channel to make timely progress on specific cooperation projects. “At a time of growing uncertainty in the global landscape, the solid trust and cooperation Korea and Qatar have built are important for reliable energy supplies and resilient global supply chains,” Minister Kim said. “I hope the two countries will build on stable LNG supplies to strengthen energy security, broaden cooperation in future growth areas, including advanced industries and investment cooperation, and continue high-level communication to advance the bilateral partnership.” date2026-06-16