Ministry of Trade Industry and Resources

Trade Minister Meets US Representatives

Korea’s Minister for Trade Yeo Han-koo met with US Representatives Beth Van Duyne and Richard McCormick on Thursday, August 14, 2025, at The Plaza Hotel in Seoul to discuss bilateral economic cooperation and trade negotiations. date2025-08-19

Trade Minister Meets Japanese Ambassador to Korea

Korea’s Minister for Trade Yeo Han-koo met with Japanese Ambassador Extraordinary and Plenipotentiary to Korea Mizushima Koichi on Thursday, August 14, 2025, at the Korea Chamber of Commerce and Industry in Seoul. The two sides discussed tangible measures to strengthen bilateral economic cooperation in industries, trade, and energy. date2025-08-19

Minister Visits Hanwha Ocean’s Shipyard

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan visited Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea, on Thursday, August 14, 2025. During his first industrial site visit since taking office, the minister attended the naming ceremony for two very large liquefied natural gas carriers, where he delivered congratulatory remarks and celebrated alongside Hanwha Ocean CEO Kim Hee-cheul and other officials. The minister then toured specialty shipyards before visiting the maintenance, repair, and overhaul site for Charles Drew, the 3rd US naval vessel currently at the Geojeo Shipyard. Encouraging employees and crew members, he also met with Kim Yoo-chul, leader of Hanwha Ocean’s labor union, to express appreciation for workers’ dedication to the rebound of Korea’s shipbuilding industry. date2025-08-19

Korea’s World-Leading LNG Carrier Industry Takes a Further Step Under MASGA

[Naming Ceremony for LNG Carriers] Minister JK (Jung-Kwan) Kim of  the Ministry of Trade, Industry and Energy (MOTIE) attended the naming ceremony for two very large liquefied natural gas (LNG) carriers on Thursday, August 14, 2025, at Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea. The visit marked his first on-site engagement at an industrial facility since taking office. The two vessels are the first and second of five LNG carriers, valued at USD 1.2 billion, ordered in 2022 by a U.S. LNG producer. They will be deployed for global exports of U.S.-produced LNG. The vessels are very large LNG carriers, each with a capacity of 200,000 cubic meters, equivalent to roughly one day’s worth of LNG consumption for the Korean population in a single shipment. The projects is meaningful as a Korea–U.S. shipbuilding cooperation under the “Make American Shipbuilding Great Again (MASGA)” initiative and carry symbolic significance in that a Korean shipbuilder constructed vessels to transport U.S.-sourced energy. The ceremony also underscored Korea’s continued leadership in the high-value LNG carrier market. Of the 760 LNG carriers currently in operation worldwide, more than 70 percent were built in Korea. In the first half of this year, Korean shipbuilders secured all global orders for LNG carriers, maintaining the country’s leading position in the sector. In his congratulatory speech, Minister Kim described MASGA as a mutually beneficial initiative that supports the revitalization of the U.S. shipbuilding industry through shipyard investment, skilled workforce training, and  supply chain rebuilding, while creating new market opportunities for Korean companies. He added that the Korean government would promptly establish an interagency consultative body and work closely with U.S. counterparts to produce tangible results. [Visit to MRO Site of US Naval Vessel] Following the naming ceremony, Minister Kim visited the maintenance, repair, and overhaul (MRO) site at Hanwha Ocean’s Geoje Shipyard for Charles Drew, the third U.S. naval vessel to undergo MRO at the yard. He encouraged Hanwha employees and crew members of the Charles Drew, stating that “MRO for U.S. naval vessels mark the starting point for Korea–U.S. shipbuilding cooperation” and expressing his hope that “the Charles Drew would be restored through the technical capabilities of Korea’s shipbuilding industry, just like the previous two MRO projects.” [Meeting with Hanwha Ocean’s Labor Union Leader] Minister Kim also met with Kim Yoo-chul, head of Hanwha Ocean’s labor union and chair of the Daewoo Shipbuilding & Marine Engineering branch. The minister expressed his appreciation for the dedication of site workers who have contributed to the resurgence of Korea’s shipbuilding industry. Emphasizing that workplace safety requires joint commitment from labor, management, and the government, he called for coordinated efforts from all parties to prevent industrial accidents and ensure safe shipyard operations. He added that Korea–U.S. shipbuilding cooperation under MASGA should be viewed not as a diversion of orders to the United States, but as an opportunity to create new business prospects for Korean shipbuilders, and asked for continued cooperation in advancing bilateral shipbuilding collaboration. date2025-08-14

Korea’s ICT Exports Surge 14.4% in July

The Ministry of Trade, Industry and Energy and the Ministry of Science and ICT announced on August 14 that Korea’s exports of ICT goods in July 2025 climbed 14.5 percent year-on-year to USD 22.2 billion, while imports grew 9.8 percent to $13.3 billion. The trade balance recorded a surplus of $8.9 billion. Despite policy uncertainties, including the announcement of new US tariffs, ICT exports reached an all-time high for the month of July. Semiconductor exports, in particular, achieved a record-breaking performance for four consecutive months. Semiconductor exports spiked 31.2 percent year-on-year, driven by rising contract prices for DRAM and NAND memory, alongside sustained global demand for high-value memory products such as HBM and DDR5. Communication device exports rose 4.6 percent, supported by demand for automotive communications equipment in the US and 5G equipment in Japan. Exports of displays (down 8.9 percent), mobile phones (down 21.7 percent), and computers/peripherals (down 17.1 percent) all declined; however, strong exports of finished smartphone products partially offset the drop. By destination, ICT exports increased to the US (up 11.9 percent), Vietnam (up 16.4 percent), the EU (up 18.0 percent), and Japan (up 23.9 percent), while exports to China (including Hong Kong) fell 5.6 percent. ICT imports in July rose 9.8 percent year-on-year to $13.3 billion, driven by gains in semiconductors (up 9.2 percent), mobile phones (up 19.3 percent), and computers/peripherals (up 15.6 percent). date2025-08-14

Korea-Vietnam Business Forum Held During State Visit by Vietnamese General Secretary To Lam

Prime Minister Kim Min-seok attended the Korea-Vietnam Business Forum at Lotte Hotel Seoul on the morning of Tuesday, August 12, 2025. The forum was co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Vietnam’s Ministry of Finance (MOF) during Vietnamese General Secretary To Lam’s state visit to Korea, demonstrating a commitment to strengthening bilateral relations The forum marked the first state visit since Korea’s new government took office and brought together over 500 participants, including Second Vice Minister of MOTIE Lee Ho-hyun and Minister of MOF Nguyen Van Thang, government officials, agency representatives, and business leaders from both countries. It also featured a corporate presentation session during which six Korean and Vietnamese firms shared insights on three key topics: digital transformation, advanced industries, supply chains, and energy. On the sidelines of the forum and in the presence of General Secretary To Lam and Prime Minister Kim, a total of 52 Memoranda of Understanding (MOUs) were signed between private businesses and agencies of the two countries across a wide range of sectors, including industrial cooperation, energy, and food and tourism, laying the groundwork for expanded economic partnership. In industrial cooperation, 28 MOUs were concluded across traditional manufacturing and emerging industries, including shipbuilding, aviation, AI, finance, and port logistics. These agreements are expected to diversify bilateral industrial cooperation through initiatives such as joint investment, workforce development, and industry-academia collaboration. In the energy sector, 11 MOUs were signed in areas such as clean energy and power grid stabilization, reinforcing the foundation for a stable and sustainable energy supply chain cooperation with Vietnam. In addition, three MOUs on high-speed rail partnerships were concluded, creating opportunities for Korean companies to participate in Vietnam’s national transportation and construction projects. Also, 10 MOUs on food, tourism, and other areas were signed, contributing to closer cultural cooperation between the two countries. The Korean government will work closely with the Vietnamese government through established economic cooperation platforms, such as the Joint Committee on Industry and Free Trade Agreements, to ensure that these MOUs are effectively implemented and deliver tangible results. date2025-08-14

Minister Meets Vietnam’s Finance Minister

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with Vietnam’s Minister of Finance Nguyen Van Thang at Lotte Hotel Seoul on Tuesday, August 12, 2025, during Vietnamese General Secretary To Lam’s state visit. The ministers discussed ways to expand bilateral foreign direct investments and other areas of economic cooperation. date2025-08-13

Trade Minister Attends 32nd PECC General Meeting

Korea’s Minister for Trade Yeo Han-koo attended the 32nd Pacific Economic Cooperation Council (PECC) General Meeting at The Federation of Korean Industries (FKI) conference center in Seoul on Tuesday, August 12, 2025. The trade minister delivered a keynote address on the theme, "Trade, AI, and Demographics in a Shifting Global Landscape." The event brought together over 200 participants, including Lee Si-wook, President of the Korea Institute for International Economic Policy; Chung Chul, President of the Korea Economic Research Institute; Kim Chang-beom, Vice Chairman of FKI; and Richard Cantor, International Co-Chair of PECC and Vice Chairman of Moody's Investors Service; as well as government representatives from APEC member economies, industry insiders, and academics. date2025-08-13

Trade Minister Delivers Keynote Address at PECC, APEC’s Think Tank

Korea’s Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) attended the 32nd General Meeting of the Pacific Economic Cooperation Council (PECC) on Tuesday, August 12, 2025, at the Federation of Korean Industries (FKI) Conference Center in Seoul, Korea. The event was co-hosted by the Korea Institute for International Economic Policy (KIEP) and the Federation of Korean Industries (FKI). Established in 1980, PECC is an Asia-Pacific Economic Cooperation (APEC)-affiliated policy think tank that brings together government, industry, and academic leaders. It has served  as an official observer of APEC and directly contributed to the launch of APEC in 1989 by developing the concept for a regional economic cooperation body. This year’s General Meeting, held in Seoul as Korea prepares to host APEC in 2025 for the first time in two decades, is convened under the overarching theme, “Reimagining Asia-Pacific Cooperation: Trade, AI, and Demographics in a Shifting Global Landscape.” At the meeting, Trade Minister Yeo delivered a keynote address  alongside Professor James Robinson of the University of Chicago, 2024 Nobel Laureate in Economics. He presented Korea’s mid- to long-term trade strategies in response to fundamental shifts in the global trade environment, as well as his vision for the future direction of APEC. In his remarks, Trade Minister Yeo stated, “The global trade environment is undergoing a structural transformation,” identifying the securitization of economic issues, the weaponization of interdependence, and the rapid acceleration of AI and digital innovation as the three major changes. He stressed that trade, technology, and supply chains are no longer purely economic issues but matters directly linked to national security. He noted that while interdependence had in the past helped deter conflict and promote cooperation, rising protectionism is increasingly prompting countries to use it to pressure  other countries in pursuit of national interests. Trade Minister Yeo added that these shifts in the trade landscape have a particularly pronounced impact on Korea, given its high trade dependence (over 90 percent) and the significant share of manufacturing in its economy (27 percent). He set out three policy directions: diversifying supply chains and export markets by expanding cooperation with the Global South, including ASEAN and India; strengthening convergence policies that align trade, industry, and security around strategic sectors; and leading the establishment of new trade rules in areas such as climate change, supply chains, and AI. He stated, “Trade and industrial policy can no longer be pursued separately,” emphasizing the need for a package approach that links strategic sectors with trade negotiations, overseas investment, and technology cooperation. He further added, “We stand at a turning point where the trade order that underpinned global economic growth is at an inflection point.  More creative and practical cooperation at the APEC level is needed that ever.” He called on APEC and PECC—long regarded as incubators of policy ideas for Asia-Pacific economic growth and prosperity—to “once again chart a path for cooperation and solidarity for the region.” Looking ahead to the 2025 APEC Summit scheduled for October, MOTIE is preparing a series of international business events to deliver tangible economic outcomes. These include the APEC CEO Summit hosted by the Korea Chamber of Commerce and Industry; the Invest KOREA Summit; and Boom-Up Korea Week. The Korean government plans to successfully host APEC, demonstrating the country’s economic resilience and mature democracy while exercising open leadership as a middle power country in the changing global trade order. date2025-08-13

Minister Meets Vietnamese Counterpart

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with Vietnam’s Minister of Industry and Trade Nguyen Hong Dien at Lotte Hotel Seoul on Monday, August 11, 2025, during Vietnamese General Secretary To Lam’s official visit to Korea. The ministers discussed bilateral cooperation in trade and investment, followed by the exchange of Records of Discussion on establishing a technology cooperation center for critical mineral supply chains. date2025-08-12