Ministry of Trade Industry and Resources

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

Korea’s ICT Exports Reach Record $47.8 Billion in May

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the Ministry of Science and ICT (MSIT, Deputy Prime Minister and Minister Bae Kyung-hoon) announced on June 15, 2026, that Korea’s ICT exports in May 2026 reached USD 47.8 billion, up 128.9 percent year-on-year from $20.9 billion. Imports rose 36.0 percent from $11.5 billion to $15.7 billion, resulting in a trade surplus of $32.1 billion. In May 2026, ICT exports topped $40.0 billion for a third straight month for the first time, despite the prolonged conflict in the Middle East, and reached record highs in both export value and year-on-year growth rate. The ICT trade surplus also topped $30.0 billion for the first time. ICT products accounted for more than half, or 54.5 percent, of Korea’s total exports, which stood at $87.8 billion, reinforcing ICT’s role as a key driver of Korea’s exports. By product, exports increased across all major categories: semiconductors (up 169.2 percent), mobile phones (up 15.9 percent), displays (up 2.8 percent), computers and peripherals (up 259.6 percent), and telecommunications equipment (up 3.7 percent). Semiconductor exports stayed above $30.0 billion for a third straight month, supported by continued export growth amid sustained investment in AI servers. Display exports returned to growth on higher demand for OLED panels used in new mobile phone models and solid sales of new laptop models. Mobile phone exports increased as average selling prices rose for high-end finished products and demand remained solid for high-value parts, including camera modules. Computers and peripherals posted record highs for a fourth consecutive month, supported by higher exports of semiconductor-based storage devices, including solid-state drives (SSDs) used in AI servers. Telecommunications equipment exports also increased on solid demand for components shipped to Vietnam and automotive equipment shipped to Mexico. By destination, exports increased in all major markets: the United States (up 254.3 percent), China, including Hong Kong (up 157.3 percent), the European Union (up 53.9 percent), Taiwan (up 95.5 percent), Vietnam (up 90.8 percent), India (up 56.0 percent), and Japan (up 33.2 percent). ICT imports totaled $15.7 billion in May 2026, up 36.0 percent from $11.5 billion a year earlier, as imports increased across most major ICT categories: semiconductors (up 62.6 percent), mobile phones including parts (up 16.0 percent), and computers and peripherals (up 15.5 percent). date2026-06-16

Meeting with Cambodian Deputy Prime Minister and CDC First Vice Chairman

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Sun Chanthol, Cambodia’s Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia (CDC), at the Korea Chamber of Commerce and Industry in Seoul on June 15, 2026. The two sides discussed expanding economic and trade cooperation between Korea and Cambodia, including the implementation of the Korea–Cambodia Free Trade Agreement (FTA), official development assistance (ODA), and international greenhouse gas reduction. Minister Yeo welcomed the steady growth in bilateral trade and investment since the Korea–Cambodia FTA entered into force in 2022 and bilateral relations were upgraded to a strategic partnership in 2024. date2026-06-16

Minister Kim Hosts Roundtable with Korean Companies Operating in Qatar

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) hosted a roundtable with Korean companies operating in Qatar and support institutions on June 15, 2026. The meeting was attended by representatives from Samsung C&T Corporation, Hyundai E&C, Hanwha Engine Co., Ltd., Doosan Enerbility, and the Korea Trade-Investment Promotion Agency (KOTRA). Minister Kim heard about key on-the-ground business difficulties and requests, and discussed next steps to support Korean companies’ operations in Qatar. Minister Kim said the trust and cooperation Korea and Qatar have built are important for reliable energy supplies and resilient global supply chains. date2026-06-16

Minister Kim Meets Qatar Minister of Commerce and Industry

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Qatar on June 15, 2026, following up on the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. 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. Minister Kim said the two countries will build on stable LNG supplies to strengthen energy security and broaden cooperation in future growth areas, including advanced industries and investment cooperation. date2026-06-16

Minister Kim Meets Qatar Minister of State for Energy Affairs and QatarEnergy CEO

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited QatarEnergy headquarters in Doha, Qatar, on June 15, 2026, as follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. Minister Kim 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. Minister Kim said the trust and cooperation Korea and Qatar have built are important for reliable energy supplies and resilient global supply chains. date2026-06-16

Meeting with Saudi Arabia’s Minister of Industry and Mineral Resources

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Bandar Al-Khorayef, Minister of Industry and Mineral Resources of Saudi Arabia, in Saudi Arabia on June 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. The two sides discussed trade, mineral cooperation, and industrial cooperation in automobiles, shipbuilding, steel, AI, and other areas. Minister Kim also closely reviewed progress on major industrial cooperation projects Korean companies are pursuing in Saudi Arabia. Minister Kim said Korea will continue to expand economic cooperation with Saudi Arabia across manufacturing, advanced industries, and other areas, building on the practical industrial cooperation achieved so far. date2026-06-15

Meeting with Saudi Arabia’s Minister of Energy

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Prince Abdulaziz bin Salman, Minister of Energy of Saudi Arabia, in Saudi Arabia on June 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. The two ministers reviewed progress on the crude oil and naphtha supply commitments from the envoy’s April visit and agreed to continue coordination to supply the planned volumes without disruption through the end of the year. They also signed an MOU on crude oil and gas cooperation between Korea and Saudi Arabia to establish a medium- to long-term foundation for resource cooperation beyond short-term supply arrangements. Minister Kim said the visit helped reaffirm stable supplies of key national resources, including crude oil and naphtha, amid continued global supply chain instability and strengthen the foundation for medium- and long-term resource cooperation. date2026-06-15

Roundtable with Korean Companies in Saudi Arabia

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 Saudi Arabia at the Embassy of the Republic of Korea in Saudi Arabia on June 14, 2026. The meeting brought together representatives from Korea National Oil Corporation, NAVER, LG Electronics, Samsung C&T, KOTRA, and other organizations. Participants discussed key business challenges, requests, and future plans related to their operations in Saudi Arabia. Minister Kim said Korea will continue to expand economic cooperation with Saudi Arabia across manufacturing, advanced industries, and other areas, building on the practical industrial cooperation achieved so far. date2026-06-15

Meeting with Saudi Arabia’s Minister of Investment

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Fahad Al-Saif, Minister of Investment of Saudi Arabia, in Saudi Arabia on June 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. During the meeting, the two sides discussed trade, mineral cooperation, and industrial cooperation in automobiles, shipbuilding, steel, AI, and other areas. Minister Kim also reviewed progress on major industrial cooperation projects Korean companies are pursuing in Saudi Arabia. Minister Kim said Korea will continue to expand economic cooperation with Saudi Arabia across manufacturing, advanced industries, and other areas, building on the practical industrial cooperation achieved so far. date2026-06-15