Ministry of Trade Industry and Resources

Korea-Turkmenistan high-level talks on plant cooperation

Minister of Trade, Industry and Energy of the Republic of Korea Dukgeun Ahn and Deputy Chairman of the Cabinet of Ministers of Turkmenistan for Construction and Industrial Complex Baymyrat Annamammedov held Korea-Turkmenistan high-level talks in Seoul on April 18 and discussed bilateral plant cooperation. date2025-04-21

Türkmenabat mineral fertilizer plant PJT framework agreement ceremony

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn and Deputy Chairman of the Cabinet of Ministers of Turkmenistan for Construction and Industrial Complex Baymyrat Annamammedov attended a signing ceremony for the Framework Agreement on a $700 million mineral fertilizer plant project to be commissioned by “Turkmenhimiya” State Concern, in which Korea’s Daewoo E&C will participate as a contractor. date2025-04-21

Minister Ahn attends AMCHAM Evolving Energy Forum

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn attended the AMCHAM Evolving Energy Forum on April 18 in Seoul held under the theme of “Opportunities in the Korea-U.S. Partnership” and gave a congratulatory address. date2025-04-21

Korea and Turkmenistan Step Up Plant Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Baymyrat Annamammedov, Deputy Chairman of the Cabinet of Ministers of Turkmenistan for Construction and Industrial Complex, in Seoul on April 18, 2025, for high-level Korea–Turkmenistan talks on plant cooperation. Prior to the talks, the two sides held a signing ceremony for a framework agreement on the Türkmenabat mineral fertilizer plant project, worth about USD 700 million. This project was commissioned by the “Turkmenhimiya” State Concern, with Korea’s Daewoo E&C participating as a contractor. Once completed, the plant will process phosphate rocks from the Türkmenabat region into phosphorus to produce fertilizers, which is expected to help improve Turkmenistan’s industrial and agricultural productivity and diversify its export portfolio. During the high-level talks, Minister Ahn proposed an early conclusion of the final agreement for the Türkmenabat mineral fertilizer plant project and requested the Turkmen government’s support for Korean companies seeking to participate in additional plant projects going forward. date2025-04-18

Minister Ahn chairs meeting with Korean firms in Vietnam

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn chaired a conference with Korean firms locally operating in the Vietnamese market on April 14 in Hanoi on the margins of Korea-Vietnam intergovernmental meetings with the participation of representatives of companies like Hyundai Motor, Samsung Electronics, and Doosan Enerbility for discussions on trade issues and support measures. date2025-04-16

Minister Ahn visits Samsung Electronics R&D Center in Hanoi

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn visited Samsung Electronics R&D Center in Hanoi, Vietnam, on April 14 and received a briefing on business issues and toured major facilities, encouraging the employees. date2025-04-16

Korea’s auto exports log 2nd highest for March

The Ministry of Trade, Industry and Energy (MOTIE) of Korea announced today that automobile production (up 1.5 percent), domestic sales (up 2.4 percent), and export value (up 1.2 percent) for the month of March 2025 all advanced year-on-year for the second consecutive month. Notably, March automobile exports reached the second highest in history for the month at $6.2 billion. The export value for the first quarter (Q1) inched down 1.3 percent year-on-year, which is attributable to last year’s high base effect and this year’s lower number of working days (-3) compared to Q1 2024. Domestic sales rose 2.7 percent to 388,294 units during Q1 2025 as a result of a base effect from last year’s sluggish domestic demand. Q1 sales of eco-friendly vehicles soared over 20 percent to 169,013 units and the total automobile production volume (1,013,485 units) breached the one-million-unit mark for the third consecutive year, driven by strong domestic demand.   date2025-04-15

Korea and Vietnam Sign MOUs to Broaden Economic Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Nguyen Hong Dien, Vietnam’s Minister of Industry and Trade, in Hanoi on April 14, 2025, for the 14th Korea-Vietnam Joint Industrial Committee and the 8th Korea-Vietnam FTA Joint Committee, where they discussed measures for wider economic cooperation between the two countries. At the Korea-Vietnam Joint Industrial Committee meeting, the two sides discussed detailed implementation measures to achieve USD 150 billion in bilateral trade by 2030 and agreed to cooperate on nuclear reactor projects in Vietnam, LNG power generation, clean energy development, and textile sector investments, and the resumption of logistics policy meetings at the director general level. At the subsequent FTA Joint Committee meeting, the two sides reviewed key issues, including amending the bilateral FTA to help reduce costs and streamline customs procedures for exporters, expanding electrical safety certification bodies, broadening trade in agricultural and livestock products, and import regulations. They also discussed ways to help companies make better use of the bilateral FTA. Following the meetings, the chief delegates of the two countries signed a memorandum of understanding (MOU)  on implementation measures to achieve $150 billion in bilateral trade volume by 2030, while the director generals in charge of nuclear power development signed an MOU on bilateral nuclear reactor cooperation. In addition, Korea Electric Power Corporation (KEPCO signed an MOU with Vietnam’s state-owned power transmission company for cooperation in power grids and new energy industries.  In the evening of the same day, Minister Ahn convened a conference with the representatives of 16 Korean companies operating in Vietnam to discuss business issues. He stated that the ministry will continue to maintain intergovernmental, high-level consultations with relevant authorities. date2025-04-15

Korea’s ICT exports climb 9.4% in March

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) of Korea announced today that exports and imports of information and communications technology (ICT) goods for March 2025 rose 9.4 percent and 6.8 percent year-on-year, respectively, to USD 20.6 billion and $12.2 billion. The trade balance stood at a surplus of $8.4 billion. Compared to February, the month of March saw exports and trade surplus soar steeply, each advancing 24 percent and 48 percent month-on-month. It is also significant to note that exports of major ICT items gained simultaneously for the first time in eight months. Leading items like semiconductors (up 11.8 percent year-on-year), displays (up 1.3 percent), mobile phones (up 14.5 percent), and computers/peripherals (up 28.1 percent) all achieved growth, whereas communication devices (down 0.4 percent) slowed. The rebound of semiconductors is attributed to buyers’ depleting memory chip inventories and increasing demand for high value-added memory chips like HBMs and DDR5s. Displays snapped their eight-month losing streak, thanks to new mobile phone model releases and wider demand from downstream ICT industries.  Mobile phones performed strong as shipments of parts surged on the backs of demand from overseas production bases. Computers/peripherals enjoyed growth as increasing investments in servers and datacenters across the U.S. and the EU led to higher demand for storage devices. Meanwhile, communication devices inched down as a result of the diminished supply of parts for wireless communication devices. By region, Korea’s ICT exports expanded to destinations like the U.S., Vietnam, and Japan, while those to China (including Hong Kong) and the EU declined.   date2025-04-14

Korea and Vietnam sign MOU for cooperation in power grids and new energy industries

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien led their government delegations in attending the MOU signing ceremony between Korea Electric Power Corporation (KEPCO) and Vietnam’s National Power Transmission Corporation (EVNNPT) for cooperation in power grids and new energy industries. date2025-04-14