Ministry of Trade Industry and Resources

Korea and Vietnam hold signing of minutes

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Vietnam’s Trade and Industry Minister Nguyen Hong Dien today in Seoul, where the two sides held a ceremony for the signing of minutes of their bilateral ministerial talks. date2025-02-25

Minister Ahn meets Vietnam’s Trade and Industry Minister

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Vietnam’s Trade and Industry Minister Nguyen Hong Dien today in Seoul for bilateral talks on measures to widen energy and trade cooperation. date2025-02-25

Korea’s retail industry advances 11.7% in January

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry grew 11.7 percent year-on-year in the month of January 2025, with offline and online sales advancing 8.8 percent and 14.6 percent, respectively. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. By offline retail channel, hypermarket sales jumped 16.1 percent as Seollal holiday demand spurred sales across all categories, centering on food products (up 19.1 percent), home appliances/culture (up 7.5 percent), and home/living (up 8.2 percent). Department store sales climbed 10.3 percent on the backs of Seollal gift purchases, led by foreign designer labels (up 17.3 percent), food products (up 24.9 percent), and kids/sports (up 9.3 percent). Convenience store sales inched up 1.7 percent, with food products (up 2.5 percent) and nonfood products (up 0.9 percent) both increasing, whereas instant food products (down 5.0 percent) shrank for the first time since last year’s Chuseok holidays in September 2024. SSM operators rose 4.8 percent as food products (up 5.1 percent) and nonfood products (up 1.4 percent) both grew, thanks to higher demand for home dining and kitchenware during the Seollal holidays. Online retail sales (up 14.6 percent) enjoyed robust demand for food products (up 19.6 percent), cosmetics (up 7.7 percent), and service/other (up 73.3 percent), fueled by purchases of Seollal holiday gift and e-coupons, rental services for water purifiers and other items, as well as the expansion of online platforms’ delivery services. Meanwhile, sales of fashion/clothing (down 12.8 percent), sports (down 11.9 percent), and home appliances/electronics (down 6.2 percent) continued to slow.   date2025-02-25

Korea and Vietnam to Strengthen Nuclear Power Cooperation

Minister for Trade, Industry and Energy (MOTIE) Ahn Duk-geun met with Vietnam’s Trade and Industry Minister Nguyen Hong Dien today in Seoul on February 25, 2025, to discuss measures to widen energy and trade cooperation. Vietnam is Korea’s largest trading and investment partner in AESAN and its third largest trading partner in the world following China and the U.S.. It is home to approximately 9,000 Korean companies. Today’s bilateral talks took place on the margins of Minister Nguyen Hong Dien’s visit to Korea for discussions on nuclear power cooperation, following Vietnam’s recent decision to resume its nuclear energy development.  During the meeting, the Vietnamese delegation outlined recent developments in the country’s nuclear power policy and proposed expanding nuclear energy cooperation between the two countries. The Korean delegation suggested to resume the bilateral director general-level nuclear industry dialogue channel, which has been on hiatus since 2017, for consultations on more concrete collaboration measures. In view of current uncertainties in the trade landscape, the two sides agreed to maintain close coordination and communication to mitigate business challenges Korean companies experience in Vietnam and to swiftly conclude negotiations on upgrading the Korea-Vietnam Free Trade Agreement (FTA) to facilitate customs clearance for exporters. They also decided to strengthen cooperation in supply chains through the critical minerals supply chain technology cooperation center project to be launched in 2025. date2025-02-25

Korea to Strengthen Energy Cooperation with Türkiye and Saudi Arabia

Deputy Minister for Energy Policy Lee Ho-hyeon at the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) will visit the Republic of Türkiye and Saudi Arabia from February 24 to 27, 2025, for high-level intergovernmental talks on bilateral energy cooperation in areas including nuclear power, power grids, hydrogen, and petroleum. On February 24, Deputy Minister Lee is meeting with Turkish Deputy Ministers of Energy and Natural Resources Zafer Demircan and Ahmet Berat Çonkar to exchange views on various bilateral energy agendas, including nuclear power and clean energy. To secure a stable energy supply, Türkiye is seeking to build a 20GW nuclear reactor by 2050. In addition to implementing the Akkuyu nuclear power plant (NPP) project launched in 2010, the Turkish Ministry of Energy and Natural Resources is currently seeking contractors for new nuclear power projects in the Sinop and Thrace. The high-level visit will resume government-level dialogue on nuclear power between the two countries for the first time in 13 years and is expected to give momentum to further discussions. On February 26, Deputy Minister Lee will also meet with Saudi Arabia’s Assistant Minister of Energy for Electricity Affairs Nasser Al-Qahtani to discuss policy trends and bilateral cooperation regarding large-scale NPP projects, power grid expansions, and clean hydrogen. Saudi Arabia is diversifying its energy mix and transitioning to an energy system suitable for sustainable growth, creating considerable potential for collaboration with Korea over a wide range of energy sectors. “We will closely examine the policies adopted by countries to promote sustainable development and respond to climate change,” said Deputy Minister Lee. “We will also work to strengthen energy cooperation with Europe and the Middle East so that these efforts create new opportunities for Korean companies.” date2025-02-24

Minister Ahn meets U.S. Embassy Chargé d'Affaires ad interim

Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with Ambassador Joseph Yun, Chargé d'Affaires ad interim at the U.S. Embassy in Seoul, today to discuss measures for stronger Korea-U.S. cooperation in trade, investment, and energy. The two sides also agreed to continue joint efforts for Korea’s successful hosting of Asia-Pacific Economic Cooperation (APEC) 2025. date2025-02-21

Minister Ahn meets Dutch Minister of Economic Affairs

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Dutch Minister of Economic Affairs Dirk Beljaarts on February 20 in Seoul for discussions on measures to strengthen Korea-Netherlands industrial cooperation as well as agendas like economic security, supply chains, and semiconductors. date2025-02-21

Minister Ahn Discusses Stronger Korea-U.S. Cooperation with U.S. Embassy Chargé d'Affaires ad Interim

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held talks with Ambassador Joseph Yun, Chargé d'Affaires ad interim at the U.S. Embassy in Seoul, on February 21, 2025, to discuss measures to strengthen Korea-U.S. cooperation in trade, investment, and energy. The two sides also agreed to continue joint efforts to ensure the successful hosting of the Asia-Pacific Economic Cooperation (APEC) 2025 in Korea. Minister Ahn noted that Korea-U.S. relations have developed into an economic and advanced industrial alliance, supported by the steady expansion of bilateral trade and investment. He expressed hope that cooperation between the two countries would continue to expand and deepen under the new U.S. administration. Viewing that the Korea-U.S. partnership has strong potential to deepen cooperation in advanced sectors such as batteries, semiconductors, shipbuilding, and energy, Minister Ahn underscored the need to maintain consistency and stability in key policies and systems on both sides that could affect bilateral trade and investment. Chargé d'Affaires ad interim Yun responded that the U.S. Embassy would do its utmost to bolster the Korea-U.S. alliance, which has developed deep ties in security, the economy, and other areas over the past 70 years. The Korean government plans to maintain close consultation with the U.S. government while monitoring the new administration’s trade and economic measures and their potential impact on bilateral trade and investment. date2025-02-21

Korea and Netherlands Discuss Stronger Industrial Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Dutch Minister of Economic Affairs Dirk Beljaarts in Seoul on February 20, 2025, to discuss measures to strengthen Korea-Netherlands industrial cooperation. Among EU member states, the Netherlands is Korea’s second largest trading partner, with bilateral trade reaching USD 15.0 billion in 2024, and its largest investor, with cumulative investment pledges totaling $39.9 billion as of September 2024. Businesses from both countries are actively collaborating in advanced industries such as semiconductors and batteries. During today’s talks, the two sides discussed bilateral cooperation, economic security, supply chains, and semiconductors, sharing recent industrial policy developments and progress in cooperation. Noting the active Korea-Netherlands joint R&D cooperation in information and communications technology (ICT) and biotechnology, Minister Ahn expressed hope that technology collaboration would expand through continued in-depth consultations within the bilateral Joint Innovation Committee established between MOTIE and the Netherlands’ Ministry of Economic Affairs. Minister Ahn highlighted the need for continued intergovernmental cooperation on export controls and supply chains, and both sides agreed that economic security is a key issue shared by the two countries amid growing uncertainty in global trade. Commending the smooth progress of the bilateral semiconductor dialogue, the Future Chips Academy, and other joint semiconductor initiatives since the establishment of the Korea-Netherlands Semiconductor Alliance in December 2023, Minister Ahn underscored the importance of close bilateral cooperation amid growing uncertainties in the global semiconductor supply chain. date2025-02-20

Korea-Czech Energy Technology Forum

Trade, Industry and Energy Vice Minister Namho Choe of the Republic of Korea attended the Korea-Czech Republic Energy Technology Forum held today in Seoul with the participation of the Czech Minister for Industry and Trade Lukáš Vlček, TACR Chairman Petr Konvalinka, and KETEP President Lee Seung-jae among roughly 150 attendees comprising both countries’ industry, academia, and research experts and government officials for discussions on measures for bilateral cooperation in energy technology. date2025-02-18