Ministry of Trade Industry and Resources

Incheon Global Campus to Build Innovation Ecosystem for Industry–Academia Collaboration

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held a roundtable to promote industry–academia collaboration at Incheon Global Campus (IGC) and hosted the IGC Navigator Day 2026 on July 30, 2026, in Seoul. The event drew around 50 participants, including representatives from the Incheon Free Economic Zone Authority (IFEZA), the industry-academic cooperation foundations of IGC’s five foreign universities, the Incheon Global Campus Foundation, and the Korea Planning & Evaluation Institute of Industrial Technology (KEIT), as well as experts from industry, academia, and research institutions. IGC is a shared campus for foreign universities, developed in Songdo, Incheon, since 2009 to establish an education hub in Northeast Asia. It is now home to five institutions: Stony Brook University and the Fashion Institute of Technology at SUNY Korea, George Mason University Korea, Ghent University Global Campus, and the University of Utah Asia Campus. MOTIR has worked to develop IGC into a global cluster connecting industry, academia, and research institutions. A September 2020 amendment to the Industrial Education Enhancement and Industry–Academia–Research Cooperation Promotion Act allowed foreign universities to establish and operate industry-academic cooperation foundations in Korea. All five foreign universities at IGC established foundations in December 2021. The event allowed the foundations to share their achievements and challenges and discuss IGC’s future development. It also aimed to link Korean industries with talented individuals and academic achievements cultivated through global universities’ expertise, while strengthening domestic and international networks across industry, academia, and research institutions. Key programs included a keynote address by Professor Lee Kyoung-jun of Kyung Hee University titled “Turning Research into Value in the Age of AI Agents,” followed by a presentation on the Korean government’s R&D policy direction and a networking session among IGC universities. MOTIR expects the event to deepen cooperation on technology and human resources between foreign universities in Korea’s free economic zones and Korean companies. By developing industry–academia–research clusters, the ministry also aims to stimulate foreign investment, attract global companies, and thereby strengthen Korea’s competitiveness. Noting that Incheon Global Campus, Korea’s first shared campus for foreign universities, has established itself as a model success story, Director General Je Kyung Hee of the Free Economic Zone Planning Office expressed hope that it would become a leading innovation hub in Korea—a center of global technological innovation that attracts world-leading companies and drives global R&D collaboration. date2026-07-30

Major Retailer Sales Up 7.3% in First Half of 2026 and 9.5% in June 2026

2026 First Half Retailer Sales The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that total sales at 26 major retailers (15 brick-and-mortar retailers and 11 online retailers) in the first half of 2026 rose 7.3 percent year-on-year, with offline sales up 6.2 percent and online sales up 8.1 percent. The first half of 2026 saw department store sales surge on improved consumer sentiment and higher sales to foreign tourists. Convenience store sales returned to growth and online sales rose steadily, while hypermarkets and super supermarkets (SSMs) remained weak. Online sales rose 8.1 percent as consumers purchased more food online, further establishing online retail as a grocery-shopping channel. This was somewhat slower than the 14.4 percent strong growth recorded in the first half of 2025, reflecting the high comparison base.  Offline sales rose 6.2 percent, driven by gains at department stores (up 20.1 percent) and convenience stores (up 3.7 percent). In contrast, hypermarkets (down 7.3 percent) and SSMs (down 6.6 percent) remained weak. Department stores, which have been transforming into experiential retail spaces, saw sales growth surge from 0.5 percent in the first half of 2025 to 20.1 percent in the first half of 2026, as consumer sentiment improved and sales to foreign tourists increased. Convenience store sales returned to growth, rising 3.7 percent after falling 1.0 percent in the first half of 2025. The rebound was supported by the resulting base effect and the early onset of hot weather. The number of transactions also rose steadily from February 2026, indicating more frequent consumer visits. Weak sales in food, the core category for hypermarkets and SSMs, continued to weigh on both channels. Hypermarkets consequently posted their ninth consecutive quarterly decline, a streak dating to the second quarter of 2024, while SSMs recorded their fourth, dating to the third quarter of 2025. Nevertheless, the gap between offline and online sales growth narrowed, supported by the base effect from a 0.5 percent decline in the first half of 2025 and strong department store sales. Improving consumer sentiment drove broad-based growth across all product categories, including home appliances and cultural goods (up 9.7 percent), fashion and accessories (up 8.2 percent), household goods (up 6.3 percent), and food (up 5.0 percent). Premium international brands posted particularly strong growth of 30.8 percent. In the food category, online sales rose 11.0 percent, while offline sales fell 0.5 percent.   2026 June Retailer Sales In June 2026, total sales at the 26 major retailers rose 9.5 percent year-on-year, with offline sales up 6.4 percent and online sales up 11.7 percent. Sales at department stores and convenience stores rose 22.2 percent and 5.1 percent, respectively, marking the twelfth consecutive month of growth for both channels since July 2025. Hypermarket and SSM sales remained weak, falling 10.5 percent and 10.8 percent. Sales of home appliances and cultural goods surged 31.1 percent, while sales of premium international brands climbed 34.3 percent. Food sales rose 4.8 percent overall, with online sales up 11.2 percent and offline sales down 1.1 percent. Sales shares by channel were 60.4 percent for online retailers, 15.2 percent for department stores, 15.0 percent for convenience stores, 7.5 percent for hypermarkets, and 1.9 percent for SSMs.   date2026-07-29

ISO Publishes Two International Standards on Manufacturing Digital Twins Developed under Korea’s Leadership

The Korean Agency for Technology and Standards (KATS, President Kim Dae-ja) under the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that the International Organization for Standardization (ISO) has officially published two international standards for manufacturing digital twins proposed by Korea. Digital twin technology creates virtual models of physical products, equipment, processes, and factories. These models allow manufacturers to monitor real-world conditions, predict problems, and optimize operations. As autonomous manufacturing and AI-based manufacturing services become more widespread, digital twins are emerging as a core technology for improving productivity and quality in manufacturing. Korea has led efforts to develop international standards for manufacturing digital twins, contributing to the development of ISO 23247-1 through ISO 23247-4. These standards cover general principles, reference architecture, digital representations of manufacturing elements, and information exchange. The two newly published standards expand the series to cover how multiple digital twins can be connected and combined for specific purposes. ISO 23247-5 (Digital Thread for Digital Twin) sets out how to link information from different stages of manufacturing, including product design, production processes, equipment status, and inspection results, into a continuous digital thread, allowing users to find and use the data needed for digital twin applications. This makes it possible to trace and analyze design information, production conditions, equipment history, and inspection data in relation to one another when a specific quality issue arises. ISO 23247-6 (Digital Twin Composition) sets out how to select and combine digital twins to create a larger virtual model for a specific purpose. This allows digital twins of individual products, equipment, and processes to be combined like building blocks into a composite digital twin for an entire production line or factory, providing greater flexibility in configuration. With government support, the Electronics and Telecommunications Research Institute (ETRI) proposed the above standards based on Korean technologies. Companies and organizations from countries including the United States and Sweden also participated in their development. “The publication of these international standards has paved the way for Korean digital twin technologies to be used worldwide by incorporating them into international standards,” said KATS President Kim Dae-ja. “We will continue to actively support related standards development by industry, academia, and research institutions to facilitate the rapid adoption of AI across Korea’s manufacturing sector.” date2026-07-28

Korea and Bangladesh to Hold Fifth Round of CEPA Negotiations

Korea and Bangladesh will hold the fifth round of official negotiations for a Comprehensive Economic Partnership Agreement (CEPA) in Seoul from July 27 to 31. The talks come as Korea seeks to expand into promising emerging markets and diversify its export markets amid a rapidly changing global trade environment. Bangladesh, the world’s eighth-most populous country, is a key South Asian market with strong growth potential. The Office of Trade Negotiations at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) said that around 60 delegates from the two countries will attend the talks. The Korean delegation will be led by Park Geun-oh, Director General for Trade Agreement Policy at MOTIR, while Bangladesh’s delegation will be led by Ayesha Akther, Additional Secretary and Head of the Foreign Trade Agreement Wing at the Ministry of Commerce. Since declaring the launch of negotiations in November 2024, the two countries have held four formal rounds and several intersessional meetings. They have finalized the agreement text in four areas: customs procedures, rules of origin procedures, sanitary and phytosanitary measures (SPS), and technical barriers to trade (TBT), laying a solid foundation for further progress. In this round, the two sides aim to resolve key outstanding issues in eight areas: goods, services, investment, rules of origin, digital trade, intellectual property rights, economic cooperation, and general provisions, and bring the negotiations close to a conclusion. With a population of 170 million, Bangladesh has posted average annual economic growth of more than 6 percent since 2000 and is scheduled to graduate from least developed country (LDC) status in November 2026. It is also actively opening its market by pursuing accession to the Regional Comprehensive Economic Partnership (RCEP) and free trade agreements with major economies, including Japan. A Korea–Bangladesh CEPA is expected to expand the export base for Korean automotive and petrochemical companies and broaden economic cooperation in areas such as infrastructure, manufacturing, and digital industries. “Bangladesh is a major South Asian market that is growing rapidly. A CEPA will help Korean companies expand into the region and diversify their supply chains,” said Director General Park. “MOTIR will make every effort in this round to resolve as many outstanding issues as possible and bring the negotiations to a swift conclusion.” date2026-07-27

Korea–U.S. Shipbuilding Partnership Center Launches to Drive MASGA Forward

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the U.S. Department of Commerce jointly opened the Korea–U.S. Shipbuilding Partnership Center (KUSPC) in Washington, D.C., on July 23, 2026, with Minister Kim and U.S. Secretary of Commerce Howard Lutnick in attendance. The opening came just over two months after the ministries signed a May 8 MOU establishing the Korea–U.S. Shipbuilding Partnership Initiative (KUSPI), under which they agreed to set up the center. Opening Ceremony Approximately 130 people attended the ceremony, including the two commerce ministers, senior government officials, and business leaders from both countries. Korean attendees included officials from the Ministry of Finance and Economy (MOFE) and the Defense Acquisition Program Administration (DAPA), the Ministry of National Defense (MND), Korea’s ambassador to the United States, and lawmakers from the Korea–U.S. Parliamentary League. U.S. attendees included Acting Secretary of the Navy Hung Cao, U.S. Ambassador to Korea Michelle Steel, Senators Todd Young and Mark Kelly, and officials from the White House, the U.S. Maritime Administration, and the Department of State. Industry participants included Kim Hyung-kwan, CEO of HD Korea Shipbuilding & Offshore Engineering; Choi Sung-an, CEO of Samsung Heavy Industries; Jung In-sub, President of Hanwha Ocean; and Yoo Sang-cheol, CEO of HJ Shipbuilding & Construction, along with other business leaders from both countries. In his welcoming remarks, Minister Kim called KUSPC “a unique platform for shipbuilding cooperation and a symbol of Korea’s firm commitment to helping rebuild the U.S. shipbuilding industry” and added, “With government support, KUSPC will bring Korea’s world-class shipbuilding technologies to shipyards on both U.S. coasts and swiftly advance the $150 billion shipbuilding investment.” He also called on the U.S. government to support the investment through a steady stream of orders, incentives, and regulatory relief. In a congratulatory address read by DAPA Director General for International Cooperation Kim Tae-gon, DAPA Minister Lee Yong-cheol promised to identify new opportunities for Korea–U.S. cooperation on naval vessels and help Korean companies enter U.S. shipbuilding and defense supply chains. DAPA will also work closely with KUSPC to turn the MASGA vision into concrete, sustainable results. KUSPC Director Lee Jong-geon said the center will connect governments, shipyards, universities, research institutes, and investors; train skilled shipbuilding workers in the United States; advise major U.S. shipyards on productivity; and support joint R&D. He added, “We will turn the $150 billion investment into tangible results and help restore the U.S. shipbuilding industry’s competitiveness.” 15 Korea–U.S. Cooperation MOUs Signed At the ceremony, Korean and U.S. companies and institutions signed 15 MOUs in the presence of the two ministers. The agreements cover four areas: building Team Korea, supply chain cooperation, workforce development, and joint R&D. The agreements are expected to strengthen the U.S. shipbuilding industry while supporting Korean investment in the U.S. 1. Building “Team Korea” – Six Korean organizations—HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, the Korea Offshore & Shipbuilding Association (KOSHIPA), the Korea Research Institute of Ships & Ocean Engineering (KRISO), and KUSPC—formed “Team Korea” to combine their strengths, advance both countries’ shipbuilding industries, and help Korean companies enter the U.S. market. The shipbuilders will help modernize U.S. shipyards and build a local supplier network, while KRISO will jointly develop and demonstrate advanced shipbuilding and marine technologies. KUSPC will provide U.S. mark date2026-07-27

MOTIR Holds Public Hearing on Plurilateral Green Economy Partnership Agreement

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held a public hearing on Korea’s participation in the Green Economy Partnership Agreement (GEPA) on July 24, 2026, at the Korea International Trade Association (KITA). MOTIR convened the hearing under Article 7 of the Act on the Conclusion Procedure and Implementation of Commercial Treaties (the Trade Procedures Act) to gather public input, including from stakeholders and experts, before formulating a plan to pursue the trade agreement. GEPA is a plurilateral agreement that Singapore, New Zealand, and Chile agreed to pursue on the sidelines of the APEC Economic Leaders’ Meeting in Gyeongju in October 2025. It will explore new trade rules for the green economy to prevent countries’ climate measures from becoming unnecessary barriers to trade and promote trade and investment in related sectors. Singapore, New Zealand, and Chile are at the forefront of developing new trade rules and also jointly launched the Digital Economy Partnership Agreement (DEPA). Korea's participation in GEPA is expected to be significant, as it would allow Korea to establish new trade rules together with these countries while proactively reflecting the circumstances and interests of Korean industry. “There is a growing need to develop new trade rules that ensure trade-related environmental measures are transparent and science-based while improving regulatory coherence across countries,” said Kim Jang-hee, Director General for Emerging Trade Strategy and Policy of MOTIR, in his opening remarks as chair of the hearing. “We will develop a thorough plan for pursuing the agreement so that climate action and the growth of green markets strengthen the competitiveness of Korean industry and create new export opportunities.” Taking comprehensive account of the input received at the hearing, MOTIR will, in accordance with the Trade Procedures Act, proceed with the domestic procedures for Korea to participate in GEPA negotiations. date2026-07-24

MOTIR Minister Visits U.S. to Discuss Korea–U.S. Trade and Investment Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) will visit Washington, D.C., from July 22 to July 25, 2026, to accelerate trade and investment cooperation between Korea and the United States. Minister Kim will first meet with U.S. Secretary of Commerce Howard Lutnick to discuss key bilateral issues, including Korea’s strategic investment in the United States. He will also meet with other U.S. government officials, including Secretary of Energy Chris Wright, to discuss strengthening bilateral cooperation on resources and energy. In addition, Minister Kim will conduct outreach to the U.S. Congress and other key stakeholders to improve mutual understanding of bilateral trade and investment issues. On July 23, 2026, Minister Kim will attend the opening ceremony of the Korea–U.S. Shipbuilding Partnership Center in Washington, D.C., together with senior U.S. officials and representatives from Korean and U.S. shipbuilding companies. The Center is a follow-up to the memorandum of understanding (MOU) on the Korea–U.S. Shipbuilding Partnership Initiative (KUSPI), signed by MOTIR and the U.S. Department of Commerce on May 8, 2026. Through the Center, the two sides plan to support cooperation between Korean and U.S. shipbuilders and develop tangible outcomes. “The government has begun full-scale work to advance strategic investment projects in the United States under the Korea–U.S. Strategic Investment Special Act, which took effect on June 18, 2026,” Minister Kim said. “This visit will allow us to set out more concrete directions for these projects and implement the Korea–U.S. tariff agreement as planned. We will do everything possible to keep bilateral trade relations stable.” date2026-07-22

The Future of World-Leading Displays Powered by M.AX

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that it will host K-Display 2026 at COEX in Seoul from July 22 to 24, 2026. Now in its 25th year, K-Display is Korea’s only international exhibition dedicated to the display industry, showcasing the latest display technologies and products. This year, Korea’s two leading organic light-emitting diode (OLED) panel makers will be joined by a wide range of Korean and overseas materials, parts, and equipment companies. A total of 142 companies and organizations will exhibit across 446 booths, presenting the future direction of next-generation display technologies integrated with emerging industries. The event features an exhibition, business programs, and other activities. At the central theme pavilion, visitors can see how manufacturing AI transformation (M.AX) will reshape display production and explore physical AI technologies that combine displays with AI and robotics. Business matchmaking sessions on procurement, technology, and trade will also connect companies with potential partners and overseas markets, helping Korean MPE companies expand their global sales channels. The event will also feature a ceremony presenting six MOTIR Minister’s Awards to companies recognized for technological innovation, as well as a job fair connecting display companies with young talent.   At the opening ceremony, Director General for High Technology Industry Choi Woo-hyuk said, “Displays are evolving beyond screens into a key driver of change across future industries. The government will accelerate M.AX in the display industry, build regionally based industrial ecosystems, and provide comprehensive support to help innovative new products from Korean companies reach global markets.” date2026-07-22