Ministry of Trade Industry and Resources

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

Public and Private Sector Experts Gather in Seoul to Discuss Clean Energy Transition

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held the 16th Clean Energy Ministerial (CEM) and 10th Mission Innovation (MI) high-level working meetings in Seoul on April 9–11, 2025, bringing together about 280 participants from the governments of 24 member economies, international organizations, and the public and private sectors. During the meetings, participants exchanged views on trends in clean energy distribution, technological innovations, and policies to expedite clean energy transitions in line with global energy and climate goals. They also discussed sector-specific joint measures and preparations for the CEM and MI ministerial conferences slated for August 2025. As the chair of this year’s CEM and MI ministerial meetings, Korea proposed expanding clean power, promoting hydrogen as a future fuel, artificial intelligence (AI), and energy innovation as key agenda items. Given the importance of clean power, hydrogen, and AI technology to climate action, clean energy distribution, and energy security, participants are expected to actively seek joint measures for related support policies and technological innovations. The CEM and MI ministerial conferences will be held in Busan on August 26–27, 2025, alongside the APEC Energy Ministerial Meeting on August 27–28, 2025, and the World Climate Industry EXPO on August 27–29, 2025. Together, the events are expected to provide a broad forum for discussions on measures for sustainable growth and cooperation among energy leaders from more than 40 countries. date2025-04-10

Korea to Accelerate Industrial Cooperation with Morocco

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Moroccan Minister of Industry and Trade Ryad Mezzour in Seoul on April 8, 2025, to discuss bilateral industry cooperation and trade issues. A strategic hub connecting Europe and Africa, Morocco has strong growth potential, supported by its demographics, critical minerals, and supply chain competitiveness. The country is considered a major emerging Global South country with an FTA network spanning 55 economies.  More Korean companies have also been entering the Moroccan market. In February, Hyundai Rotem won a KRW 2.2 trillion (USD 1.5 billion) order from Morocco’s National Railways Office (ONCF). Auto parts manufacturers are also diversifying their business models by broadening their overseas production base, including in Morocco, to export their goods to third-country markets in Europe. The talks came at a time when Korean companies need to expand their export markets amid the rapidly shifting international trade order. Minister Mezzour noted that Morocco is the only African country with FTAs with both the United States and the EU, highlighting Morocco’s advantageous position as a gateway to Europe, Middle East, and Africa. He also expressed hope for stronger investment cooperation with Korean companies to support industrial development and infrastructure expansion ahead of the FIFA World Cup 2030, which Morocco will co-host. Minister Ahn said combining Korea’s advanced technological capabilities with Morocco’s strength as a regional production base could create strong synergies, helping both countries respond proactively to rising protectionism and supply chain disruptions while pursuing shared growth. During the meeting, Minister Ahn proposed launching official negotiations for the swift conclusion of the bilateral Economic Partnership Agreement (EPA), building on the momentum from the Korea-Africa Summit convened in June 2024, noting that the EPA can serve as a legal and institutional framework for broader trade and investment cooperation between the two countries. Minister Ahn further suggested that, ahead of the EPA’s conclusion and entry into force, the two sides a bilateral Trade and Investment Promotion Framework (TIPF) to provide a cooperative platform for close consultations on trade issues so as to expedite industrial collaborations. date2025-04-08

Korea and Philippines Step Up Trade, Investment, and Supply Chain Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held high-level talks with a Philippine government delegation led by Frederick Go, Special Assistant to the President for Investment and Economic Affairs, in Seoul on April 7, 2025. The two sides discussed measures to strengthen economic cooperation in areas such as trade, investment, supply chains, and carbon-free energy. Noting the Philippines’ abundant natural resources and young population, Minister Ahn welcomed the Philippine government’s efforts to improve the investment environment, including a cut in the corporate income tax rate for investment companies from 25 percent to 20 percent. Special Assistant Frederick Go stated that Korea is the Philippines’ major trade and investment partner and expressed hope that the Korea–Philippines Business Forum would deliver  meaningful outcomes, with Korea serving as the first stop on the Philippines’ investment roadshows. Both sides agreed on the need to expand cooperation in areas such as critical minerals and clean energy amid the rapidly changing global trade environment. Accordingly, they agreed to take active steps to implement the memorandum of understanding (MOU) on a feasibility study for resuming construction of the Baatan nuclear power plant and the MOU on bilateral cooperation in critical raw materials supply chain. Following the talks, Minister Ahn attended the Korea-Philippines Business Forum, hosted by the Philippine government and organized by the Philippine Embassy in Korea. In his congratulatory remarks, the minister noted that the two countries have established the groundwork for wider economic cooperation by elevating bilateral ties to a strategic partnership at the last Korea-Philippines summit. He added that going forward, the Korean government will continue to work closely with the Philippine government, including through economic cooperation platforms, to promote smooth business collaboration between companies in the two countries. date2025-04-07

Korea-India Insight Forum for shared growth co-hosted by MOTIE and Indian Embassy to Korea

The Ministry of Trade, Industry and Energy and the Indian Embassy to Korea co-hosted the Korea-India Insight Forum at the Residence of the Indian Ambassador to Korea on Friday, April 4, to have in-depth discussions on strategic cooperation between the two countries across the economic and trade sectors.  This Forum was joined by the two governments and private experts, and prepared to devise cooperation directions between the two countries amid the deepening structural shift of international trade orders, such as global supply chains restructuring, technology competition, exports of over-capacities and tariff escalations. Participants agreed on the significance of relations between Korea and India as Special Strategic Partners, and emphasized the need for practical cooperation centered around new industries including development cooperation, digital transformations, advanced manufacturing, infrastructure, clean energy, human resource mobility as well as mutual trade and investment.  Director General of the Bureau of International Trade Relations Jongchul Kim  mentioned that although the outcomes of cooperation between the two countries have been limited compared to the potential, this year will be an opportunity to reshape the existing cooperative framework and pursue substantial cooperation. Concurring with DG Kim, India’s Ambassador to Korea Amit Kumar suggested intensifying bilateral engagement to seize emerging opportunities and establishing sustainable partnerships across multiple sectors based on respective economic structures, growth potential and mutual strategic benefits. In commemoration of the 10th anniversary of Special Strategic Partnership, the Korean and Indian governments will enhance policy communication and cooperation across a wide range of sectors going forward.   date2025-04-04

FDI arrivals to Korea climb 26.4% in Q1 2025

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that foreign direct investments (FDIs) pledged to Korea in the first quarter of 2025 (Jan-Mar, acc.) decreased 9.2 percent year-on-year to USD 6.4 billion, while FDIs that actually arrived in Korea over the same period soared 26.4 percent to $3.5 billion. By type, greenfield investments jumped 20.7 percent to $4.7 billion, recording all-time highs for Q1 despite internal and external uncertainties, raising anticipation for job creation and local economic development. M&A investment pledges shrank 45.4 percent to $1.7 billion, but arrivals surged 31.9 percent to $1.9 billion. By industry, the manufacturing sector saw FDI pledges fall 24.5 percent to $2.3 billion. Pledges for the service sector dropped 7.4 percent to $3.6 billion, whereas arrivals leaped 68.7 percent to $2.8 billion.  By region, FDI pledges coming in from the U.S. rose 15.0 percent to $0.8 billion. Pledges and arrivals from the EU both skyrocketed 163.6 percent and 123.5 percent, respectively, to $1.5 billion and $1.1 billion. Pledges from Japan climbed 8.6 percent to $1.2 billion. Meanwhile, those from China contracted 75.0 percent to $0.3 billion.   date2025-04-03

Korea Deepens Advanced Technology Cooperation with Germany and Switzerland

Je Kyung-hee, Director General for Industrial Technology Convergence Policy at the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun), visited Hannover, Germany, on April 1–2, 2025, for the Eureka Global Innovation Summit 2025, where she held bilateral talks with partner countries to expand technology cooperation with leading research institutions. Eureka is the world’s largest joint R&D platform, bringing together 48 countries. Korea became the first non-European and only Asian full member in 2022, and joined its Board of Directors in 2023. At the Summit, Director General Je met with Armin Reinartz, Head of Directorate-General for European and International Cooperation from the Federal Ministry of Education and Research (BMBF) of Germany, a Eureka chair country. They discussed measures to strengthen Korea-Eureka cooperation and widen Korea-Germany cooperation in areas of advanced sectors such as robots and semiconductors. Director General Je also met with Marc Pauchard, Head of the Knowledge Transfer and International Programmes Division of the Swiss Innovation Agency, Innosuisse, and expressed Korea’s support for Switzerland’s successful Eureka chairmanship from July 2025 to June 2026. On April 3–4, Director General Je will be visiting the Fraunhofer Society for the Advancement of Applied Research and the German Aerospace Center (DLR) to potential new projects in industrial AI, quantum computing, robots, and other advanced technology fields, while seeking ways to leverage the Global Industry and Technology Cooperation Center at the Fraunhofer Institute to invigorate global open innovation by Korean companies, universities, and research institutions. Meanwhile, MOTIE held the Korea Eureka Day 2025 in Hannover on April 1–2. Since joining Eureka in 2009 as an associate member, Korea has provided a total of KRW 250 billion in funding for more than 250 projects in advanced bio, AI, and semiconductors. Eureka has also served as the primary platform for technology collaboration between Korean industries and the EU. This year’s Korea Eureka Day featured a range of programs for Korean business participants, including the Korea-Europe Innovation Forum, technical partner matchmaking, and one-on-one consulting sessions with Europe-based Korean engineers. date2025-04-02