Ministry of Trade Industry and Resources

Korea’s annual ICT exports achieve new highs in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on January 14 that exports of Korea’s information and communications technology (ICT) goods for 2024 logged an all-time high of USD 235.0 billion, surpassing the previous record set in 2022 ($233.2 billion). Annual ICT imports reached $143.2 billion and the trade balance stood at a surplus of $91.8 billion.  ICT exports have maintained an upward trajectory for 14 consecutive months, entering the $20 billion thresholds for five straight months since August 2024.  Semiconductor exports led overall ICT exports with a historic high of $142.0 billion, boosted by strong demand for artificial intelligence (AI) related goods. The double-digit growth of finished mobile phones and parts exports as well as the sharp growth of computers/peripherals’ solid-state drive (SSD) exports further contributed to last year’s ICT exports performance. By region, ICT exports to China (including Hong Kong) advanced 25.3 percent year-on-year to $97.9 billion in 2024, as robust demand for semiconductors, displays, and mobile phones spurred a powerful rebound from the previous year. To Vietnam (up 14.4 percent to $36.8 billion), semiconductors and mobile phones backed the rebound from the previous year, pushing overall ICT exports over the $30 billion thresholds for the fourth consecutive year. U.S.-bound ICT exports centered on semiconductors and computers/peripherals on the backs of demand for servers and datacenters, achieving fresh annual highs of $29.6 billion (up 31.9 percent). To the EU (up 11.4 percent to $12.2 billion), continued growth of mobile phones and computers/peripherals turned Korea’s ICT exports to an expansion. ICT exports to Japan (down 9.7 percent to $3.8 billion) fell despite the growth of displays and computers/peripherals, as exports of semiconductors and mobile phones shrank. Korea’s export and import of ICT goods for December 2024 recorded $22.7 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $9.3 billion. ICT exports for the month of December ranks highest among monthly exports in 2024, entering the $20 billion thresholds for the fifth consecutive month since August.   date2025-01-14

Korea to Boost Industrial Technology Innovation through Bilateral Cooperation with Israel & Japan

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held bilateral meetings with Israel’s Ministry of Innovation, Science and Technology and Japan’s Ministry of Economy, Trade and Industry, respectively, on January 13, 2025, to discuss measures for advanced technology cooperation. During a videoconference meeting of the Korea-Israel Industrial R&D Foundation (KORIL-RDF) board of directors, Korea’s Director General for Industrial Technology Convergence Policy Je Kyung-hee and Alon Stopel, Chief Scientist for Innovation at the Israeli Ministry of Innovation, Science and Technology reviewed the two countries’ joint projects slated for 2025  in areas including artificial intelligence (AI), quantum cryptography communication, semiconductors, autonomous driving, and bio. The two sides agreed to make work together to ensure the projects proceed smoothly. The two countries are currently engaging in industrial, academic, and R&D cooperation through  joint R&D support and technical seminars, with annual joint funding of USD 8 million provided through the binational KORIL-RDF established in 2001. At present, 16 joint R&D projects are underway, with seven new projects planned for 2025. The two countries are expected to create synergies by combining Korea’s leading manufacturing base and Israel’s powerful startup ecosystem and technology expertise in advanced industries such as cybersecurity, AI, and semiconductors. Prior to the Korea-Israel videoconference, Director General Je also held a meeting with Kikukawa Jingo, Director General for Innovation and Environment Policy at Japan’s Ministry of Economy, Trade and Industry. They discussed government policies to promote innovation, measures to support private-sector R&D investment, and technology cooperation with the incoming U.S. administration. Recognizing the need for cooperation amid changes in the industrial technology landscape, both sides agreed to expand joint research and bilateral exchanges among industry, academia, and research institutions while identifying further areas for collaboration. date2025-01-13

Minister Ahn Discusses Stronger Korea-U.S. Cooperation on Industry, Energy, and Trade with Federal and State Officials

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) visited the state of Georgia and Washington, D.C. on January 6 to January 9, 2025. During his visit, he held meetings with the U.S. Secretary of Energy, the U.S. Trade Representative (USTR), the Governor of Georgia, state lawmakers, federal senators and representatives, leading think tanks, and other stakeholders. Minister Ahn also participated in a roundtable with Korean companies operating in Georgia. During his meetings with members of the U.S. Senate Committee on Finance and House Committee on Ways and Means, which oversee trade and taxation matters, Minister Ahn emphasized the strengthened supply chain connections between the two countries, driven by Korean companies’ investments in the United States. He urged U.S. legislators to continue fostering a favorable business environment for Korean companies. In a separate meeting with Senator Todd Young, co-sponsor of the "SHIPS for America Act," a bill aimed at strengthening the U.S. shipbuilding industry, Minister Ahn discussed the ongoing cooperation on policies and legislation to revitalize the U.S. shipbuilding sector. Furthermore, in discussions with legislators representing states such as Georgia, Tennessee, and Alabama—key hubs for Korean investment in the U.S.—he sought their active interest and support to ensure the smooth and stable implementation of Korean investment projects in these states. Minister Ahn also held bilateral meetings with U.S. Secretary of Energy Jennifer Granholm and USTR Ambassador Katherine Tai. In these meetings, he reviewed the achievements resulting from the mutually beneficial cooperation between the two governments and highlighted the need for continued cooperation in industry, energy, and trade sectors under the new U.S. administration. Minister Ahn stated, "This visit provided an opportunity to highlight the activities of Korean investors to U.S. federal and state officials as well as legislators, while reaffirming the strength of the Korea-U.S. relationship amid  evolving political landscape in both countries." He added, "We will closely monitor the policies introduced by the new U.S. administration and continue to strengthen U.S.-Korea cooperation to ensure that Korean investments and business operations in the U.S. remain stable amid the changing global environment." date2025-01-10

Joint Statement of the United States of America and the Republic of Korea on the Expansion of Peaceful Nuclear Energy

The Department of Energy and the Department of State of the United States of America signed today with the Ministry of Trade, Industry and Energy and Ministry of Foreign Affairs of the Republic of Korea a Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation.  This MOU finalizes the provisional understanding reached by the participants in November 2024. The United States and Republic of Korea have worked together on civil nuclear power for more than 70 years.  The cornerstone of this cooperation reflects the two countries’ mutual dedication to maximizing the peaceful uses of nuclear energy under the highest international standards of nuclear safety, security, safeguards, and nonproliferation.  This MOU continues to build upon this long-standing partnership and provides a framework for the parties to cooperate in expanding civil nuclear power in third countries while strengthening their respective administration of export controls on civil nuclear technology.  It will also provide a pathway to help both countries keep up with the emergence of new technologies in this sector.  date2025-01-09

Korea and Pakistan Launch Negotiations for Bilateral EPA

Negotiations for an Economic Partnership Agreement (EPA) with Pakistan, South Asia's second-largest market, officially began, marking Korea’s first step in 2025 toward further expanding its export base through stronger trade networks. Minister for Trade Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) and Pakistan’s Federal Minister of Commerce Jam Kamal Khan formally announced the launch of the Korea-Pakistan EPA negotiations on the morning of January 9, 2025, in Seoul. Pakistan, the world’s fifth most populous country, boasts abundant labor resources, with a population of 250 million and young people accounting for 30 percent of the total, as well as natural resources including coal, natural gas, and copper. Strategically located in South Asia, it is a key potential market that shares borders with major Asian economies including China and India. Expanding trade and investment through the Korea-Pakistan EPA is expected  benefit both countries by securing a new export growth market for Korea and contributing to Pakistan's stable economic development. Furthermore, as the Pakistani government actively promotes policies to foster its digital, IT, and automotive industries for economic growth, opportunities for collaboration in these sectors—where Korea has strengths—are expected to expand significantly. Trade Minister Cheong remarked, “Amid heightened uncertainties caused by rapid shifts in the trade environment, including the inauguration of the new administration and the weakening of the multilateral trade system under the WTO, FTAs are becoming increasingly significant.” He added, “Beginning with Pakistan, we aim to broaden our trade networks this year, focusing on emerging markets in the Global South.” Following the launch of EPA negotiations with Bangladesh in November 2024, today’s launch of negotiations with Pakistan is expected to lay the groundwork for long-term partnerships with key South Asian nations that have significant growth potential. date2025-01-09

Korea Named Global Innovation Champion at CES 2025

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) announced on January 8, 2025, that Korea was named one of this year’s Global Innovation Champions at the Consumer Electrics Show (CES) 2025 currently underway in Las Vegas, United States. The Consumer Technology Association (CTA), which owns and produces CES, evaluates countries’ technological innovation capacity through its Global Innovation Scorecard and announces the results during CES. This year’s report evaluates 75 countries according to 15 criteria. Countries are classified into four tires in descending order: Innovation Champions, Innovation Leaders, Innovation Adopters, and Modest Innovators. This year, Korea moved up from its previous position as an Innovation Leader in 2023, to the highest tier of Innovation Champion. Korea received high scores for its openness to global tech trade and cross-border data flows, favorable environment for startup and small business, innovation-friendly legal environment, and digital transparency. Other Innovation Champions include the U.S., the UK, Japan, France, and Germany. date2025-01-08

Korea’s Plant Project Orders Top $30 Billion for Second Consecutive Year

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) announced on January 7, 2025, that Korean companies won a total of USD 34.1 billion in 2024, up 12.7 percent year-on-year. This was the highest annual total in nine years since the $36.5 billion recorded in 2015. Around 46 percent of the total came from projects in the Middle East, amounting to $15.5 billion. In April 2024, Samsung E&A and GS E&C secured Saudi Arabia’s $7.3 billion Fadhili Gas Increment Program, the third biggest mega deal following the United Arab Emirates’ (UAE) Barakah nuclear power plant project ($19.1 billion) in 2009 and Iraq’s Bismayah New City project ($7.7 billion) in 2012. Moreover, a Korean consortium’s participation from the early stages of Qatar’s $2.8 billion desalination and combined cycle power plant project led to Samsung C&T securing the engineering, procurement, and construction (EPC) contract in November 2024. Meanwhile, large-scale project wins in Eastern Europe and Southeast Asia last year helped diversify Korea’s presence in the global plant market. Korean companies secured $4.7 billion worth of projects in Eastern Europe alone, including the $1.7 billion Serbian solar power plant project awarded to Hyundai Engineering,. This brought the total value of orders secured in Europe in 2024 to $6.6 billion, up 250.6 percent. Orders from Southeast Asian likewise soared 79.1 percent to $3.4 billion, including Malaysia’s $0.95 billion Phoenix Biorefinery Project, secured by Samsung E&A in December 2024. date2025-01-07

FDI pledges to Korea reach historic high in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that foreign direct investment (FDI) pledged to Korea in 2024 reached a total of USD 34.6 billion (up 5.7 percent year-on-year), surpassing the previous high of 2023. FDI arrivals added up to $14.8 billion (down 24.2 percent). By industry, FDIs pledged to the manufacturing sector hit an all-time high of $14.5 billion (up 21.6 percent). Investments showed notable increases in areas like electrical and electronics (up 29.4 percent to $5.3 billion), machinery and precision medical devices (up 174.0 percent to $2.4 billion), and pharmaceuticals (up 113.2 percent to $0.7 billion). FDIs pledged to the service sector rose 0.3 percent to $17.8 billion. FDIs pledged from Japan (up 375.6 percent to $6.1 billion) and China (up 266.1 percent to $5.8 billion) climbed steeply, whereas those from the U.S. and the EU shrank to $5.2 billion (down 14.6 percent) and $5.1 billion (down 18.1 percent), respectively. The U.S. and EU’s reduced FDI pledges can be attributed to the high base effect of the previous year as well as investors’ wait-and-see stance in light of political factors arising from the regions’ leadership changes. In 2024, greenfield investments pledged to Korea jumped 13.5 percent to a historic high of $26.7 billion, while M&A investment pledges declined 14.5 percent to $7.9 billion.   date2025-01-07