Ministry of Trade Industry and Resources

Indo-Pacific Economic Framework Members to Review Supply Chain Cooperation

The Crisis Response Network (CRN) will conduct a joint tabletop exercise in Korea to enhance regional response capacity to supply chain disruptions in the Indo-Pacific region. The Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan) announced that Korea, as chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) CRN, will host the 4th IPEF CRN Regular Meeting and a crisis response tabletop exercise at the Lotte Hotel Seoul on Wednesday, October 22. The exercise marks the third joint drill since the CRN’s launch in 2024, which serves as the implementing body of the IPEF Supply Chain Agreement. It aims to establish a systematic framework for supply chain crisis response, focusing on assessing the effectiveness of member coordination and strengthening collective response capacity. The scenario involves a sudden shutdown in the refining and processing operations of a critical mineral–producing country, triggering shortages and price spikes across IPEF member economies. Participating countries will practice a series of real-time response procedures, including sharing supply chain updates, assessing crisis escalation levels, coordinating joint responses, convening a ministerial meeting, and adopting a joint statement outlining policy cooperation. This exercise features more detailed procedures than previous drills, including response measures by crisis level, bilateral consultations among countries with shared interests, and escalation to a ministerial-level meeting. In parallel with the exercise, Korea and Australia will share updates on the progress and future plans of their joint IPEF supply chain capacity-building program. The program, targeting seven member countries, aims to enhance regional supply chain resilience by providing tailored training on supply chain management, crisis response manuals, and policy development capabilities. As the central coordination mechanism for supply chain cooperation under the IPEF, the CRN serves as the control tower for rapid information-sharing, policy coordination, and collective action during disruptions. Korea, elected as the CRN’s inaugural chair in July 2024 following the signing of the IPEF Supply Chain Agreement in 2023, continues to play a leading role in strengthening supply chain crisis response. Lee Jaekeun, Director General for New Trade Strategy and Policy at MOTIR, stated, “Critical minerals are essential to achieving carbon neutrality and sustaining the competitiveness of advanced industries, making supply chain stability more crucial than ever. This exercise goes beyond a simple simulation, serving as practical training to replicate real-world policy decision-making and response procedures.” He added, “At a time of heightened concerns over critical mineral supply chains, this exercise reaffirms the Indo-Pacific countries’ strong commitment to active supply chain cooperation.” date2025-10-22

Korea and Montana Discuss Stronger Economic Cooperation

The Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan) announced that Trade Minister Yeo Han-koo met with Montana Governor Greg Gianforte and his economic delegation in Seoul on Monday, October 20, to discuss ways to strengthen economic cooperation between Korea and the United States. The delegation included the First Lady of Montana, the CEO of Navajo Transitional Energy Company (NTEC), the CEO of Montana Renewables, and the Director of the Office of Trade and International Relations at the Montana Department of Commerce, along with representatives from Montana-based companies and state government officials. Minister Yeo and Governor Gianforte noted that Korea and Montana have developed a close, mutually beneficial relationship through active trade in LNG, crude oil, and other energy sectors. They agreed to expand cooperation in energy, critical minerals, manufacturing, and industrial supply chains by leveraging Korea’s advanced manufacturing capabilities and Montana’s abundant natural resources to strengthen energy security and diversify supply chains. Minister Yeo also raised visa issuance challenges, emphasizing that creating a stable investment environment and ensuring smooth visa processing for Korean companies is critical to prevent a recurrence of issues like the one in Georgia. He requested Governor Gianforte’s attention and support in establishing a lasting solution to this matter. In addition, Minister Yeo shared that Korea and the United States are pursuing constructive and mutually beneficial approaches in ongoing tariff negotiations and called for active support and engagement from the Montana state government in this process.   date2025-10-21

Korea’s Auto Industry Continues Growth Streak in September

The Ministry of Trade, Industry and Resources (MOTIR) announced on October 20 that Korea’s automobile exports, domestic sales, and production all increased year-on-year in September, marking the third consecutive month of growth. This was partly due to more working days compared to last year, when the Chuseok holiday fell in September. Automobile exports rose 16.8 percent year-on-year to USD 6.4 billion, the highest September level on record, with cumulative exports for January–September also reaching an all-time high of $54.1 billion. Eco-friendly vehicle exports surpassed 90,000 units for the first time, with electric vehicle (EV) exports increasing 38.9 percent and maintaining growth for the fourth consecutive month. Cumulative EV exports for January–September also turned positive for the first time this year, up 0.2 percent year-on-year. Domestic automobile sales grew 20.8 percent to 158,000 units, the highest monthly total since November 2023. EV sales jumped 135 percent to a record 29,000 units, pushing cumulative EV sales for January–September to 170,000 units, up 57.5 percent year-on-year and surpassing the previous annual record for domestic EV sales. Automobile production increased 8.9 percent to 334,000 units, bringing cumulative production for the first nine months to over 3 million vehicles.   date2025-10-21

Korea to Expand Cooperation with Guangdong, China’s Largest Regional Economy

The Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan) announced that Deputy Minister for Trade Park Jong-won will visit Guangdong Province, China, from October 20 to 21 to attend the 10th Korea–Guangdong Development Forum and hold bilateral talks with Zhang Guozhi, Deputy Governor of Guangdong Province, to strengthen economic and industrial cooperation with China’s largest provincial economy. Guangdong ranks first among China’s 31 provinces and municipalities in both gross regional domestic product (GRDP) and foreign trade volume. Last year, Korea–Guangdong trade totaled about USD 57.6 billion, exceeding Korea’s trade with its sixth-largest partner, Australia (USD 45.6 billion), and accounting for 18 percent of total Korea–China trade, the second-largest share after Jiangsu Province. About 1,600 Korean companies, including Hyundai Motor’s hydrogen fuel cell plant and LG Display’s OLED plant, currently operate in the province. The Korea–Guangdong Development Forum, now in its 10th year, is the first high-level cooperation platform between the Korean and Chinese local governments. This year’s forum will bring together officials from both governments, business associations, and companies to share investment policies and discuss cooperation in emerging industries such as hydrogen, AI, and biotech, as well as strategies for Korean companies to expand into China’s domestic market. In his congratulatory remarks, Deputy Minister Park will emphasize that amid global trade uncertainty and the diversification of Korea–China industrial relations, strengthening cooperation with Chinese provincial governments is vital to creating new business opportunities. He will propose deeper collaboration with Guangdong, China’s hub for advanced industries, in hydrogen, AI, and biotech, to promote mutual growth through expanded trade and investment. Deputy Minister Park will also meet with Deputy Governor Zhang Guozhi to discuss support for Korean companies operating in Guangdong, as well as ways to enhance supply chain stability and cooperation in new industries. He will express appreciation for Guangdong’s assistance in maintaining stable trade relations despite the recent strengthening of export controls and emphasize the importance of continuing such collaboration. MOTIR stated that it will continue to strengthen partnerships with major Chinese provincial governments to promote practical cooperation that supports Korean companies’ business activities in China.   date2025-10-20

Korea Leads Development of International Standards for Eco-Friendly and Autonomous Offshore Plants

The Korean Agency for Technology and Standards (KATS, President Kim Dae-ja) under the Ministry of Trade, Industry and Resources (MOTIR) announced that Korea will propose four new international standards reflecting next-generation offshore plant technologies at the ISO Technical Committee 67 (Oil and Gas Industries Including Lower Carbon Energy) General Assembly, to be held in Geoje, Gyeongsangnam-do, from October 20 to 24. This marks the first time since its founding in 1947 that ISO TC 67 will hold its General Assembly in Korea. About 100 experts from 16 member countries are expected to attend to discuss international standards for the oil, gas, and renewable energy plant sectors. At the meeting, Korean companies including Samsung Heavy Industries will lead efforts to standardize key technologies that support unmanned operation and eco-friendliness in offshore plants. Korea will propose standards on “Safety Signage and Emergency Escape Route Requirements” for unmanned offshore plants and “Aerogel Insulation Installation Guidelines” for efficient operation of ammonia and hydrogen pipelines in renewable energy plants. Additional proposals include standardizing material specifications for piping and structural bolts and nuts suitable for marine environments to enhance structural safety, and establishing performance and testing standards for coating materials used in offshore plants to improve corrosion resistance and long-term durability. The event will also include a technical seminar highlighting Korea’s latest offshore plant technologies and a site tour of Samsung Heavy Industries’ shipyard and offshore production facilities, giving international experts an opportunity to experience Korea’s technological leadership firsthand. KATS President Kim Dae-ja stated, “This ISO TC 67 General Assembly marks a significant opportunity for Korea to lead international standardization in the offshore plant sector. We will expand cooperation on next-generation technologies such as autonomous plants and renewable offshore energy while supporting Korean companies’ global market entry.”   date2025-10-20

MOTIR Explores Investment Cooperation with Japanese Advanced Materials, Parts, and Equipment Companies

The Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan), together with the Korea Trade-Investment Promotion Agency (KOTRA, President and CEO Kang Kyung-sung), hosted the Korea–Japan Investment Forum on Friday, October 17, at The Okura Tokyo. The forum aimed to attract investment from Japan’s advanced materials, parts, and equipment companies into Korea. This event marked MOTIR’s second major overseas investment promotion this year, following the Korea–France Investment Forum in September. The event brought together approximately 150 participants, including executives from leading Japanese high-tech companies such as Tokyo Electron (TEL), Mitsui Chemicals, and Tokyo Ohka Kogyo (TOK). Participants discussed Korea’s advanced industry trends, foreign investment environment, and opportunities for Korea–Japan technological collaboration, while also sharing success stories and exploring future investment partnerships. In particular, global semiconductor equipment maker TEL drew strong attention by presenting its successful investment experience in Korea. Since entering the Korean market in 2006, TEL has focused on semiconductor equipment supply and R&D, maintaining close collaboration with Korea’s major semiconductor anchor companies. In his opening remarks, MOTIR’s Director General for Investment Policy Yoo Beop-min emphasized, “By combining Japan’s technological strength in materials, parts, and equipment with Korea’s advanced manufacturing capabilities, the two countries can jointly achieve supply chain stability and innovation in high-tech industries.” He added, “The Korean government will further strengthen cash grants and other incentives for foreign investors contributing to supply chain resilience, technological advancement, and job creation, while working to remove regulatory barriers to make Korea one of the most business-friendly countries in the world.”   date2025-10-17

Korea and Sweden Discuss Strategic Cooperation Amid Global Trade Shifts

Vice Minister of Trade, Industry and Resources Moon Shin-hak attended the Korea–Sweden Sustainable Partnership Summit, held at the Grand Hyatt Seoul on Thursday, October 16, as part of economic events marking the visit of Swedish Crown Princess Victoria to Korea.   The annual summit, launched following reciprocal visits by the leaders of both countries in 2019, aims to strengthen bilateral economic cooperation. This year’s discussions focused on strategic collaboration to enhance sustainability and resilience in response to global trade challenges such as climate change, energy transition, and rising geopolitical tensions. The event brought together around 200 participants, including Crown Princess Victoria and Prince Daniel of Sweden, government officials, and major business leaders from both countries. Participants exchanged views on the role of leadership in building a resilient future and on linking AI with sustainability. In addition, three memoranda of understanding (MOUs) were signed between Korean and Swedish companies and research institutes in the Fields of HVCD, power semiconductor, and offshore wind, creating a foundation for mutually beneficial private-sector cooperation. In his congratulatory remarks, Vice Minister Moon emphasized the need for Korea and Sweden to strengthen their strategic partnership grounded in pragmatism amid growing global trade uncertainty. He stated, “Through this summit, the two countries should develop a practical roadmap that encompasses both sustainability and security to generate new growth momentum, and the Korean government will fully support future-oriented cooperation with Sweden.”   date2025-10-16

MOTIR Minister Meets Kazakh Deputy Prime Minister to Discuss Industrial and Trade Cooperation

Minister of Trade, Industry and Resources Kim Jung-kwan met with Kazakhstan’s Deputy Prime Minister Kanat Bozumbayev on Wednesday, October 15, at the Lotte Hotel Seoul to discuss key issues in bilateral economic and trade cooperation. Deputy Prime Minister Bozumbayev was accompanied by four senior officials, including Sayasat Nurbek, Minister of Science and Higher Education, and Olzhas Saparbekov, Vice Minister of Industry and Construction. Minister Kim and Deputy Prime Minister Bozumbayev noted the close and mutually beneficial relationship that has developed between the two countries since the establishment of diplomatic ties in 1992. They agreed on the need to further strengthen cooperation in various fields, including manufacturing, plant construction, and critical mineral supply chains, amid rapidly changing global trade conditions. During the meeting, Minister Kim proposed expanding collaboration in manufacturing and raised business concerns regarding the lack of logistics infrastructure for Kia’s new operations in Kazakhstan and the circulation of counterfeit Korean home appliances. He requested the Kazakh government’s attention and support to resolve these issues promptly. On plant sector cooperation, Minister Kim called for greater participation by Korean companies in new projects and support for ongoing construction projects. Regarding critical mineral supply chains, he suggested enhancing cooperation through the establishment of the Rare Metals Technology Cooperation Center, which will be supported by MOTIR’s official development assistance (ODA) program beginning next year. On Kazakhstan’s Alatau City development project, Minister Kim emphasized that Korea possesses advanced technologies and extensive experience in areas such as eco-friendly development, artificial intelligence, and future mobility, and expressed hope to continue close cooperation in these fields.   date2025-10-16