Ministry of Trade Industry and Resources

Korea and Japan hold 1st Hydrogen Cooperation Dialogue meeting

Director General for Hydrogen Economy Policy Park Chan-ki and Hiroo Inoue, Director General for Energy Efficiency and Renewable Energy Department at Japan’s Economy, Trade and Industry Ministry (METI), held the first Korea-Japan Hydrogen Cooperation Dialogue meeting on June 14 in Seoul with the participation of eleven related institutions, including Korea’s H2KOREA, Korea Electric Power Corporation (KEPCO), and Korea National Oil Corporation (KNOC), and Japan’s JH2A, Clean Fuel Ammonia Association (CFAA), and Japan Organization for Metals and Energy Security (JOGMEC).   The meeting was held as a follow-up to the agreement made during the Korea-Japan summit talks this May for strengthening hydrogen cooperation, as well as part of bilateral efforts on clean energy areas as discussed at the summit talks at Stanford University, U.S., in 2023.   Both sides shared their recent respective hydrogen policy developments, including the Hydrogen Society Promotion Act that Japan passed on May 17 and the Clean Hydrogen Power Bidding Market that Korea launched on May 24, and agreed to deepen cooperation in clean hydrogen and hydrogen compounds to achieve the nationally determined contributions (NDCs) and secure energy security.   To note, the two countries’ hydrogen related institutions are to form working groups on carbon intensity and certification; standards and criteria; and a safety working group to work out the details for cooperation and to continue discussions on installing additional working groups in the future.   Furthermore, the two sides agreed on the importance of the Korea-Japan business cooperation for diffusing the hydrogen economy ecosystem and expanding joint efforts on the global clean hydrogen supply chain, and decided to seek ways for bilateral private-led hydrogen supply chain cooperation. date2024-06-14

Korea Eureka Day 2024 launches in Türkiye

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 14 that Korea Eureka Day 2024 is held through June 13-14 in Istanbul, Türkiye, with the participation of an estimated 100 industry and technology experts from 12 countries to share advanced industrial policies and technology trends through networking among industries, academia, and R&D institutions to promote Korea-Europe technology collaboration.   Co-hosted by Korea and Eureka’s Chair country, the 15th Korea Eureka Day was launched to promote partnerships between Korean and European industrial, academic, and R&D experts through global projects and to spur discussions on joint R&D tasks.   At Korea Eureka Day 2024, Doosan Robotics proposed the future vision of the advanced manufacturing environment, and 20 Korean firms presented their ideas for joint projects on advanced manufacturing and smart city. MOTIE plans to give strong backing to the quality project tasks uncovered through the event.   MOTIE is in the course of bolstering technology cooperation with major European countries, upping its financial support for Korea-Europe R&D projects from KRW 55 billion in 2022 to ₩63.7 billion last year. Having designated Germany’s Fraunhofer-Gesellschaft as a global center for industrial technology cooperation early this year, the ministry plans to add more top-notch European R&D institutions to the list in 2025. date2024-06-14

Korean government to assign 7 new vessels in response to rising ocean freight rates

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 14 that the Korean government established emergency measures for maritime logistics support to prepare against container shortages and minimize the toll on exports amid the rising cargo shipping costs.   Based on situation analysis, direct impact on export cargo loading is limited but rerouting around the Cape of Good Hope and ensuing transport delays are increasing costs for exporters.   Accordingly, the Government will prepare against shipping container shortage risks through cooperation with Hyundai Merchant Marine (HMM) via a number of measures, including the emergency deployment of three temporary vessels (total 9,000 TEU) for destinations busy in June–July like the U.S.’ West and East Coast and the Middle East; assigning seven new large-sized containerships (70,000 TEU) to major shipping routes during the second half of this year; and supplying vessels exclusively for the use of SMEs and middle-market companies (1,685 TEU per voyage).   Next, for liquidity support and reducing exporters’ cargo expense, the Government will be moving up the execution schedule of the KRW 20.2 billion worth of export voucher budget initially allocated to the latter half of 2024, while also mulling additional logistics assistance measures in consideration of future cargo rate hikes. The scope and time window of support will be extended as well, granting exporters preferential limits on export credit guarantee and prompt insurance money payment. Moreover, a 700 TEU public container yard is to be installed around the Busan New Port area, offering below-market rates.   Lastly, the Government plans to run an emergency maritime cargo response task force for tight monitoring and response, while also tackling issues through an emergency export support task force led by the MOTIE’s International Trade and Investment Deputy Minister. Korea Trade-Investment Promotion Agency (KOTRA) and Korea International Trade Association (KITA) will also be operating internal help desks. date2024-06-14

FUJIFILM Electronic Materials Korea establishes color photoresist plant in Pyeongtaek

Director General for Cross-Border Investment Policy Park Deok-yeol visited the foreign investment zone in Pyeongtaek in Gyeonggi Province on June 14 to attend the completion ceremony of the FUJIFILM Electronic Materials Korea Co., Ltd's plant for producing photoresists, which are fine chemical materials for semiconductor manufacturing.   FUJIFILM Electronic Materials Korea is a 100% owned subsidiary of FUJIFILM Corporation, a Japanese global company producing photoresists for color filter manufacturing used for image sensors and accounting for over 80 percent of market share worldwide.   The first color photoresist manufacturing site in Korea, FUJIFILM Electronic Materials Korea’s Pyeongtaek plant is anticipated to substantially contribute to stabilizing Korea's advanced industrial supply chains by supplying to domestic semiconductor firms. date2024-06-14

Korea and Kazakhstan to spur synergy in critical minerals, energy, and manufacturing

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 13 that the Korea International Trade Association (KITA) and Samruk Kayzana, Kazakhstan’s sovereign wealth fund, co-hosted the Korea-Kazakhstan Business Forum on June 12 in Astana. The Forum drew approximately 300 persons, including the Korean economic delegation and both countries’ entrepreneurs, and facilitated discussions on bilateral cooperation in critical minerals, energy, trade, investment, finance, new industries, and consumer goods.   MOTIE’s Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Kanat Sharlapaev attended the memorandum of understanding (MOU) signing ceremony for the inking of 24 private sector MOUs. Five of them were signed in the energy area for combined cycle power plants, renewable energy plants, power grid modernization, small modular reactors (SMRs), and gas treatment plants.   For critical minerals, Korea Institute of Geoscience and Mineral Resources (KIGAM) and SK Ecoplant entered an MOU with the Kazakh Ministry of Industry and Construction on joint lithium mining exploration and development. KIGAM anticipates tangible outcomes, having confirmed the existence of a lithium deposit through lithium mining exploration in tandem with a local Kazakh research institution.   The two countries further concluded MOUs in areas like automobile industry-academia talent nurturing and elevator R&D park establishment (5 MOUs); healthcare and new industries (3 MOUs); and financial assistance (2 MOUs), laying the groundwork for mutual collaboration at the government, public institution, and private sector level. date2024-06-13

Korea and Kazakhstan to expand cooperation in supply chains and electric power sectors

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 12 that MOTIE signed three memorandums of understanding (MOUs) with the Kazakh government for cooperation in the critical minerals supply chain, electric power industry, and regarding their joint economic commission on the margins of President Yoon Suk Yeol’s state visit to Kazakhstan and summit meeting with Kazakh President Kassym-Jomart Tokayev on June 12 in Astana.   First, through the MOU on the critical minerals supply chain, the two countries agreed to increase people exchanges as well as cooperation for each stage of the value chain, including joint geophysical exploration, development, refining and smelting of critical minerals for manufacturing electric vehicles (EVs), semiconductors, and alloy sheets, such as lithium, chromium, manganese, rare earth elements, and uranium. The two sides decided to launch a supply chain dialogue on the occasion of the summit and to continue discussing concrete cooperation measures among related research institutions, companies, and financial institutions.   Moreover, they signed an MOU for cooperation in electric power to enhance the two countries’ people exchanges and collaboration in the power sector. As the Kazakh government is pushing to expand the renewable energy mix ratio, transition from coal-fired power to gas-fired combined cycle power, upgrade old power plants’ energy efficiency, and convert to eco-friendly systems, Korean companies with competitiveness in these areas can look forward to future project opportunities.   Meanwhile, following the Trade and Investment Promotion Framework (TIPF) sealed last October, the two countries also established the basic framework for bilateral trade, investment, and economic cooperation through the joint Trade-Economic and Scientific-Technical Cooperation Commission MOU. date2024-06-13

Seoul Food 2024 caters to global palate with food and business opportunities on record scale

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 11 that Korea Trade-Investment Promotion Agency (KOTRA) is co-hosting Seoul Food 2024 with KINTEX and Informa Markets through June 11–14 at KINTEX in Ilsan.   The international food industry exhibition is now in its 42nd year since first launched in 1983, and ranks as Korea’s largest and Asia’s fourth largest food exhibition. Seoul Food 2024 draws a record 52 countries’ 1,605 food companies, up 20 percent compared to last year. This year notably has the EU taking part as the guest of honor, showcasing organic food product workshops, live cooking shows, and other vibrant programs.   On the occasion of this international event, 250 food retail buyers from 47 international markets will be touring the exhibition booths to experience K-food firsthand and to meet with domestic food companies for in-person business consultations that are estimated to reach USD 200 million this year. Wooltari (U.S.), Global Food Products (Thailand), and China Post (China) are among the major buyers that will be looking for prospective business opportunities.   Visitors can also enjoy the K-food promotion booth, where a variety of meal kits, alternative meats, and Korean traditional snacks are displayed to support the discovery of the next best-selling item and its manufacturer following BABA Gimbap, Korean company Allgot’s frozen gimbap product that recently gained huge popularity in the U.S.   Minister for Trade Inkyo Cheong attended the opening ceremony of Seoul Food 2024 and stated that MOTIE and the Ministry of Agriculture, Food, and Rural Affairs (MAFRA) will work in tandem to provide public-private support across the entire process of K-food marketing, retail platform entry, logistics, and certifications. date2024-06-13

Vice Minister hosts luncheon to 7 high-growth middle-market companies

Trade, Industry and Energy Vice Minister Kang Kyungsung held a conference luncheon on June 12 in Seoul with the CEOs of high-growth middle-market companies (annual average growth rate of 10 percent or above) and shared the Korean government’s measures for “building the corporate growth ladder” and gathered companies’ opinions on tax incentives, financing, and regulations.   The luncheon was held to accelerate policy implementation following the Government’s announcement of the above corporate growth ladder measures through stronger communication with middle-market companies.   Attending the luncheon were seven homegrown companies that posted steep average yearly growth rates (between 10 to 46 percent) over the past five years: HL Klemove (car parts), Woojin Industrial Systems (railway parts), Oasis (food and daily necessities retailer), iloom (furniture), Global Standard Technology (semiconductor equipment), LOT Vacuum (vacuum pump), and Daejoo Electronic Materials (secondary battery cathodes). The average growth rate of these firms was 26.0 percent.   The business leaders stated that what is needed for a company to keep advancing from SME status to middle-market, then to a large-sized corporation, is a harmonious mix of government support policies and companies’ willingness to achieve innovation. They called for increased support in terms of securing financial liquidity, quality talent, as well as domestic and overseas market penetration, underscoring the need for bold reforms of various regulations undermining corporate growth.   Vice Minister Kang remarked that regulatory innovations and other tailored support policies will be further considered to spread high-growth middle market companies’ success knowhow to other innovative middle-market companies. date2024-06-12