Ministry of Trade Industry and Resources

Turning Crisis into Innovation: Korea’s Chemical Industry Commits to Structural Reform Through Public-Private Collaboration

The Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan) held the 17th Chemical Industry Day ceremony on Friday, October 31, at The Plaza Hotel in Jung-gu, Seoul, with Vice Minister Moon Shin-hak, Korea Chemical Industry Association Chairman Shin Hak-cheol, and around 250 participants from the petrochemical sector in attendance. At the ceremony, Baek Jong-hoon, CEO of Kumho Petrochemical, received the Silver Tower Order of Industrial Service Merit among 42 individuals honored for their contributions to the advancement of Korea’s chemical industry. The event held particular significance, as it took place amid ongoing discussions on restructuring within the petrochemical business to address structural challenges caused by global oversupply. It served as an opportunity for both the industry and the government to reaffirm their shared commitment to overcoming the current crisis and achieving a new stage of growth. As a side event, MOTIR hosted a roundtable on the Petrochemical Industry High-Value-Added R&D Roadmap. The session brought together R&D representatives from companies participating in restructuring and experts to discuss the roadmap and strategies to enhance future competitiveness of Korea’s chemical industry. MOTIR plans to announce the final version of the R&D roadmap in November and, based on it, design a large-scale preliminary feasibility study to support the high-value-added transformation of companies undergoing business restructuring. In particular, the ministry will prioritize the R&D needs of companies actively pursuing restructuring to ensure that facility optimization naturally leads to higher value-added production. In his congratulatory remarks, Vice Minister Moon Shin-hak stated, “Korea’s petrochemical industry must simultaneously address two challenges: responding to global oversupply and achieving higher value-added production. Now is the time for bold and swift structural reform.” He added, “For companies taking proactive steps toward restructuring, the government will provide tailored support packages to ensure smooth transitions, and based on the R&D roadmap, we will promote high-value-added and eco-friendly transformation to secure fundamental competitiveness of the petrochemical industry.”   date2025-10-31

Korea to Strengthen Supply Chain Stability for Rare Earth Elements and Critical Minerals

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol presided over the 6th Supply Chain Stabilization Committee Meeting at the Government Complex Seoul on Friday, October 31. The meeting reviewed recent developments in economic security and discussed (1) measures to stabilize the rare earth supply chain, (2) first-year achievements and improvement measures of the Supply Chain Stabilization Fund, and (3) strategies to promote recycling of critical minerals. Amid growing supply uncertainties surrounding rare earth elements due to China’s strengthened export controls, the government has launched an inter-ministerial task force on rare earth supply chains (established on October 16) to prevent adverse impacts on Korean companies and operates a Rare Earth Supply Response Center to help them secure stable supplies. To strengthen crisis response capabilities in case of supply disruptions, the government will expand investment and financing for overseas resource development, promote technologies that reduce reliance on rare earth materials and the recycling of rare earth permanent magnets, and increase public stockpiling. Furthermore, the government will actively support critical mineral recycling. Aiming to achieve a 20 percent recycling rate for ten strategic critical minerals by 2030, the government has been operating a joint task force to build the industrial ecosystem and streamline related regulations. The new measures will shift the perception of recycled raw materials from “waste” to “resources” through institutional reforms. Expanding the designation of recyclable resources, easing import-guarantee requirements, and providing tariff relief are expected to deliver tangible reductions in costs and administrative burdens for companies importing recycled raw materials. The government will also promote investment and financing through the Supply Chain Stabilization Fund to foster the recycling industry and nurture leading companies, and strengthen fiscal support for facilities, equipment, R&D, and demonstration projects. Regular inter-ministerial meetings on critical mineral recycling will continue to explore policy and support improvements. Marking the first anniversary of the Supply Chain Stabilization Fund, the government is reviewing its performance and exploring ways to enhance its effectiveness. To increase the fund’s proactivity and efficiency, a KRW 250 billion Critical Minerals and Energy Supply Chain Stabilization Fund will be established to boost direct and indirect investments and introduce special loan programs for small and mid-sized enterprises (SMEs). The government will also establish a differentiated support system based on supply chain criticality and contribution to stabilization, while strengthening coordination with other policy finance institutions such as the Korea Development Bank.   date2025-10-31

Korea Sets World’s First Standard for Photovoltaic-Thermal Hybrid Modules

The Korean Agency for Technology and Standards (KATS, President Kim Dae-ja) under the Ministry of Trade, Industry and Resources (MOTIR) announced on Friday, October 31, that it has established and officially announced the world’s first Korean Industrial Standard (KS) for photovoltaic-thermal (PVT) hybrid modules, which generate both electricity and heat from solar energy. While separate standards already exist for photovoltaic modules that generate electricity and for solar thermal collectors that produce heat, there has been no standard for PVT hybrid modules combining both technologies. This lack of standardization has posed challenges for Korean manufacturers seeking to enter new markets. To address this issue, KATS introduced the Certification of Conformity of New Products of Industrial Convergence system in 2023 and has now established the world’s first KS standard to promote the adoption of PVT hybrid modules. Because PVT hybrid modules are well-suited for buildings requiring both electricity and heat, the newly established KS standard is expected to support the government’s policy goal of achieving an energy transition centered on renewable energy and advancing toward zero-energy building certification for energy self-sufficiency. President Kim Dae-ja stated, “The world’s first standardization of PVT hybrid modules demonstrates the government’s commitment to supporting the market adoption of new convergence technologies developed by Korean companies. Moving forward, we will also pursue international standardization to help Korean companies expand into global markets.”   date2025-10-31

Korea’s Battery Industry Aims for Recovery and Renewed Growth

Vice Minister Moon Shin-hak of the Ministry of Trade, Industry and Resources (MOTIR) attended the 5th Battery Industry Day ceremony held on Thursday, October 30, at Josun Palace Seoul. Established to recognize the achievements of the battery industry and to foster unity among its members, the event celebrated its fifth anniversary this year. More than 250 participants attended—including Vice Minister Moon; People Power Party lawmaker Kim Sung-won; Kim Dong-myung, Chairman of the Korea Battery Industry Association and CEO of LG Energy Solution; and Choi Joong-kyung, Chairman of the Korea-America Association—as well as other industry leaders and awardees. During the ceremony, 20 individuals were honored with government commendations, including the Silver Tower Order of Industrial Service Merit and the Industrial Service Medal, in recognition of their contributions to the development of the battery industry. This year’s Silver Tower Order of Industrial Service Merit was awarded to Park Zin, Executive Vice President of Samsung SDI, for his leadership in advancing long-life and high-power battery technologies for electric vehicles and improving safety standards for energy storage system (ESS) batteries. In his congratulatory remarks, Vice Minister Moon noted that Korea’s rechargeable battery industry is facing challenges such as slowing EV demand and risks in the critical minerals supply chain. He emphasized the need to develop breakthrough technologies, diversify supply chains, and create new markets to achieve renewed growth. He affirmed, “The government will provide full support to ensure Korea’s rechargeable battery industry emerges stronger and achieves new growth after overcoming this difficult period.”   date2025-10-31

Record-Breaking Invest KOREA Summit Opens in Seoul

The Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan) announced that it is hosting the Invest KOREA Summit (IKS), Korea’s largest foreign investment promotion event, from October 30 to 31 at the Grand InterContinental Seoul Parnas. This year’s summit, held in conjunction with the APEC CEO Summit in Gyeongju, marks the largest IKS to date. The event features an investment declaration and R&D center designation ceremony, the Invest KOREA Conference, advanced industry seminars, startup pitching sessions, and a financial investor forum. More than 2,000 participants—including foreign investors, representatives from 300 international media outlets, leading Korean and global companies, foreign chambers of commerce, embassies, and government and local officials—are expected to attend. In his congratulatory remarks at the opening session of the Invest KOREA Conference, Vice Minister Moon Shin-hak emphasized that “Korea is one of the most attractive destinations for global investors, and foreign investment has been a key driver of Korea’s industrial competitiveness.” He added, “Despite global economic uncertainty, Korea will continue to strengthen advanced industry competitiveness, diversify export markets, and enhance foreign investment support systems to ensure the country remains a global business hub.” Under the theme “AI Innovation Partner, KOREA,” this year’s IKS focuses on promoting global investment in Korea’s AI ecosystem, aligning with the government’s goal of positioning the nation among the world’s top three AI powerhouses. At the conference, Kim Yu-won, CEO of NAVER Cloud, and Baek Joon-ho, CEO of FuriosaAI, delivered keynote speeches on Sovereign AI technology development and next-generation AI innovation. Experts at the event also discussed how AI is reshaping industrial structures and investment trends, highlighting strategies to attract global investment—such as improving Korea’s investment environment and leveraging supply chains—to strengthen leadership in the AI ecosystem. During the summit, seven global companies in sectors such as semiconductors, future mobility, offshore wind power, advanced materials, and K-culture-related content and food participated in an investment declaration ceremony totaling USD 550 million. Combined with the USD 9 billion in investment plans announced the previous day in Gyeongju under the “Global Corporate Investment Partnership,” this marks the largest-ever foreign investment commitments secured through the IKS. Key Highlights and Participating Companies in the Investment Declaration Ceremony on October 30 (Offshore Wind) 1. Ocean Winds (Spain): A leading global developer and operator of offshore wind power, planning to establish a floating offshore wind farm in Ulsan and expand cooperation across Korea’s offshore wind supply chain. (Semiconductors) 2. Tokyo Electron (Japan): A global leader in semiconductor and display manufacturing equipment, expected to help strengthen Korea’s semiconductor equipment supply chain. (Future Mobility) 3. Valeo (France): A leading company specializing in advanced autonomous driving sensors and perception systems, expanding its production facilities and research centers in Korea for autonomous systems while continuing investment in air-conditioning systems, battery modules, and other related areas. (Advanced Materials) 4. BASF (Germany): The world’s largest chemical company, expanding specialty chemical production facilities in Yeosu, Jeollanam-do. (Advanced Materials) 5. Mitsui Chemicals (Japan): One of Japan’s three major chemical companies, enhancing technological cooperation with Korean partners to establish next-generation supply chains. (Content) 6. HAPPYTUK (Taiwan): A PC and mobile game publisher and operator, establishing a new AI R&D cent date2025-10-30

Korea’s Retail Industry Grows 7.7% in September

The Ministry of Trade, Industry and Resources (MOTIR) announced on October 29 that Korea’s retail industry grew 7.7 percent year-on-year in September 2025, with offline sales down 1.0 percent and online sales up 16.5 percent. MOTIR’s monthly retail sales figures are based on surveys of 23 major retailers, comprising 13 brick-and-mortar retailers and 10 online retailers. By offline retail channel, department stores rose 4.8 percent and convenience stores gained 0.9 percent, both recording their third consecutive month of growth, while large supermarkets fell 11.7 percent and super supermarkets (SSM) slipped 0.2 percent. The People’s Livelihood Recovery Consumption Coupons boosted convenience store sales, particularly in instant foods and tobacco, while department stores benefited from strong holiday demand for food, jewelry, and other luxury items. Online sales climbed 16.5 percent from a year earlier, fueled by increased Chuseok-related purchases, continued growth in e-coupons, gift cards, and food delivery, and a broader shift toward online holiday shopping. By category, offline sales declined in electronics/culture (down 22.9 percent), household goods (down 9.4 percent), and children’s/sporting goods (down 4.0 percent). Online sales grew across food (up 26.0 percent), electronics (up 10.0 percent), and services such as e-coupons, gift cards, and food delivery (up 16.1 percent).   date2025-10-29

Discussing the Future of Productivity in the Asia-Pacific Region in Seoul

The Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan) announced that it will co-host the 66th session of the Asian Productivity Organization (APO) Governing Body Meeting (GBM) with the Korea Productivity Center (Chairman Park Sungjoong) from October 28 to 30 at The Plaza Seoul. This marks the first time since 2017 that Korea has hosted the meeting. Founded in 1961, the APO is an international organization dedicated to improving productivity and promoting sustainable economic growth across the Asia-Pacific region. The organization currently comprises 20 member economies, and this year’s meeting will bring together around 80 delegates from 19 of them. Key agenda items for this year’s GBM include the APO Vision 2030 Strategy and Implementation Roadmap, which will address challenges such as AI and digital transformation, declining birth rates and aging populations, and climate change.  Delegates will also discuss ways to enhance the APO’s operational framework, drawing on the experiences of other international organizations such as the International Labour Organization (ILO) and the World Bank. In his welcoming remarks, Lee Seung-ryeol, Director General for Industrial Policy at MOTIR, emphasized that “enhancing productivity is the most effective solution for achieving sustainable growth. Korea will continue to strengthen cooperation with member economies to ensure a smooth AI transformation that leads to productivity innovation across the Asia-Pacific region.” In his opening address, Park Sungjoong, Chairman of the Korea Productivity Center, stated, “The world today faces a complex array of challenges, including AI transformation, the climate crisis, and demographic shifts. The APO must pursue fundamental innovation in response to these demands of the times, and I hope this meeting serves as a turning point that lays the foundation for that transformation.”   date2025-10-28

Korean Companies Going Global Beyond APEC

The Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan) announced that, in collaboration with the Korea Chamber of Commerce and Industry (KCCI), the Korea Trade-Investment Promotion Agency (KOTRA), and other relevant organizations, it will host a series of business events during the APEC Economic Leaders’ Week, including the APEC CEO Summit, side events, and export and investment programs. Taking place from October 28 to 31 at the Gyeongju Arts Center, the CEO Summit is one of APEC’s two main cooperation platforms, serving as a vital bridge between policy and markets. The event will bring together heads of state from APEC member economies, global CEOs, and thought leaders to discuss key global issues such as artificial intelligence (AI) and climate change, while exploring innovative ideas and practical solutions. This year’s Summit, held under the theme “Bridge, Business, Beyond,” will feature 20 sessions covering topics such as AI and digital transformation, regional economic integration, sustainability, finance and investment, and biotechnology and health. Approximately 1,700 global business leaders are expected to participate in shaping the future of APEC. Among the speakers, President Lee Jae Myung and other APEC leaders will deliver special addresses. CEOs from leading global companies—including NVIDIA, Citigroup, and Amazon Web Services (AWS)—as well as the Secretary-General of the OECD and heads of other international organizations, will also attend to share insights through presentations and discussions. APEC, with its voluntary, consensus-based decision-making structure and open, cooperative framework, has long served as an “incubator of ideas,” advancing innovative policy proposals. Since its launch in 1996, the APEC CEO Summit has played a central role in driving these efforts. As a side event to the CEO Summit, the Future-Tech Forum (six sessions in total, October 27–28 and 30, at the Gyeongju Arts Center and Expo Park) has been specially organized for this year’s APEC CEO Summit hosted by Korea. The forum will present a vision for the future of Korean industries and create new markets and business opportunities for Korean companies. Global industry leaders, tech enterprises, and renowned scholars are expected to share in-depth insights across key sectors such as AI, shipbuilding, and defense. Major sessions include the AI Forum—featuring AWS, OpenAI, and Meta—and the Shipbuilding Forum, joined by companies such as Huntington Ingalls Industries, Anduril, and Siemens, where participants will explore avenues of collaboration with Korean firms. Meanwhile, the K-Tech Showcase (October 28–31, Expo Park), featuring Samsung Electronics, LG Electronics, SK Group, and Hyundai Motor Company, will serve as a major platform to demonstrate the cutting-edge technological competitiveness of Korean companies. In addition, during the APEC Economic Leaders’ Week, MOTIR will host a variety of related events across Korea—including Seoul and other major cities—focusing on exports, investment, and innovation. Boom-Up Korea Week (October 21–November 7, held nationwide in Seoul, Ilsan, Busan, and Daegu) will feature large-scale export consultations connecting over 1,700 international buyers with Korean companies through 28 industry exhibitions nationwide, boosting export growth for Korean businesses. The Invest KOREA Summit (October 30–31, Seoul) will include investment signing ceremonies, conferences, forums, and consultations, and is expected to yield tangible results in attracting foreign investment in advanced industries and supply chain sectors. Hosted by the Ministry of SMEs and Startups, the Global Super Gap Tech Conference (October 28–29, Seoul) will support Korean deep-tech startups in securing new technology strategies, fostering their growth and accelerating their glob date2025-10-28