Ministry of Trade Industry and Resources

Korea and Mexico Discuss Accelerating Economic and Trade Cooperation

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Carlos Peñafiel Soto, Ambassador of Mexico to Korea, on April 30, 2026, to discuss economic and trade cooperation between Korea and Mexico. The meeting was held amid growing uncertainty in the global trade environment as protectionist measures spread. Discussions focused on expanding economic cooperation with Mexico, Korea’s largest trading partner in Latin America, and addressing business challenges facing Korean companies. Both sides agreed that a Korea–Mexico FTA would help expand bilateral trade and investment. They also agreed to continue high-level consultations to resume the negotiations, which have been suspended since 2022, as soon as possible. Trade Minister Yeo raised concerns from Korean industry over key trade issues, including Mexico’s tariff increases, which have been in effect since January 2026, and the July 2026 review of the United States–Mexico–Canada Agreement (USMCA). He requested Mexico’s close attention so that Korean companies operating in the country can continue to do business in a stable environment. “Mexico is a key gateway for Korean companies to enter Latin American markets and join USMCA supply chains,” Trade Minister Yeo said. “We will continue working closely with Mexico to deliver practical outcomes that help Korean companies expand exports and maintain stable local operations.” date2026-04-30

Korea and Australia Strengthen Energy and Resource Security Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Penny Wong, Australia’s Minister for Foreign Affairs, in Seoul on April 30, 2026, during her visit to Korea. The two ministers discussed energy and resource security cooperation in response to global supply chain risks heightened by the conflict in the Middle East. The two ministers reaffirmed the close, complementary energy and resources partnership between Korea and Australia. Australia is Korea’s largest LNG supplier, accounting for 31.4 percent of Korea’s LNG imports in 2025, and a major supplier of condensate, which is essential for producing naphtha, a basic feedstock for Korea’s petrochemical industry. Korea, in turn, is Australia’s largest supplier of petroleum products, with a 29.1 percent market share. These stable two-way flows have underpinned both countries’ complementary economic relationship. On this strong foundation of trust, Korea and Australia issued the Joint Statement on Energy Resource Security, prepared with the participation of Korea’s five relevant ministries, including MOTIR. The statement carries particular significance as it publicly affirms the two countries’ commitment to strengthening supply chain resilience at a time of heightened uncertainty in global energy markets following the outbreak of the conflict in the Middle East. Minister Kim noted that Australian condensate and crude oil are essential to maintaining Korea’s petrochemical operations amid Middle East-related supply uncertainty. He also described Australia as “a highly reliable partner.” Minister Kim asked the Australian side to help ensure that LNG exports to Korea continue without disruption while Australia maintains stable domestic natural gas supplies. Minister Kim also reaffirmed the importance of cooperation with Australia on critical minerals essential to future advanced industries, in the context of continued supply chain uncertainty. Australia is rich in resources and is a major investment destination for Korean companies. The two sides will continue discussions on Australia’s planned Critical Minerals Strategic Reserve so that it can support a stable production base for supplier countries while serving as a reliable supply source for consumer countries. MOTIR will use high-level channels such as the Korea-Australia Joint Committee on Energy and Mineral Resources (JCEM) to help translate the joint statement into tangible business outcomes. Through these channels, MOTIR will work to implement key areas of cooperation covering crude oil, LNG, condensate and critical minerals. date2026-04-30

Major Retailer Sales Up 5.6% in March 2026

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that total sales at 26 major retailers (15 brick-and-mortar retailers and 11 online retailers) in March 2026 rose 5.6 percent year-on-year, with offline sales up 1.9 percent and online sales up 8.1 percent. Offline sales increased at department stores (up 14.7 percent) and convenience stores (up 2.7 percent), while hypermarkets (down 15.2 percent) and super supermarkets (SSMs) (down 8.6 percent) declined. Department stores and convenience stores extended their growth streaks to nine consecutive months since July 2025. Department store sales increased across all categories, including premium international brands, fashion and accessories, and children’s and sports goods, supported by a base effect from weak sales in March 2025, an increase in foreign tourist arrivals, and spring outing and back-to-school demand. Convenience store sales also rose across all product categories, including processed and ready-to-eat foods, tobacco and other items, and general merchandise. Hypermarket sales fell again after one month of growth, as consumer spending continued to shift online, weighing on most product categories, including food and household goods. Hypermarket sales have declined for eight consecutive quarters since the second quarter of 2024. SSM sales remained weak for a third consecutive quarter since the third quarter of 2025, as sales in their core food category remained sluggish. Online sales rose across most product categories, supported by the launch of new mobile devices in March and spring outing and back-to-school demand. Cosmetics (up 15.8 percent), food (up 10.6 percent), and household goods (up 9.5 percent) maintained steady growth, while home appliances and electronics (up 11.1 percent), children’s and baby products (up 10.7 percent), and books and stationery (up 4.1 percent) also contributed to the increase. Sales shares by channel were 60.6 percent for online retailers, 15.4 percent for department stores, 13.9 percent for convenience stores, 8.1 percent for hypermarkets, and 2.0 percent for SSMs. date2026-04-29

Korea and Qatar Strengthen Investment Cooperation in Manufacturing AI, Robotics, Biotech, and Semiconductors

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with H.E. Dr. Ahmed bin Mohammed Al-Sayed, Qatar’s Minister of State for Foreign Trade Affairs, in Seoul on April 29, 2026, to discuss expanding investment cooperation in advanced industries, including semiconductors and biotechnology. The meeting followed up on discussions held during the visit to Qatar by Korea’s special presidential envoy for strategic economic cooperation on April 13, 2026, and was arranged to help turn the two countries’ cooperation agenda into concrete outcomes. Trade Minister Yeo recognized Qatar’s resilience in maintaining stability amid heightened tensions in the Middle East. He also reaffirmed the strong foundation of bilateral cooperation built through Korea’s imports of Qatari natural gas and Korean companies’ participation in major energy infrastructure projects in Qatar. The two sides agreed to expand strategic investment cooperation in advanced industries by combining Korea’s strengths in advanced manufacturing with Qatar’s capital and industrial diversification policy. The two sides paid particular attention to opportunities in future industries, including AI transformation (AX) in manufacturing and robotics. Trade Minister Yeo introduced the M.AX Alliance, launched to advance manufacturing innovation, as well as Korea’s leading manufacturing AI companies. He expressed hope that investment cooperation would expand in AI solutions that help address challenges at manufacturing sites, as well as in robotics projects that can be linked with infrastructure development. The meeting also covered investment cooperation in biotechnology and semiconductors. Trade Minister Yeo noted that Korean companies are expanding into Qatar in health screening, including genetic analysis, as well as pharmaceuticals, and expressed hope that Qatar would further expand investment cooperation with promising Korean biotech companies. In semiconductors, he highlighted the potential of Korea’s AI semiconductor fabless companies with low-power, high-performance technologies. The two sides agreed to keep sharing information, including on companies with potential interest, and continue consultations to ensure smooth progress in investment cooperation on these prospective projects. “This meeting reaffirmed the trust built through the recent special envoy’s visit and marks an important step toward translating Korea and Qatar’s partnership into concrete investment cooperation in advanced industries,” Trade Minister Yeo said. “Korea will continue to strengthen energy security while expanding economic cooperation with Qatar into future industries, including manufacturing AI and biotechnology.” date2026-04-29

Korea Launches Shipbuilding–Shipping Alliance under Next-Generation W.A.V.E. Strategy

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the Ministry of Oceans and Fisheries (MOF, Minister Hwang Jong-woo) held a launch ceremony in Seoul on April 28, 2026, for a strategic council to promote shared growth between the shipbuilding and shipping industries. The ceremony followed the two industry associations’ December 2025 agreement at the Strategic Meeting of the M.AX Alliance for Autonomous Ships to form the council. The event brought together more than 100 participants, including the ministers of MOTIR and MOF; Korea Gas Corporation (KOGAS); the Korea Offshore & Shipbuilding Association (KOSHIPA); the Korea Shipowners’ Association (KSA); and representatives from major Korean shipbuilders and shipping companies. The council will link Korea’s shipbuilding and shipping industries and build a maritime supply chain connecting Korean-built vessels with Korean-flag shipping. Led by KOSHIPA and KSA, it brings together shipbuilders, shipping companies, government officials, and academic experts under the W.A.V.E. strategy. The W.A.V.E. strategy sets out four goals: securing world-leading technologies (World Top Class); building industry alliances across shipbuilding and shipping (Alliance); expanding the Korean-flag fleet and securing orders for Korean shipbuilders (Vessel Production); and creating a shared-growth innovation ecosystem rooted in regional economies (Ecosystem). The two industries will identify detailed tasks for each goal and prepare an implementation plan by the end of 2026. The council will operate through expert task forces on technology development, demonstrations, vessel orders, financing and regulatory improvements, with quarterly meetings tied to policy proposals. As a first step in strategic cooperation, KOSHIPA and KSA adopted a declaration on joint orders for Korean-flag vessels to support the development of Korea’s shipbuilding and offshore cluster. The declaration will strengthen order links between Korean shipping companies and shipyards, helping shipping companies expand advanced fleets at competitive prices and giving shipbuilders and marine equipment suppliers a more stable order pipeline. KOGAS, KSA, and Korea’s three major shipbuilders also signed an MOU on LNG transportation. Under the MOU, they will work together to stabilize Korea’s LNG transport system amid growing resource security concerns and the need to strengthen the country’s energy transport capacity. The government and industry agreed to strengthen a one-team framework that aligns shipbuilding and shipping under a single industrial strategy, including technology development, demonstrations, and fleet expansion. MOTIR and MOF will jointly pursue regulatory improvements, budget support, demonstration infrastructure, and links with regional industrial bases, drawing on input from the field. Through the M.AX Alliance for Autonomous Ships, the two ministries will also launch a KRW 600 billion project in 2026 to develop fully autonomous AI-powered ships. They will support future-vessel technologies, including ammonia- and electric-powered eco-friendly ships and localized LNG cargo tanks, and discuss expanding MASGA, the Korea–U.S. shipbuilding cooperation project, to shipping and ports. “Shipbuilding and shipping are industries critical to Korea’s economic security,” said Minister Kim of MOTIR. “Today’s launch is significant because it puts in place an action-oriented framework for the two industries to shape and carry out work on market demand, technology, demonstrations, and regulatory improvements. Under the W.A.V.E. strategy, I hope shipbuilding and shipping will move forward together into a new phase of growth.” Minister Kim added, “MOTIR will work closely with MOF to ensure that the cooperation announced today, including joint orders, future-vessel technology developm date2026-04-28

Korea and Singapore Launch FTA Upgrade Negotiations

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) visited Singapore from April 27 to 28, 2026, to formally launch negotiations to upgrade the Korea–Singapore Free Trade Agreement (FTA) and discuss key ministerial-level trade issues. He also reviewed crude oil and naphtha market conditions with global energy traders and promoted Singaporean investment in Korea’s advanced industries and cross-border e-commerce exports of Korean consumer goods. Rep. Lee Un-ju, a Supreme Council member of the Democratic Party of Korea and chair of the Korea–Singapore Parliamentary Friendship Association, participated in key programs, including industry meetings and investment promotion activities, drawing on her experience in the National Assembly’s industry and trade committee as well as in business and law. 1. Launch of Korea–Singapore FTA Upgrade Negotiations On April 28, 2026, MOTIR and Singapore’s Ministry of Trade and Industry (MTI) formally launched negotiations to upgrade the Korea–Singapore FTA by signing the terms of reference, following the two countries’ agreement at their March 2026 summit. Trade Minister Yeo and Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong attended the signing, which was carried out by the chief negotiators of the two countries. MOTIR then held the first round of Korea–Singapore FTA upgrade negotiations together with relevant Korean ministries, including the Ministry of Economy and Finance (MOEF) and the Ministry of Land, Infrastructure and Transport (MOLIT). The talks covered supply chains, the green economy, aviation maintenance, repair, and overhaul (MRO), and trade facilitation. 2. Ministerial-Level Trade Discussions with Singapore  Trade Minister Yeo held talks with Singaporean ministerial-level officials, including Deputy Prime Minister Gan Kim Yong; Dr. Tan See Leng, Minister-in-charge of Energy and Science & Technology; and Grace Fu, Minister-in-charge of Trade Relations. They discussed accelerating the upgrade negotiations for the Korea–ASEAN FTA and the Korea–Singapore FTA to strengthen Korea’s economic cooperation framework with New Southern Policy partner countries. The two sides also discussed plurilateral cooperation in support of free trade, including the Future of Investment and Trade Partnership (FIT Partnership) and the Green Economy Partnership Agreement (GEPA), as well as supply chain cooperation in energy, biotechnology, and pharmaceuticals. 3. Meetings with Global Energy Traders to Review Crude Oil and Naphtha Supply Risks Trade Minister Yeo and Rep. Lee held a series of meetings in Singapore with global energy traders Vitol and Trafigura and commodity market intelligence provider S&P Global to discuss the global energy market outlook and response options. They also met with Korean refining and petrochemical companies operating in Singapore to review crude oil and naphtha supply conditions and hear industry concerns. 4. Investment Promotion and Cross-Border E-Commerce Exports The Korean delegation met with Chia Song hwee, CEO of Temasek Global Investments. Temasek, a Singapore investment company and long-term investor in Korea in areas such as life sciences, expressed interest in exploring further investments in advanced technology sectors in the country, including AI and semiconductors. The delegation also visited Shopee, Southeast Asia’s largest e-commerce company, to discuss dedicated sections for Korean products, certification support, and logistics cooperation for Korean SMEs in K-fashion, beauty, and food. 5. Visits to Advanced Manufacturing AI and Port Automation Sites The Korean delegation visited Hyundai Motor Group Innovation Center Singapore (HMGICS), Singapore’s advanced manufacturing innovation hub, and PSA Singapore, a globa date2026-04-28

MOTIR Seeks to Boost Domestic Investment by Improving Reshoring Policy

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Kolmar Korea, a cosmetics manufacturer selected as the first company under Korea’s 2026 reshoring program, on April 27, 2026. Minister Kim also held an on-site roundtable with reshoring companies and discussed ways to improve Korea’s reshoring support policy. Since the enactment of the Act on Assistance to Korean Off-Shore Enterprises in Repatriation (the Reshoring Act), Korea’s reshoring policy has helped generate around KRW 7 trillion in investment and 8,000 jobs between 2014 and 2025. However, calls have grown for policy reform as new reshoring cases have slowed, with Korea’s reshoring framework not yet fully reflecting rapid changes in the global investment environment, including stronger protectionism and supply chain realignment. In particular, as major economies compete to attract investment to anchor advanced industries and critical supply chains domestically, Korea now needs to redesign its reshoring policy not simply to support the relocation of overseas operations, but to secure core industrial capabilities at home. Companies attending the roundtable also called for stronger government support for corporate investment amid global supply chain uncertainty and accelerating AI transformation. In particular, they noted that eligibility for reshoring support remains too narrow, as companies must produce the same or similar products or services at their overseas and returning domestic operations. As a result, businesses may have difficulty qualifying for support when shifting to different products, such as from auto parts to energy storage system components, or when investing in domestic R&D facilities instead of manufacturing operations. Participants also said the current maintenance requirement limits companies’ flexibility in operating their business sites. Under the rule, companies must maintain an existing domestic business site for three years. They added that employment requirements should also be made more flexible to reflect growing automation trends. In response, MOTIR said it is preparing improvements to Korea’s reshoring policy centered on three areas: expanding eligibility and refining detailed requirements; diversifying subsidy programs based on the nature of each reshoring project, including regional investment, large-scale investment and investment in strategic advanced sectors; and helping attract strategic investment while providing closer support for implementation. MOTIR will finalize and announce the measures after gathering industry feedback and consulting relevant ministries. Minister Kim thanked companies for their reshoring investments, saying, “We are now in an era in which the competitiveness of both companies and countries depends on secure and stable supply chains. The government will provide full support so that reshoring and regional investment become the most rational and attractive choice.” date2026-04-27

M.AX Requires Speed: MOTIR Moves to Align Policy with Industry Pace

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held a special lecture for MOTIR staff on April 24, 2026, delivered by Park Min-won, president of Changwon National University and chair of the M.AX Alliance’s Industrial Complex AX Division. Held under the theme “Manufacturing, the Heart of Korea’s Economy, Opens the Future through M.AX,” the lecture was designed to help MOTIR officials build the policy capacity needed to support M.AX implementation on the ground. The Industrial Complex AX Division was established on February 26, 2026, as the 11th division of the M.AX Alliance. On April 17, 2026, it held its first meeting, with the chairs of the 10 MINI Alliances joining as division members. As industrial complex AX moves into full implementation, MOTIR invited President Park to speak to staff based on his work with the ministry at the forefront of M.AX and his efforts to bring together industry, academia and research institutions. In the lecture, President Park briefed MOTIR staff on the background to M.AX, why M.AX is urgently needed, and specific implementation plans. He noted that as global industrial leadership shifts, technology competition is intensifying, making demonstration projects essential to help reduce the investment burden on companies adopting AI technologies. He also shared direct feedback from companies on demand for AX, bringing field-level perspectives into the discussion. Minister JK Kim said, “MOTIR will use this lecture as an opportunity to narrow the gap between policy and the field, renew the sense of urgency behind M.AX policy implementation, and strengthen its internal capacity. The ministry will also continue engaging with field experts to expand opportunities for policy officials to better understand the pace and needs of industry.” date2026-04-24