Invest KOREA

According to Yonhap News, The industry ministry said Monday it has signed a memorandum of understanding MOU with the state of Western Australia to seek broader ties in the clean energy sector and the supply chain of key minerals. Trade Minister Cheong In-kyo signed the agreement with Premier Roger Cook of Western Australia during an event held in Perth to commemorate the 10th anniversary of the bilateral free trade agreement FTA, according to the Ministry of Trade, Industry and Energy. The ministry said the agreement is crucial, considering that Western Australia boasts rich reserves of key minerals, with its abundant solar and wind resources also making it a region with great potential in the production of clean hydrogen. "The MOU will help South Korea and Western Australia seek progress in cooperation in the energy sector, including key minerals, hydrogen, carbon capture and storage, along with renewable energy," the ministry said in a statement. During his visit to Perth, Cheong also met his Australian counterpart, Don Farrell, and discussed the progress of the bilateral FTA, which went into effect in December 2014. "To address the global uncertainties, it is crucial for the two countries to strengthen the future-oriented cooperation in areas such as supply chains, the clean economy, digital innovation and defense," Cheong said in a statement. The combined amount of trade reached US$50.6 billion in 2023, up 46.8 percent from 2013. colin@yna.co.kr Source Text Copyrights Yonhap News. All Rights Reserved. Reprint or redistribution without permission is prohibited. Source: Yonhap News September 2, 2024

Image source: Gettyimagesbank South Korea saw the highest export growth among the major countries tracked by the World Trade Organization WTO in the first half of 2024, thanks to the semiconductor and automobile exports’ strong performances. According to the WTO on Sunday, the country’s export growth rate for the first half of the year was 9.1 percent, ranking first among the top 10 exporting countries. China was second at 5.2 percent, followed by Mexico 2.6 percent, the United States 2.3 percent, and Canada 0.2 percent. Japan, on the other hand, saw a 3.6 percent decline, with Germany, the Netherlands, Italy, and France also seeing a decline in exports. Korea’s export value for the first half of 2024 was $335 billion, putting it in 7th place, but the gap with the leading countries narrowed. China ranked first at $2.02 trillion of export value, followed by the United States at $1.03 trillion. Germany, the Netherlands, Italy, Japan, and Korea followed in that order. Korea’s particularly high export growth compared to other countries can be attributed largely to the global increase in demand for semiconductors and electronic devices, sectors in which the country has strong export competitiveness. Its semiconductor exports surged by an impressive 50.9 percent in the first half of the year, with server and enterprise memory exports soaring due to increased demand from artificial intelligence AI-related industries, and memory fixed prices maintaining double-digit growth. Automobile exports, mainly hybrid cars and internal combustion engines, also performed well, despite a slowdown in electric vehicle sales due to the downturn in EV demand. “The improvement in the semiconductor and electronic device industries significantly boosted exports in these sectors, and other major products like automobiles and ships also performed well across the board,” a trade policy officer at the Ministry of Trade, Industry and Energy said. “It is rare globally for a country to have such a balanced export portfolio.” This positive trend continued into the second half of 2024. According to data released by the trade ministry on Sunday, the country’s exports totaled $57.9 billion in August, a 11.4 percent increase from the same period a year ago and marking the highest figure for August on record. Monthly exports also increased in the month for 11 consecutive months. By Hong Hae-jin and Yoon Yeon-hae Copyrights Pulse by Maeil Business News Korea. All Rights Reserved. Source: Pulse by Maeil Business News Korea September 2, 2024

Minister Oh Young-joo takes a commemorative photo with Deputy Prime Minister Bui Thanh Son at the Vietnamese Ministry of Foreign Affairs on the 29th. Courtesy of Ministry of SMEs and Startups South Korea’s Ministry of SMEs and Startups announced on Sunday that it signed a memorandum of understanding MOU with Vietnam’s State Agency for Technology Innovation, part of the country’s Ministry of Science and Technology. This agreement is designed to pave the way for Korean smart manufacturing companies to expand into the Vietnamese market. The MOU includes plans to establish a smart factory demonstration center aimed at driving the digital transformation of Vietnam’s manufacturing sector and will also focus on training local professionals in cutting-edge manufacturing technologies. Additionally, the Korea-Vietnam Digital Manufacturing Innovation Forum will provide support for Korean companies looking to enter the Vietnamese market. By Kim Dong-eun and Minu Kim Copyrights Pulse by Maeil Business News Korea. All Rights Reserved. Source: Pulse by Maeil Business News Korea September 2, 2024

No.30 New Legislations and Amendments AUGUST