Ministry of Industry Vice Ministers Fully Mobilized at Export and Investment Sites
Andeokgeun Visits Display Export and Investment Sites
Trade Headquarters Chief Visits Biosimilar Export Site, 1st Vice Minister Holds Export Trend Review Meeting
The Minister and Vice Minister of the Ministry of Trade, Industry and Energy, the main government body responsible for exports, visited export and investment sites to provide final full support. Minister An Deok-geun visited a display site, and Jeong In-gyo, Director General for Trade Negotiations, visited a biosimilar export site, pledging to do their best to maintain a positive export trend and trade surplus through the end of the year.
The Ministry of Trade, Industry and Energy announced that on the 20th, Minister An visited Samsung Display's Asan plant to check the status of display exports and investments and discussed policy directions to continuously expand organic light-emitting diode (OLED) exports in the future.
Korea's exports have maintained a positive trend for 14 consecutive months through November this year. The trade balance has recorded a surplus for 18 consecutive months (USD 45.2 billion), achieving the largest surplus since 2018 (USD 65.6 billion) in six years.
Minister An stated, "The government plans to provide full support to nurture OLED, which practically exports the entire domestic production volume, into a more solid number one industry. First, we will invest approximately KRW 203 billion in display research and development (R&D) next year, a 6.3% increase from this year's approximately KRW 191 billion (2024 estimate)."
Additionally, the government will establish a comprehensive human resource development system from undergraduate to master's and doctoral levels, including the establishment of a Display Academy. Along with the Display Innovation Process Center scheduled to operate next year, the government will actively support localization of materials, parts, and equipment through mass production performance evaluation projects. Through the extension of the national strategic technology investment tax credit for three years until the end of 2027, the government will support mid- to long-term investments by display companies. Policy financing for 2025 will also be arranged without delay through consultations with related ministries to create an environment where companies can focus on investment.
On the same day, Director General Jeong visited Celltrion's Incheon plant to observe the biosimilar production site and listen to on-site suggestions for export expansion. At this meeting, the industry suggested the need to actively respond to the growth of the pharmaceutical market due to global population aging trends and the strengthening of biosecurity measures such as the U.S. Biosecurity Act.
The government plans to provide bio trade insurance at a record high of KRW 4.5 trillion in 2025 to ensure the bio industry maintains its strong export performance next year. It will also steadily promote bio manufacturing innovation and professional workforce development. Furthermore, to proactively respond to new changes in the global market, the government will maintain close communication with the industry and explore support measures utilizing overseas trade offices and economic and trade cooperation networks worldwide.
Park Seong-taek, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, held a meeting to review export trends and risks by major product categories. As of November, exports increased in 9 out of the 15 major product categories. In particular, five categories?semiconductors, ships, wireless communication devices, computers, and biohealth?have already exceeded last year's total export performance, driving export growth. However, uncertainties have greatly increased due to external factors such as the inauguration of the new U.S. administration, delayed recovery in China, and recent domestic political situations.
Minister An evaluated, "Despite challenging domestic and international conditions this year, exports have served as a strong pillar for our economy." He added, "In the current situation of significant domestic and international uncertainties, we will promptly resolve on-site difficulties through a real-time communication system so that our companies can focus on exports without wavering. The Ministry of Trade, Industry and Energy will ensure that the upward export trend and trade surplus continue through December, the final month of the year."
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