Yoon Signs 23 Advanced and Clean Energy MOUs with US Two Days After Visit

'US-Korea Advanced Industry and Clean Energy Partnership'
Achievements in Trade Issues Including Nuclear Power and Critical Minerals

Taking advantage of President Yoon Suk-yeol's state visit to the United States, the two countries have established a comprehensive cooperation framework in the fields of advanced industries and clean energy.

On the 25th (local time), the Ministry of Trade, Industry and Energy announced that a total of 23 memorandums of understanding (MOUs) were signed under the 'Korea-US Advanced Industry and Clean Energy Partnership,' including 10 MOUs in advanced industries and 13 in clean energy. The advanced industry MOUs cover sectors such as batteries, bio, autonomous vehicles, aviation, and robotics, while the clean energy MOUs include hydrogen, nuclear power, and carbon neutrality. Through cooperation between companies and institutions from both countries, it is expected to expand business opportunities, strengthen technological competitiveness, achieve carbon neutrality goals, and enhance energy security by expanding clean energy.

An official from the Ministry of Trade, Industry and Energy stated, "The unusually large number of MOUs signed during this state visit indicates a significant increase in cooperation demand between Korea and the US compared to the past." Participants in the event included public institutions, research institutes, and companies such as Doosan, SK, HD Hyundai Heavy Industries, Lotte Chemical from Korea, and global companies like Boeing and GE Vernova from the US.

10 MOUs in Advanced Industries Including Batteries and Autonomous Vehicles

In the advanced industry sector, companies, research institutes, and public institutions in fields such as batteries, bio, autonomous vehicles, aviation, and robotics plan to pursue various collaborations including joint research, personnel exchanges, product development, certification, and standards.

First, in the secondary battery sector, MOUs were signed between associations, institutions, and research institutes from both countries to establish a mutual support network for market entry and corporate attraction. In the bio sector, three MOUs were signed covering ▲support for corporate exchanges to stabilize the bio supply chain ▲international joint research and personnel exchanges between domestic industry-academia-research and US universities ▲mutual cooperation between testing and certification institutions in both countries in the fields of in vitro diagnostics and medical devices such as diagnostic reagents. For advancing autonomous driving technology, two MOUs were signed for joint research between domestic research institutes and US associations, cooperation in standard development, and certification-related collaboration between institutions of both countries.

In the aviation sector, an MOU was signed to cooperate for the participation of domestic companies in Boeing’s projects, and in the robotics sector, an MOU was signed between companies for joint product and technology development and global sales cooperation, which is expected to expand exports of Korean companies to North America in the future. An MOU was also signed for technology exchange in industrial IoT cybersecurity and cooperation to designate domestic testing institutions by CTIA (North American Telecommunications Industry Association).

Additionally, an MOU for technology development cooperation covering the entire advanced industry sector was signed between domestic research support institutions and leading US research institutes. An official from the Ministry said, "Through international joint research with the US, which possesses core source technologies in advanced industries, we expect the capabilities of our companies to take a significant leap forward."

13 MOUs in Clean Energy Sector... Securing Critical Mineral Supply Chains

In the clean energy sector, cooperation has expanded from traditional energy fields such as oil and gas to small modular reactors (SMR), hydrogen, ammonia, carbon capture, utilization, and storage (CCUS), renewables, and critical minerals. With a total of 13 MOUs signed, it is expected to contribute to carbon neutrality and energy security.

Cooperation in the nuclear power sector has also expanded. In the SMR field, which is expected to lead the zero-carbon power market, companies agreed to accelerate cooperation for entering third-country markets by leveraging US design capabilities and Korea’s manufacturing, operation, management, and financial strengths. In the nuclear fuel sector, where the need for supply chain diversification has emerged following the Ukraine crisis, a supply cooperation MOU was signed between Korea Hydro & Nuclear Power (KHNP) and Centrus (a US nuclear fuel company), establishing a foundation for strengthening alliance cooperation.

Cooperation between companies from both countries will also expand in clean power generation and renewable energy sectors. Focus will be placed on joint research and technological cooperation in advanced fields such as hydrogen/ammonia co-firing technology and CCUS, with plans to extend cooperation to commercialization and business development in the future. Furthermore, with the competitiveness of US clean hydrogen production secured through the Inflation Reduction Act (IRA), an MOU was signed for cooperation between companies from both countries to build a clean hydrogen supply chain.

To secure a stable supply chain of critical minerals, the Korea Trade Insurance Corporation and the Multilateral Investment Guarantee Agency (MIGA) will jointly promote financial support for overseas investment projects by Korean companies. This will help establish a stable supply chain when Korean companies invest in developing countries.

Minister of Trade, Industry and Energy Lee Chang-yang stated, "The Korea-US relationship is expanding beyond a military and security alliance to an advanced industry and technology alliance. We hope that the seeds of cooperation planted this time will soon bear significant fruit, and the Korean government will actively support this effort."

This content was produced with the assistance of AI translation services.