Ministry of Trade, Industry and Energy

Korea steps up efforts to cope with trade issues from U.S., China

The Ministry of Trade, Industry and Energy announced on April 11 that it hosted the 8th trade committee meeting to respond to rising trade issues from the United States (U.S.) and China. Trade, Industry and Energy Vice Minister Woo Taehee presided the meeting with top officials attended from 20 ministries and agencies to discuss the ways to cope with trade issues concerning major trade partners such as the U.S. and China and expand the free trade agreement (FTA) networks to tap new markets. Vi date2017-04-11

FDI rises 38.1% in 1st quarter

The Ministry of Trade, Industry and Energy announced on April 4 that foreign direct investment (FDI) arriving into Korea in the first quarter of this year jumped 38.1 percent year-on-year to $2.8 billion. The figure reflected that Asia’s fourth-largest economy has steadily grown despite lingering global economic uncertainties. New FDI committed in the first quarter contracted 9.2 percent year-on-year to $3.9 billion, which exceeded an average quarterly amount of $3.7 billion for the past date2017-04-04

Korea’s exports jump 13.7% to 27-month high in March

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports rose by 13.7 percent to $48.9 billion from a year earlier with outbound shipments of semiconductors, general machinery, and cosmetics reaching record highs.   Exports expanded year-on-year for five consecutive months for the first time in 63 months since December 2011 and at double-digit rates for three straight months for the first time in 66 months since September 2011. The amount of exports notch date2017-04-01

Minister Joo discusses future cooperation at general meeting of German chamber of commerce

Trade, Industry and Energy Minister Joo Hyunghwan (center) poses with leaders from German businesses in Korea at the Korean-German Chamber of Commerce Industry (KGCCI) Extraordinary General Meeting held in central Seoul on March 29.  During the meeting, Minister Joo delivered a speech, underscoring the Korean government will strive to solve difficulties and inconveniences foreign firms may experience in Korea. Minister Joo proposed expansion of bilateral trade and investment, joint respons date2017-03-29

Ministry discusses expansion of Korea-US economic cooperation with private sector

The Ministry of Trade, Industry and Energy announced on March 24 that the Ministry held the third meeting of the public-private committee on Korea-U.S. trade in Seoul to discuss latest developments in the trade between the two countries and come up with responses.    The meeting was chaired by Trade, Industry and Energy Minister Joo Hyunghwan and was attended by about 40 representatives from export-supporting agencies, industries bodies and think tanks, including the Korea Internatio date2017-03-24

Minister Joo presides 3rd meeting of public-private committee on Korea-US trade

Trade, Industry and Energy Minister Joo Hyunghwan (center) spoke at the third meeting of the public-private committee on Korea-U.S. trade held in central Seoul, on March 24.  During the meeting, Minister Joo made opening remarks and talked about bilateral economic cooperation in energy and high-tech industries and manufacturing sectors. The Minister and the attendants also discussed latest issues in trade between Korea and the U.S. and responses to them as well as the private sector’ date2017-03-24

Ministry hosts 3rd meeting of committee on import restrictions

Trade, Industry and Energy Deputy Minister for Trade Lee Inho (second from left) hosted the third meeting of the public-private committee on import restrictions in southern Seoul on March 21 to discuss strategies for responding to overseas import restrictions on Korean goods.  During the meeting, Deputy Minister Lee made opening remarks and discussed main issues on the agenda including current and planned restrictions on imports from Korea; activities of the government task force to handle date2017-03-21

Korea’s ICT exports sets new record in February

The Ministry of Trade, Industry and Energy announced on March 15 that exports of information and communication technology (ICT) goods surged 22.8 percent to USD 14.1 billion in February from a year earlier, setting a new record for the month of February.    Exports of ICT goods grew year-on-year for the fourth consecutive month – and at double-digit rates for the third straight month – on large increases in outbound shipments of semiconductors, displays, and computers and date2017-03-15

Vice Minister Woo chairs 9th pan-gov't meeting to inspect trade issues with China

Trade, Industry and Energy Vice Minister Woo Taehee (left) spoke with industry representatives at the 9th meeting of the pan-government task force on Korea-China trade issues held in the Plaza Hotel in Seoul on March 7. The Vice Minister heard challenges that domestic industries experience in trade and investment in China, and discussed joint responses with them. Vice Minister Woo presided the meeting, which was joined by about 30 officials and representatives from relevant ministries, industry date2017-03-07

Korea's exports post fastest growth in 5 years in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports expanded 20.2 percent, the fastest pace in five years, to USD 43.2 billion in February from a year earlier.   The amount of exports is also a five-year high since February 2012. They advanced at double-digit rates for two consecutive months for the first time in 65 months since September 2011. The won-denominated exports and average daily exports grew for the fourth and third consecutive months, res date2017-03-01