Ministry of Trade, Industry and Energy

Minister Ahn attends 178th CEO Breakfast Meeting at KITA

Trade, Industry and Energy Minister Dukgeun Ahn attended the 178th CEO Breakfast Meeting at Korea International Trade Association (KITA) on March 29 in Seoul and spoke on the $700 billion export target and the New Industrial Policy 2.0.. date2024-03-29

MOTIE to power Korea's economic growth through investment and export drive

Trade, Industry and Energy Minister Dukgeun Ahn attended the 178th CEO Breakfast Meeting at Korea International Trade Association (KITA) on March 29 and vowed that the Ministry of Trade, Industry and Enery (MOTIE) will take full charge of export and investment to lead Korea’s economic growth this year.   During his lecture, he noted last year’s global trade volume decline amid high interest rates, the Russia-Ukraine war, and other geopolitical and geoeconomic crises, stating that even in these difficult conditions, Korea’s exports managed to snap the losing streak in October and contributed to the country’s relatively high economic growth, and forecast that the strong performance of major items like semiconductors, information and communications devices, and ships is expected to continue on an upward trajectory throughout the second quarter as well.   Moreover, he highlighted the need for increased investment in Korea’s top 10 manufacturing sectors to freshly vitalize the economy to build on the export growth momentum, articulating the following three goals: all-time high export target of USD 700 billion, facility investment of KRW 110 for the top 10 manufacturing sectors, and the foreign investment target of $35 billion.   The minister added that in order to achieve these goals, MOTIE plans to push the following five measures: designation of 20 major export items to create a new export drive; penetrating the Global South and other new markets; providing exporting firms with an unprecedented 360 trillion won in trade financing and 1 trillion won in overseas marketing support; activating the regulatory sandbox to improve the investment environment of new industries; and revising outdated regulations.   date2024-03-29

Korea celebrates 20 years of FTAs

Minister for Trade Inkyo Cheong attended, on March 28 at the Westin Josun Seoul, the celebration of Korea’s upcoming 20th anniversary of the country’s first Free Trade Agreement (FTA), the Korea-Chile FTA, which entered into force on April 1, 2004.   The event was held under the theme of “Korea’s Strategy in the Global Trade Landscape” to look back on the 20 years of FTAs and discuss future directions. Trade Minister Cheong awarded 20 companies and institutions the MOTIE Minister’s commendation for their contribution to expanding exports and market presence overseas.   Attending the ceremony were ambassador groups to Korea of Korea’s 37 FTA partner countries, as well as representatives of related institutions and exporting companies, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Agro-Fisheries & Food Trade Corporation (aT). date2024-03-29

Looking back on 20 years of FTAs to seek future trade strategy with global experts

The Ministry of Trade, Industry and Energy (MOTIE) celebrated, on March 28 at the Westin Josun Seoul, Korea’s upcoming 20th anniversary of the country’s first Free Trade Agreement (FTA), the Korea-Chile FTA, which entered into force on April 1, 2004. The event was held under the theme of “Korea’s Strategy in the Global Trade Landscape” to look back on the 20 years of FTAs and discuss future directions.   Attending the ceremony were ambassador groups to Korea of Korea’s 37 FTA partner countries, as well as representatives of related institutions and exporting companies, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Agro-Fisheries & Food Trade Corporation (aT).   In his commemorative address, Minister for Trade Inkyo Cheong underscored that “Cooperation based on the spirit of free trade and solidarity is key to responding to the present global trade challenges, and we must recover the rules-based international order.” Noting that the trade network Korea has established through FTAs amount to 85 percent of the total global GDP, he assessed that this trade network is an important policy means for responding to external uncertainties and risks.   Experts from around the world gathered on this occasion to discuss the future direction of Korea in view of the changing global trade landscape, including International Institute for Management Development (IMD) Professor Richard Baldwin, Japan’s Research Institute of Economy, Trade and Industry (RIETI) Chairman Shujiro Urata, and Korea Institute for International Economic Policy (KIEP) President Lee Si-wook.   KITA, KOTRA, and aT presented success cases of FTA utilization and outcomes gained over the last two decades, and 20 companies and institutions were awarded the MOTIE Minister’s commendation for their contribution to expanding exports and market presence overseas. date2024-03-29

Valeo Mobility Korea’s production facility completion ceremony

Deputy Minister for International Trade and Investment Choi Woo-seok attended the completion ceremony of Valeo Mobility Korea’s production facility for manufacturing self-driving vehicle parts on March 28 in the Daegu National Industrial Complex.   The event was attended by approximately 70 representatives of related institutions and companies, including the mayor of Daegu and Hyundai Motor. date2024-03-29

Trade Minister visits Thermo Fisher Scientific Korea

Minister for Trade Inkyo Cheong met Thermo Fisher Scientific SVP Mark Smedley on March 28 at Thermo Fisher Scientific Korea in Seoul and received a briefing on company management issues and discussed prospects of investment in establishing a raw and subsidiary biomaterials production facility in Korea, as well as battery and chip cooperation. date2024-03-29

Korea and Uzbekistan step up cooperation on TBTs

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) invited the delegation from the Uzbek Agency for Technical Regulation to Korea for discussions on technical barriers to trade (TBTs) between the two countries, and visited the certification and testing sites of Korean companies exporting to Uzbekistan to discuss measures for resolving TBTs.   As of this January, the Uzbek government has mandated that one institution be in charge of conducting tests and issuing certifications to all imported home appliances as part of additional measures for enhancing the country’s electrical power industry productivity and export potential. However, Korean firms exporting to Uzbekistan reported certification and customs bottleneck issues, on which KATS and the Uzbek delegation gathered information and opinions and agreed to review the possibility of conducting on-site inspections on Korean exporters and issuing an import certification effective for a three-year period instead of testing each unit product.   In view of Uzbekistan’s active preparation for accession to the World Trade Organization (WTO), KATS Director General Changsoo Lee said that strengthening bilateral cooperation between KATS and the Uzbek Agency for Technical Regulation will serve as the future base for joint efforts in responding to TBTs through the WTO. date2024-03-28

Vice Minister chairs discusses cooperation among MOTIE, FEZs, and companies

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a meeting on March 27 at K-SURE in Seoul to discuss measures for cooperation between MOTIE, Free Economic Zones (FEZs), and tenant businesses in promoting foreign investment. date2024-03-27

MOTIE and FEZs share resolve for $1.1 bln foreign investment target in 2024

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired a meeting on March 27 at K-SURE in Seoul to discuss measures for cooperation between MOTIE, Free Economic Zones (FEZs), and tenant businesses in promoting foreign investment.   At the meeting, tenant businesses presented opinions on FEZ experience and business environment. FEZs assessed working plans for investment promotion and shared success cases of foreign investment promotion in advanced industries like bio, secondary batteries, displays, requesting that the Government provide support concerning various onsite issues.   Moreover, the nine FEZs of Korea pledged to securing this year’s foreign investment target of USD 1.1 billion, up 11 percent from the $994 million drawn in 2023, through attracting advanced and core strategic industry businesses, for which they proposed to the Government several measures like deregulation, stronger incentives, and additional FEZ designations. date2024-03-27

Trade Minister holds conference with Korean firms locally operating in Malaysia

Minister for Trade Inkyo Cheong held a conference with Korean firms operating locally in Malaysia on March 26 in Kuala Lumpur to discuss investment, customs, and other local business issues.   Attending the conference were representatives of Korean firms, including POSCO, Kia, and Samsung C&T. date2024-03-26