Ministry of Trade, Industry and Energy

MOTIE to receive opinions on proposed amendments to Foreign Investment Promotion Act

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 20 the proposed amendments to the Foreign Investment Promotion Act as a notification prior to legislation. The amendments are aimed at enhancing the effectiveness of the review and deliberation on foreign investment with respect to national security and to reduce uncertainties for investors. Major amendments focus on the following: elaboration of reasons for launching the national security deliberation; clarifying the grou date2023-12-22

Vice Minister discusses EV subsidies and other trade issues with French Trade Minister

Trade, Industry and Energy Vice Minister Youngjin Jang met Olivier Becht, the French Minister for Foreign Trade, Attractiveness and French Nationals Abroad, on December 19 in Seoul to request cooperation in trade issues, including France’s electric vehicle (EV) subsidies, and discussed measures to expand industrial cooperation in aerospace, R&D and carbon-free energy, such as nuclear power. France unveiled the list of EVs eligible for subsidies on December 15, the majority of which ar date2023-12-19

MOTIE holds conference for sharing foreign investment regulatory improvement outcomes & future direction

The Ministry of Trade, Industry and Energy (MOTIE) held a conference on December 18 at the Korea Chamber of Commerce and Industry (KCCI), chaired by MOTIE's International Trade & Investment Deputy Minister Kim Wan-ki, to share foreign investment policy trends, regulatory improvement outcomes and discuss the challenges voiced by foreign-invested companies. The conference was attended by approximately 20 persons, consisting of representatives of the Chambers of Commerce of seven countries, in date2023-12-19

Korea and Netherlands hold CEO Roundtable

Minister for Trade Dukgeun Ahn attended the Korea-Netherlands CEO Roundtable on December 13 in Amsterdam to discuss measures for stronger cooperation in bilateral industries and economy with Dutch Minister of Economic Affairs and Climate Policy Micky Adriaansens, government officials and representatives of semiconductor, mobility, chemicals and energy businesses of both countries. date2023-12-15

Korea and Netherlands hold business forum & MOU signing ceremony

Minister for Trade Dukgeun Ahn attended the Korea-Netherlands Business Forum on December 13 in Amsterdam and gave an opening address. The event was also attended by Dutch Minister of Economic Affairs and Climate Policy Micky Adriaansens, both countries’ government officials and business leaders. Both sides' delegations also attended the Korea-Netherlands Business Forum MOU signing ceremony for parties’ entering of a technical feasibility study agreement for the Dutch nuclear reactor date2023-12-15

Total of 19 MOUs sealed at Korea-Netherlands Business Forum for cooperation in advanced industries and more

Minister for Trade Dukgeun Ahn and the Netherlands' Minister of Economic Affairs and Climate Policy Micky Adriaansens attended the Korea-Netherlands Business Forum on December 13, co-hosted by the Korea International Trade Association (KITA), the Dutch Foreign Affairs Ministry and VNO-NCW, the Dutch employers' federation. This was the first large-scale business forum held by the two countries, attended by approximately 200 business representatives to discuss measures for widening bilateral coope date2023-12-14

Trade leaders gather to discuss major issues prior to upcoming MC13

Trade, Industry and Energy Ministry's Deputy Minister for FTA Negotiations Roh Keon-ki attended the trade ministers’ meeting on December 11, convened at the request of the United Arab Emirates (UAE), Chair of the World Trade Organization (WTO)'s 13th Ministerial Conference (MC13), to facilitate discussions among member countries on major agenda items and catalyze the building of consensus prior to MC13. The attendees concentrated first on discussing measures for making further progr date2023-12-11

Korea expands catered support for foreign investment in advanced industries

The Ministry of Trade, Industry and Energy (MOTIE) held the 113rd Foreign Investment Committee meeting to deliberate and vote on the revised bills of the Operation Guidelines for the Cash Grant System and the Guidelines for Operation of Foreign Investment Zones, which aim to expand foreign investment in advanced industries. The bills went into effect on December 3. First, with the revision of the Operation Guidelines for the Cash Grant System, foreign investment in advanced industries will be r date2023-12-04

MOTIE and Japan's METI kick bilateral exchange into high gear

The Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Ministry of Economy, Trade and Industry (METI) kicked bilateral exchanges into high gear by breaking the five-year hiatus of their respective soccer clubs’ joint activities on December 2 by resuming the exchange game in Osaka, Japan. MOTIE Minister Bang Moon Kyu and METI Minister Nishimura Yasutoshi both attended the sports exchange, and the two leaders held a luncheon conference that day to express commitment on invigo date2023-12-04

Korea's exports grow 7.8% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 1 that Korea’s export value for the month of November advanced 7.8 percent year-on-year to this year’s monthly highest of USD 55.8 billion. Imports shrank 11.6 percent to $52.0 billion, and the trade balance stood at a surplus of $3.8 billion. By item, semiconductors snapped the 15-month losing streak and posted growth of 12.9 percent, attributed to the rising fixed price of memory chips. As new smartphone mode date2023-12-01