Ministry of Trade, Industry and Energy

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

Trade Minister discusses IRA issues with U.S.' NSC Deputy National Security Advisor

Minister for Trade Dukgeun Ahn met with Mike Pyle, the Deputy National Security Advisor for International Economic Affairs at the U.S.’ National Security Council (NSC), on November 30 in Seoul and discussed bilateral trade issues between Korea and the U.S., including the Inflation Reduction Act (IRA), CHIPS Act subsidies, and Section 232 steel tariffs. The two sides shared the view that the Korea-U.S. alliance, based on the bilateral summit in April and the Korea-U.S.-Japan tril date2023-12-01

Public and private sectors join heads to seek measures for invigorating facility investment

The Ministry of Trade, Industry and Energy (MOTIE) held an investment conference on November 30 with companies of Korea’s ten major manufacturing sectors to discuss facility investment trends for this year, as well as investment issues and plans for invigorating next year’s facility investment support. On reviewing the KRW 100 trillion investment plans of the ten manufacturing sectors that MOTIE proposed at the beginning of this year, approximately 66 percent of the planned investme date2023-11-30

Korea and Brazil hold 1st TIPF Committee meeting

Minister for Trade Dukgeun Ahn held the first Korea-Brazil Trade and Investment Promotion Framework (TIPF) Committee meeting with Brazil’s Vice Minister of Development, Industry, Trade and Services Márcio Elias Rosa on November 24 at Four Seasons Hotel Seoul to uncover new joint projects for industrial, trade and energy cooperation and to support corporate investment and mutual market entry. date2023-11-27

Korea and Brazil hold TIPF agreement signing ceremony

Minister for Trade Dukgeun Ahn signed the Korea-Brazil Trade and Investment Promotion Framework (TIPF) agreement with Brazil’s Vice Minister of Development, Industry, Trade and Services Márcio Elias Rosa on November 24 at Four Seasons Hotel Seoul. date2023-11-25

Minister attends investment declaration ceremony in London

Trade, Industry and Energy Minister Bang Moon Kyu attended the investment declaration ceremony on November 22 in London with Corio Generation CEO Jonathan Cole and BP Senior Vice President Louise Kingham and received the two UK firms’ declarations of investment in Korea. The Minister remarked in his message that the investment indicates that carbon neutrality cooperation with net zero leading UK is strengthening, and I look forward to seeing it bolster Korea’s promising offshore win date2023-11-25

Korea Trade Commission holds public hearing to investigate industry damage from Egyptian white cement imports

The Korea Trade Commission of the Ministry of Trade, Industry, and Energy (MOTIE) held a public hearing on November 23 at the Government Complex in Seoul, to investigate the extend of industrial damage caused by import of Egyptian white cement. About 40 people attended the hearing, including members of the Commission, domestic producer Union, importer Royal Cement Korea, consumers, the Korea Cement Association, and the Embassy of Egypt in Korea. Unlike the typical grey cement, white cement is date2023-11-24

UK-based clean energy companies pledge $1.2 bln investment in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 22 that on the occasion of President Yoon Suk Yeol’s state visit to the UK, two UK energy firms, namely Corio Generation and BP, confirmed their pledge of investment worth KRW 1.5 trillion (app. USD 1.2 billion) and submitted their investment declarations on November 22 (local time). Corio Generation is a UK-based company specializing in offshore wind power development created by Macquarie's Green Investment Group (G date2023-11-23

Korea holds Foreign Company Day 2023

The Trade, Industry and Energy Ministry’s International Trade and Investment Deputy Minister Kim Wan-ki attended Foreign Company Day 2023 on November 21 in Seoul to award foreign investment contributors government commendations and promote exchanges and communication with foreign-invested companies. The deputy minister gave a congratulatory message and awarded medals and orders of merit to those that contributed to facilitating foreign investment in Korea, including the Silver Tower Order date2023-11-22