Ministry of Trade, Industry and Energy

Korea hosts Global Bio & Pharma Plaza 2023

The Ministry of Trade, Industry and Energy (MOTIE) is hosting the Global Bio & Pharma Plaza 2023 (GBPP 2023) from September 14-15 in Jamsil, organized by Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Pharmaceutical Traders Association (KPTA). Approximately 200 companies, including 100 overseas buyers like Merck and other big pharma companies from 31 countries, gather at the Lotte Hotel World in Jamsil to participate in over 900 export consultations with Korean firms. An Open date2023-09-14

Korea and Mongolia discuss measures to strengthen rare metals cooperation

Trade, Industry and Energy Vice Minister Kang Kyungsung met with Mongolia’s Mining and Heavy Industry Minister Jambal Ganbaatar on September 12 in Seoul to discuss measures for strengthening Korea-Mongolia cooperation in rare metals. date2023-09-13

Korea and Mongolia discuss measures to strengthen rare metals cooperation

Trade, Industry and Energy Vice Minister Kang Kyungsung met with Mongolia’s Mining and Heavy Industry Minister Jambal Ganbaatar on September 12 in Seoul to discuss measures for strengthening Korea-Mongolia cooperation in rare metals. Mongolia is a resource-rich home to molybdenum, pewter and other various rare metals, with a notably large reserve of rare earth minerals. As follow-up to the memorandum of understanding (MOU) signed in February between Korea’s Ministry of Trade, Indus date2023-09-13

Korea and Uzbekistan sign TIPF deal

Deputy Minister for Trade Jeong Dae-jin met with Uzbekistan’s Investment, Industry and Trade Deputy Minister Khamrayev Oybek Nematovich on September 12 at the Lotte Hotel Seoul, where they signed the Korea-Uzbekistan Trade and Investment Promotion Framework (TIPF) agreement. date2023-09-12

Korea and Uzbekistan sign TIPF deal

Deputy Minister for Trade Jeong Dae-jin met with Uzbekistan’s Investment, Industry and Trade Deputy Minister Khamrayev Oybek Nematovich on September 12 at the Lotte Hotel Seoul, where they signed the Korea-Uzbekistan Trade and Investment Promotion Framework (TIPF) agreement, Korea’s seventh TIPF deal and a first with a Central Asian country. The TIPF is a new cooperation framework on which MOTIE is placing emphasis lately, a mechanism that can expand mutual economic cooperation and date2023-09-12

Korea and Indonesia enter 2 MOUs on EV ecosystem & new industries

The Ministry of Trade, Industry and Energy (MOTIE) signed two memorandums of understanding (MOUs) with the Indonesian government on the occasion of the Korea-Indonesia summit talks on September 8 in Jakarta for expanding cooperation on fostering the electric vehicle (EV) ecosystem (including electric two-wheelers) and for cooperation in nurturing future industries like bio and root industry. First, MOTIE entered the EV Ecosystem Cooperation MOU with Indonesia’s Coordinating Ministry for E date2023-09-08

Korea announces support measures to boost exports

The Government of the Republic of Korea announced additional support measures for promoting export during the Emergency Economic Ministerial Meeting held on September 4 to discuss export and investment strategy measures. The measures will focus on concentrating pan-ministerial policies toward boosting the economy for a quick rebound in exports performance. First, the Korean government plans to swiftly reinforce support for export infrastructure, such as trade financing, marketing, customs and l date2023-09-05

Korea's exports decline 8.4% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 1 that Korea’s exports in August declined 8.4 percent year-on-year to USD 51.9 billion and imports fell 22.8 percent to $51.0 billion, resulting in a trade surplus of $0.9 billion. August exports were negatively impacted by falling unit prices of semiconductors, petroleum products and petrochemicals, as well as by the high base effect from last year’s record high August monthly exports of $56.6 billion. Howeve date2023-09-01

Korea to remove "killer" regulations for industrial complexes

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) announced measures to remove “killer” regulations on industrial complexes during a strategy meeting on August 24, with aim to get rid of regulations that hamper investment decisions. This is the first time in three decades that the Government is making extensive changes to the industrial complex management system. Major adjustments are as follows. First, the limit on b date2023-09-01

Korea holds symposium with top experts on WTO dispute settlement system reform

Minister for Trade Dukgeun Ahn chaired the international symposium for the reform of the dispute settlement system of the World Trade Organization (WTO) on August 31 at the Lotte Hotel Seoul.   In his welcome speech, Trade Minister Ahn said that Korea will actively participate in the discussions for the WTO to stay relevant in step with the changing world and fully play its role, starting with the reform of the dispute settlement system and moving onto other major functions of the organiz date2023-09-01