Ministry of Trade, Industry and Energy

Korea and U.S. discuss measures to bolster trade & economic cooperation

Deputy Minister for Trade Jeong Dae-jin met with Ramin Toloui, U.S. Assistant Secretary of State for Economics and Business Affairs, on September 13 in Seoul and discussed follow-up measures to the Korea-U.S.-Japan Summit, Inflation Reduction Act (IRA), the CHIPS and Science Act, and other measures to bolster Korea-U.S. economic and trade cooperation. date2023-09-14

Korea and U.S. discuss measures to bolster trade & economic cooperation

Deputy Minister for Trade Jeong Dae-jin met with Ramin Toloui, U.S. Assistant Secretary of State for Economics and Business Affairs, on September 13 in Seoul and discussed measures to bolster economic and trade cooperation between Korea and the U.S. Deputy Trade Minister Jeong assessed that the relationship between the two countries, which began as a traditional security alliance, is progressing to one that encompasses economy, advanced technology, and supply chain following the Korea-U.S.-Japa date2023-09-14

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