Ministry of Trade, Industry and Energy

MOTIE to participate in the 3rd round of IPEF negotiations

Trade, Industry and Energy Ministry’s Deputy Minister for FTA Negotiations Roh Keon-ki is heading the Korean delegation in the third round of negotiations of the Indo-Pacific Economic Framework for Prosperity (IPEF) held through May 8-15 in Singapore. This round of negotiations is regarded as an important stepping stone in making tangible progress on the four IPEF Pillars (trade, supply chain, clean economy, fair economy). For supply chain (Pillar II), the discussions on resiliency, prod date2023-05-10

Trade Minister chairs bioeconomy conference to discuss BEPA

Minister for Trade Dukgeun Ahn chaired a conference on May 3 at K-SURE in Seoul for Government-industry discussions on the Bio Economy Partnership Agreement (BEPA) and trade assistance measures for Korea’s biochemical and bioenergy sectors, with a view to nurture Korea into a global bioeconomy powerhouse.   Representatives of nine bioeconomy firms and relevant associations attended the conference, including CJ CheilJedang, Samyang Innochem, SK EcoPrime and Korea Biotechnology Indust date2023-05-09

Trade Minister chairs bioeconomy conference to discuss BEPA

Minister for Trade Dukgeun Ahn chaired a conference on May 3 at K-SURE in Seoul for Government-industry discussions on trade assistance measures for Korea’s biochemical and bioenergy sectors, with a view to nurture Korea into a global bioeconomy powerhouse. Representatives of nine bioeconomy firms and relevant associations attended the conference, including CJ CheilJedang, Samyang Innochem, SK EcoPrime and Korea Biotechnology Industry Organization. Trade Minister Ahn started by stating t date2023-05-09

Trade Minister chairs 1st Global Business Council meeting

Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment.   The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies, such as Applied Materials Korea, ASML Korea, Tokyo Electron Korea and DuPont Korea.   date2023-05-09

Trade Minister chairs 1st Global Business Council meeting

Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment. The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies. Geopolitical tensions, as well as supply chain crises caused by the COVID-19 pandemic, are spurring major date2023-05-09

MOTIE & Daejeon enter investment MOU with Merck Life Science

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 3 that MOTIE, Daejeon Metropolitan City and Merck Life Science (“Merck”) signed an investment cooperation memorandum of understanding (MOU) at the Grand Hyatt Seoul on plans to establish a new bioprocessing unit in Korea for producing biomedical raw and subsidiary materials in the Asia-Pacific region. date2023-05-08

MOTIE & Daejeon enter investment MOU with Merck Life Science

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 3 that MOTIE, Daejeon Metropolitan City and Merck Life Science (“Merck”) signed an investment cooperation memorandum of understanding (MOU) for plans to establish a new bioprocessing unit in Korea for the Asia-Pacific region. According to the MOU, Merck will consider establishing a plant in Daejeon for producing biomedical raw and subsidiary materials for the Asia-Pacific region’s pharmaceutical and bio compan date2023-05-08

Trade Minister chairs 33rd Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn chaired the 33rd Trade Promotion Committee meeting on May 1 at the Government Complex Sejong and led discussions on plans for the third round of official negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF), ninth official Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation round outcomes, APEC trade ministerial meeting preparations and internationally transferred mitigation outcomes (ITMOs) of industrial energy sectors. date2023-05-03

Korea to strengthen cash grants for FDI in strategic high-tech areas

The Ministry of Trade, Industry and Energy (MOTIE) held the 110th Foreign Investment Committee meeting to deliberate and vote on amendments concerning cash grant management and reported the Foreign Investment Ombudsman grievance settlement achievements. Cash grants for foreign investment in semiconductors, secondary batteries and displays and such areas included under the “National High-Tech Strategic Industries Special Act” will be increased up to 50 percent of investment, and the date2023-05-03

Korea's exports decline 14.2% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 1 that Korea’s exports in April declined 14.2 percent year-on-year to USD 49.6 billion and imports fell 13.3 percent to $52.2 billion, resulting in a trade balance of $2.6 billion deficit, which has been continuously improving since January. April exports suffered from protracted global economic downturn, semiconductor industry slowdown, less operating days and the high base effect from last year’s April exports hav date2023-05-02