Ministry of Trade, Industry and Energy

Korea announces plans to create KRW 8 trillion plus CVC fund by 2025

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang and 42 domestic corporate venture capitals (CVC) met on July 24 at Lotte Hotel Seoul to launch a CVC alliance and unveiled plans for a joint public-private initiative to accumulate over KRW 8 trillion in a CVC fund by 2025. CVCs – venture capital funds where large and medium-sized corporations are the primary shareholders – are active forces of economic dynamism in countries like the U.S. More than 200 date2023-07-28

Korea aims to attract global talent for advanced industries' competitiveness

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the High-Tech Industries’ Global Talent Conference on July 26 where he met with highly skilled foreigners either taking their master's and doctorate programs in Korea or working in Korea’s advanced industry sectors like batteries and semiconductors, and gathered their experience and challenges. What these foreign workers and students share in common is that they made the decision to live in Korea t date2023-07-27

Minister Lee attends CVC Alliance Launching Ceremony

Trade, Industry and Energy Minister Lee Chang-yang attended the Corporate Venture Capital (CVC) Alliance Launching Ceremony on July 24 at the Lotte Hotel Seoul, which was held to promote measures to invigorate CVC and form cooperative bodies within the industry for stronger collaboration. Minister Lee gave an opening message and attended the public-private joint CVC fund (1 & 2) inauguration ceremony. The event was attended by various representatives of large corporations, middle-market fi date2023-07-26

Korea and Indonesia deepen partnership in batteries and EVs

The Republic of Korea's Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin led the Korean delegation in meeting with his counterpart Edi Prio Pambudi, the Deputy Minister for Coordination of International Economic Cooperation of Indonesia, on July 24 at the Lotte Hotel Seoul to hold the 2nd Korea-Indonesia Economic Cooperation Committee Meeting and discussed measures to bolster bilateral economic cooperation. In their opening messages, both delegation heads noted th date2023-07-26

Korea designates 7 specialized complexes for national high-tech industries

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 20 that it has designated seven National High-Tech Strategic Industry specialized complexes for semiconductors, secondary batteries and displays, into which a total of KRW 614 trillion of private investment will be poured by 2042. A total of 21 regions applied for the designation as a specialized complex, of which seven have been selected on the basis of the potential for industrial ecosystem developm date2023-07-24

Trade Minister attends Digital Trade Agreements Seminar

Minister for Trade Dukgeun Ahn attended the Digital Trade Agreements Seminar on July 19 at Korea International Trade Association (KITA) in Seoul, held to seek strategies in responding to the rapidly changing trade landscape amid digitization of international trade.   In his opening message, Trade Minister Ahn remarked that “the Government plans to expand the digital trade network and make sure companies’ interests are factored in the process of establishing digital trade regul date2023-07-20

Korea's auto exports hit record-breaking $35.7 billion in H1 2023

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on July 17 that Korea’s automobile exports for the first half (H1) of 2023 reached a total of USD 35.7 billion (up 46.6 percent year-on-year), surpassing the previous all-time high record ($25.2 billion in H1 2014) by over $10 billion. Eco-friendly vehicles, namely battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell electric vehicles (FCEVs) and hybrid electric vehicles date2023-07-17

Korea & Japan forge path with export control cooperation framework

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Ministry of Economy, Trade and Industry (METI) held a director-level policy dialogue on export control via video call on July 7, following Japan’s decision to put Korea back on its whitelist of preferential trading partners. The two countries agreed that mutual trust in the field of export control has been fully restored, and signed a Memorandum of Cooperation (MOC) on export control as a framew date2023-07-14

Korea and Poland seal TIPF MOU for stronger bilateral cooperation

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 14 that MOTIE and Poland’s Ministry of Economic Development and Technology entered the Trade and Investment Promotion Framework (TIPF) memorandum of understanding (MOU) on July 13 in Warsaw. Based on this MOU, the two countries plan to expand their industrial cooperation base over a comprehensive scope that will spur joint business projects across trade, investment and supply chains, and also im date2023-07-14

Trade Minister chairs Busan Exporters' Conference

Minister for Trade Dukgeun Ahn chaired the Busan Exporters’ Conference on July 12 at the Busan Exhibition & Convention Center (BEXCO), held to promote exports of local SMEs and middle-market companies through establishment of an organic cooperation system between firms and export assistance institutes.   After his opening message, the trade chief led discussions on EU’s seafood regulations, difficulties arising in the process of customs duty refund on imported goods used f date2023-07-14