Ministry of Trade, Industry and Energy

Minister Lee attends ceremony for KRW 1.2 tln investment declaration by EU firms

Trade, Industry and Energy Minister Lee Chang-yang attended the investment declaration ceremony in Paris on June 21 on the occasion of President Yoon Suk-yeol’s visit to attend the Bureau International des Expositions (BIE) General Assembly, where six European firms (Imerys, Umicore, Continental, Nylacast, Copenhagen Infrastructure Partners (CIP), Equinor) declared their decision to invest KRW 1.2 trillion (app. USD 940 million) in Korea. This investment is for establishing production fac date2023-06-30

Korea's retail industry grows 5.7% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 28 that Korea’s retail sales in May achieved an overall growth of 5.7 percent, year-on-year. Offline and online sales both expanded, by 3.7 percent and 7.9 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four &ldquo date2023-06-29

Korea and Japan fully resolve export control issues

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 27 that the Japanese government has decided to reinstate Korea back in the Appended Table 3 of the Export Trade Control Order, or also known as Japan’s “white list” of trading partners, according to the outcome of the Cabinet meeting held earlier the same day. The promulgation will be made on June 30, and the amendment will enter into force starting July 21. This signifies that Korea-Japan export control issu date2023-06-28

MOTIE launches World Expo 2030 Busan campaign in Paris

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 21 that a number of promotion campaigns had been launched in France from June 20-21 to attract interest and support for World Expo 2030 Busan on the occasion of the 172nd general assembly of the Bureau International des Expositions (BIE) and official reception organized for World Expo 2030 Busan. First, an 850m-long eco-friendly pathway connecting the general assembly hall and reception hall was named “Busan Road”, date2023-06-22

MOTIE and KOTRA hold investment promotion event in Tokyo

The Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) held an event in Tokyo on June 15 to promote Korea’s investment environment as well as opportunities for Korea-Japan joint business collaborations to the Japanese MPE (materials, parts, equipment) firms in advanced industries like semiconductors, secondary batteries and displays. The promotion event consisted of an investor roundtable and investment briefing, and personnel from appro date2023-06-21

MOTIE & MAFRA hold joint conference on agriculture export assistance

Minister for Trade Dukgeun Ahn attended the MOTIE-MAFRA joint conference on agriculture export assistance on June 15 at K-SURE in Seoul held to bolster support measures for exports like installing trade centers and utilizing logistics centers.   Prior to the conference, the trade chief also attended the memorandum of understanding (MOU) signing ceremony for expanding the scope of export assistance among relevant institutions.   The event was attended by representatives of relevant date2023-06-20

Korea and Ecuador agree to expand cooperation and investment

Minister for Trade Dukgeun Ahn met with Ecuador's Production, Foreign Trade, Investments and Fisheries Minister Julio José Prado on June 15 in Seoul to discuss measures to strengthen economic cooperation between the two countries, including the progress of negotiations on the Korea-Ecuador Strategic Economic Cooperation Agreement (SECA), trade and investment, and supply chain collaboration. date2023-06-20

Korea and Ecuador agree to expand cooperation and investment

Minister for Trade Dukgeun Ahn met with Ecuador's Production, Foreign Trade, Investments and Fisheries Minister Julio José Prado on June 15 in Seoul and had extensive discussions on various measures to strengthen economic cooperation between the two countries, including the progress of negotiations on the Korea-Ecuador Strategic Economic Cooperation Agreement (SECA), trade and investment, and supply chain collaboration. Since the two countries resumed negotiations for the Korea-Ecuador S date2023-06-20

Korea and Qatar agree to expand investment cooperation

Trade, Industry and Energy Minister Lee Chang-yang held the 6th High-level Strategic Consultation Committee meeting with Qatari Minister of Commerce and Industry H.E. Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani on June 15 in Seoul.   During the meeting, three memorandums of understanding (MOU) were signed to strengthen cooperation between KOTRA and Invest Qatar in investment, the Korean Intellectual Property Office and the Qatari Ministry of Commerce and Industry in intellec date2023-06-20

Korea and Qatar agree to expand investment cooperation

Trade, Industry and Energy Minister Lee Chang-yang held a High-Level Strategic Consultation Committee meeting with Qatari Minister of Commerce and Industry H.E. Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani in Seoul on June 15. The meeting was held for the first time in four years since 2019. The high-level visit to Korea was attended by Qatar’s Sovereign Wealth Fund (ranked 9th globally) for the first time, creating an opportunity to expand the bilateral cooperation from ind date2023-06-19