Ministry of Trade, Industry and Energy

MOTIE announces foreign investment promotion measures for 2023

Minister for Trade Dukgeun Ahn presided the “Roundtable Meeting for Foreign Business Community in Korea” on February 23 at the Lotte Hotel Seoul and announced the Ministry’s foreign investment promotion policy for 2023, which aims to attract more foreign direct investment (FDI) with focus on high-tech industries. The roundtable was held in attendance of a total of 25 persons, consisting of representatives from major countries' Chambers of Commerce in Korea, foreign-invested co date2023-02-27

1st Vice Minister holds 4th Real Economy (Bio) Site Inspection Meeting

Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided the 4th Real Economy (Bio) Site Inspection Meeting on February 23 at K-SURE to share forecast and issues of bio-health industry’s export and investment for 2023.   Vice Minister Jang gave an opening message and led discussions on the export, investment and government support plans for the bio-health industry, while companies’ representatives shared their respective issues and challenges.   The meeting date2023-02-24

Korea announces pan-ministerial strategy for export growth

The Ministry of Trade, Industry and Energy announced on February 23 that President Yoon Suk-yeol presided the 4th Exports Strategy Meeting, during which Korea’s pan-ministerial strategy for export expansion for 2023 was confirmed. The Korean government set the nation’s 2023 export target value at USD 685.0 billion (exports totaled approximately $683.9 billion in 2022). In spite of difficult export conditions due to the global economic downturn, the Government’s concerns over p date2023-02-24

Minister discusses investment with Toray Industries CEO

Trade, Industry and Energy Minister Lee Chang-yang met with Akihiro Nikkaku, the CEO of Toray Industries, Inc. on February 22 at the Lotte Hotel Seoul to discuss production and investment expansion measures for high-performance carbon fibers in Korea. date2023-02-22

Korea's auto output, domestic sales & exports all increase in January

The Ministry of Trade, Industry and Energy announced on February 20 that Korea’s automobile industry in January increased in all of production, domestic sales and exports year-on-year. In spite of lower number of operating days from the Seollal holidays, Korea’s auto output in January rose 13.2 percent to approximately 0.3 million units, thanks to improved conditions for supply of semiconductors. Hyundai Motor and Kia each saw production rise 18.8 percent and 5.3 percent, respect date2023-02-21

Trade Minister holds talks with Prime Minister of Croatia

Minister for Trade Dukgeun Ahn met with Croatia’s Prime Minister Andrej Plenković on February 16 at the Prime Minister’s Office of the Government of the Republic of Croatia to discuss bilateral economic and trade cooperation and requested support for Korea’s bid to host World Expo 2030 Busan. date2023-02-20

MOTIE launches public-private committee for Korea-Middle East economic cooperation

Trade, Industry and Energy Minister Lee held a meeting on February 16, launching the Public-Private Joint Committee for Korea-Middle East Economic Cooperation at the Lotte Hotel Seoul and discussed plans for economic cooperation “shuttle group” and subcommittee project support.   The committee meeting for the launching ceremony was attended by representatives of companies and institutions concerning the Korea-Middle East economic summit diplomacy outcomes, including Korea Trad date2023-02-17

Korea's economic delegation promotes World Expo 2030 Busan in Austria & Croatia

Minister for Trade Dukgeun Ahn is leading Korea’s public-private joint economic delegation to Austria and Croatia through February 15-17 for bilateral talks on expanding cooperation in economy and trade, and to draw support for Korea’s bid to host World Expo 2030 in Busan. As Europe is home to the largest number of Bureau International des Expositions (BIE) member states, the economic delegation will visit a total of 13 countries across the continent to promote World Expo 2030 Busan date2023-02-17

MOTIE launches public-private committee for Korea-Middle East economic cooperation

Trade, Industry and Energy Minister Lee held a meeting on February 16 with relevant ministries, institutions and private sector companies launching the Public-Private Joint Committee for Korea-Middle East Economic Cooperation (hereinafter “Committee”) at the Lotte Hotel Seoul. In his opening message, Minister Lee stated that amid recent difficult external and internal economic conditions, Korea successfully secured 58 B2B memorandums of understanding (MOUs) and agreements with Saudi date2023-02-16

Korea and Austria discuss trade, investment and economic cooperation

Minister for Trade Dukgeun Ahn met with Martin Kocher, Austria’s Federal Minister for Labor and Economy, and Karl Nehammer, Chancellor of Austria, on February 15 in Vienna, respectively, to discuss expansion and strengthening of cooperation in trade, investment, industrial technology and economy, and requested support for Korea’s bid to host World Expo 2030 Busan. date2023-02-16