Ministry of Trade, Industry and Energy

Korea and Lithuania seek to bolster industrial & trade cooperation

Korea’s Minister for Trade Dukgeun Ahn met with Lithuania’s Economy and Innovation Minister Aušrinė Armonaitė on July 6 in Seoul and discussed measures for Korea-Lithuania cooperation. The meeting was held on the occasion of Minister Armonaitė’s visit to Korea to attend Laser Korea 2023 accompanied by Lithuania’s eight major laser companies, including Light Conversion and Ekspla. Laser Korea 2023 is an international event showcasing the latest laser technolog date2023-07-12

Korea honors top contributors to trade security

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the 'Trade and Security 2023' commemoration ceremony on July 5 at the COEX Intercontinental Hotel. The event was attended by more than 200 people, including those of trade security merits, CEOs of export companies, and experts from Korea and abroad. This event, which marks its 13th anniversary this year, aims to raise awareness for trade security among companies and citizens and encourage exporters and related inst date2023-07-11

Minister Lee attends Korea-Japan Industrial Cooperation Forum

Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-Japan Industrial Cooperation Forum on July 6 at the Federation of Korean Industries (FKI) Tower in Seoul.   In his congratulatory message, the Minister encouraged both countries’ business leaders to make use of this opportunity to deliver tangible outcomes for the public, while bolstering cooperation in emerging future industries like battery, digital and bio, as well as in establishing semiconductor and advanced date2023-07-11

Trade Minister attends Asian Business Summit 2023

Minister for Trade Dukgeun Ahn attended the Asian Business Summit 2023 on July 5 in Seoul, which was held to strengthen cooperation between East Asia and newly emerging economic powers, and to seek measures for Asia’s intraregional economic integration.   In his congratulatory speech, Trade Minister Ahn stated that the Korean government aims to promote freedom and prosperity across the Indo-Pacific region through solidarity and cooperation with Asian countries, and requested active date2023-07-11

FDI pledged to Korea in H1 2023 reach all-time high $17.1 bln

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 4 that foreign direct investments (FDIs) pledged to Korea in the first half of 2023 soared 54.2 percent year-on-year to a record-breaking USD 17.1 billion. FDIs that actually arrived in Korea over the same period rose 6.3 percent to $7.8 billion. The number of pledges increased, while that of arrivals decreased. The number of pledges reached 1,649 (up 0.7 percent) and arrivals 1,173 (down 7.2 percent). Despite the global FDI date2023-07-06

Korea to rally cross-ministerial support for trade surplus

The Ministry of Trade, Industry and Energy (MOTIE), together with other export-related ministries, held the 3rd Cross-ministerial Export Status Review Meeting on June 27 at the Government Complex Seoul to discuss cross-ministerial measures to boost export growth. Firstly, the government will actively provide tailored support for small and medium-sized businesses with the objective of achieving 100,000 exporting companies. This includes strengthening support for novice exporters from consulting date2023-07-05

Korea seeks to attract KRW 100 trillion in free economic zones

The Ministry of Trade, Industry, and Energy (MOTIE) announced the draft of the 3rd Basic Plan for Free Economic Zones at the 135th committee meeting held on June 29, and approved the proposed revised development plans for the Gwangju, Gwangyang Bay Area, and Incheon Free Economic Zones. These plans are in line with the Government’s plans to develop free economic zones as global advanced business hubs for regional development, and attract KRW 100 trillion investment in Korea and abroad (fr date2023-07-05

Trade Minister discusses bio industry with Global Business Council

Minister for Trade Dukgeun Ahn chaired the second meeting of the Global Business Council at the Korea Chamber of Commerce and Industry (KCCI) on June 27 and led discussions on the domestic bio industry in view of the changing trade landscape and bio supply chain internalization trends amid the U.S. President Biden’s executive order and China’s five-year bioeconomy plan. The trade chief gathered opinions from representatives of major bio firms attending the meeting, including Merck L date2023-07-05

Trade Minister chairs 2nd meeting of Global Business Council

Minister for Trade Dukgeun Ahn chaired the second meeting of the Global Business Council at the Korea Chamber of Commerce and Industry (KCCI) on June 27 and led discussions on Korea’s bio industry policies.   The meeting was held to facilitate discussions on measures to establish a stable supply chain for the domestic bio industry amid bio supply chain internalization trends in the post-COVID era in view of the U.S. President Biden’s executive order and China’s five-year date2023-07-05

Korea and Vietnam bolster cooperation in supply chain & climate change response

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 23 that MOTIE and the Vietnamese government have agreed to expand economic cooperation for stabilizing the critical minerals supply chain on the occasion of the recent Korea-Vietnam summit meeting in reaching the nationally determined contribution (NDC) and for achieving USD 150 billion in bilateral trade. First, to overcome difficult export conditions, MOTIE and the Vietnamese counterpart entered a “PLUS” memorand date2023-07-04