Ministry of Trade, Industry and Energy

Korea and Vietnam expand economic cooperation with 111 MOUs

The Ministry of Trade, Industry and Trade (MOTIE) announced on June 23 that a total of 111 memorandums of understanding (MOUs) and two agreements were signed at the Korea-Vietnam Business Forum, held on the occasion of President Yoon Suk-yeol’s visit to Vietnam. The forum was attended by approximately 600 persons, mainly representatives of the two countries’ large, middle-market, and small and medium-sized enterprises (SMEs). Two agreements and 52 MOUs were signed in defense, agric date2023-07-04

Korea and Slovenia discuss economic cooperation

Minister for Trade Dukgeun Ahn met with Slovenia’s Economy, Tourism, and Sports Minister Matjaž Han at the Lotte Hotel Seoul on June 30 to discuss automobiles, logistics and measures for economic cooperation. date2023-07-04

Korea and EU discuss economic cooperation

Minister for Trade Dukgeun Ahn met with European Commissioner for Internal Market Thierry Breton at the Lotte Hotel Seoul on June 29 to discuss economic bills, economic security, advanced industry policies and economic cooperation measures like the Critical Raw Materials Act (CRMA) and Net-Zero Industry Act (NZIA) in addition to follow-up measures to the Korea-EU summit meeting. date2023-07-04

Korea and U.S. discuss measures to bolster trade cooperation

Minister for Trade Dukgeun Ahn met with Deputy U.S. Trade Representative Sarah Bianchi at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on June 29 to discuss measures for bolstering the Korea-U.S. trade partnership. date2023-07-04

Korea's exports decline 6.0% in June

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 1 that Korea’s exports in June declined 6.0 percent year-on-year to USD 54.2 billion and imports fell 11.7 percent to $53.1 billion, recording a trade surplus ($1.1 billion) for the first time in 16 months. The decline in June exports is attributable to the continued slump of the IT industry and falling semiconductor prices. Daily export average, without factoring in the number of operating days, is $2.4 billion, which i date2023-07-03

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