Ministry of Trade, Industry and Energy

Korea and Lithuania discuss trade and economic cooperation

Minister for Trade Dukgeun Ahn met with Lithuania’s Foreign Affairs Minister Gabrielius Landsbergis on January 12 in Seoul to discuss measures to strengthen bilateral trade and economic cooperation and requested support for World Expo 2030 Busan.   date2023-01-13

Korea's ICT exports hit all-time highs in 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 12 that shipments of Korea’s information and communications technology (ICT) products in 2022 reached an all-time high of USD 233.3 billion, up 2.5 percent from 2021. Despite the protracted Russia-Ukraine war and global economic slowdown, ICT exports achieved a trade surplus of $80.9 billion and took up 34.1 percent of Korea’s total annual exports. Imports went up 12.9 percent to $152.5 billion. SMEs and middle date2023-01-13

Trade Minister attends 16th Trade Advisory Committee Meeting

Minister for Trade Dukgeun Ahn attended the 16th Trade Advisory Committee meeting on January 11 in Seoul and held public-private joint discussions on the future global trade landscape, forecasts and Korea’s response measures.   The meeting was attended by approximately 20 committee members consisting of industry and academia trade experts, including Trade Advisory Committee Chairman Jeong In-kyo, Korea Productivity Center Chairman Ahn Wan-gi and the Federation of Middle Market Enter date2023-01-13

Trade Minister attends 16th Trade Advisory Committee Meeting

Minister for Trade Dukgeun Ahn attended the 16th Trade Advisory Committee meeting on January 11 in Seoul and held public-private joint discussions on the future global trade landscape and Korea’s response measures. Trade Minister Ahn remarked that Korea, an exports-based open economy, will continue to face challenges amid the worldwide rise in protectionism. He emphasized the need for a trade policy that centers on pioneering new markets and preemptively nurtures advantageous trade enviro date2023-01-13

Minister makes first exporting company site visit for 2023

Trade, Industry and Energy Minister Lee Chang-yang visited the world-leading end mill manufacturer YG-1 plant in Incheon on January 5 for his first trip to an export business site in the new year with aim to encourage workers and promote exports growth.   The Minister received a briefing from YG-1 President Song Ho-geun and Vice President Song Ji-han and toured the production facilities and smart factory specially designed for manufacturing YG-1’s endmill cutters.   date2023-01-05

FDI pledged to Korea in 2022 reach record-breaking $30.5 billion

The Ministry of Trade, Industry and Energy announced on January 3 of 2023 that the annual foreign direct investments (FDIs) for 2022 increased by 3.2 percent to USD 30.5 billion. The FDIs that actually arrived in Korea over the same period declined 3.1 percent to $18.0 billion. A robust manufacturing base and system improvement efforts boosted FDI to historic highs despite global economic uncertainties, and contributed to an increase in investment and employment. By industry, investment pledge date2023-01-04

Korea's exports grow 6.1% in 2022

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2022 hit USD 683.9 billion, a 6.1 percent increase over the previous year. Annual imports increased 18.9 percent to $731.2 billion. Annual trade amounts to $1.4 trillion (up 12.4 percent) and the trade balance stands at a deficit of $47.2 billion. Despite the Russia-Ukraine war, China’s zero-COVID lockdowns and other uncertainties, Korea’s exports hit historic highs, although major cou date2023-01-03

Trade Minister attends 14th pan-ministerial exports support group conference

Minister for Trade Dukgeun Ahn held the 14th pan-ministerial exports support group conference on December 28 at the Trade Center in Seoul to discuss measures to boost exports of cosmetics, food products and premium consumer goods.   The Trade Minister remarked that “promoting exports of consumer goods that are less vulnerable to recently rising protectionism across major economies can build a more stable trade structure,” and added that promotional efforts will focus on local date2022-12-28

Soprano Jo Sumi appointed as honorary ambassador for World Expo 2030 Busan

The World EXPO 2030 Busan Bid Committee (hereinafter “Committee”) held a ceremony to appoint South Korean soprano Jo Sumi as the 4th official honorary ambassador for World Expo 2030 Busan on December 27 at the LG Art Center in Seoul. At the ceremony, Committee Secretary General Yoon Sang-jik and Busan Mayor Park Heong-joon presented soprano Jo Sumi with the appointment plaque. The 4th official honorary ambassador following actor and filmmaker Lee Jung-jae, AI Rozy and boy band BTS, date2022-12-28

Korea holds 231st Ministerial Meeting on International Economic Affairs

South Korea’s Deputy Prime Minister and Economy and Finance Minister Choo Kyung-ho presided the 231st Ministerial Meeting on International Economic Affairs on December 26 at the Government Complex Seoul, which was attended by ministers and vice ministers of relevant ministries, including the Ministry of Trade, Industry and Energy (MOTIE). In his opening message, Minister Choo remarked that 2022 has been a year with a high level of external uncertainty from Russia-Ukraine war, supply chain date2022-12-28