Ministry of Trade, Industry and Energy

Korea and Sweden discuss economic cooperation and IRA response measures

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin met with Sweden’s Ambassador Håkan Jevrell on November 15 at the JW Marriott Hotel Seoul to discuss joint measures in response to U.S.’ Inflation Reduction Act (IRA), enhanced bilateral economic cooperation in green and digital transition, and requested support for World EXPO 2030 Busan.  date2022-11-16

Korea attracts more investment with groundbreaking of ASML chip cluster

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 15 that construction for Dutch semiconductor equipment maker ASML’s new headquarters in South Korea’s Hwaseong is to begin, bringing greater investment from four major chip equipment producers (Applied Materials, ASML, Lam Research, Tokyo Electron) that take up more than 60 percent of the global market, which will substantially contribute to enhancing Korea’s technological competitiveness. The groundbreak date2022-11-15

Korea's ICT exports decline 10.3% in October

The Ministry of Trade, Industry and Energy announced on November 14 that exports of Korea’s information and communications technology (ICT) products dropped 10.3 percent to USD 17.9 billion in October. Imports gained 13.6 percent to $13.8 billion, and the trade balance stood at a surplus of $4.1 billion. Exports of semiconductors, displays, computers and peripherals declined due to global economic slowdown, while mobile phones advanced along with strong demand for high value-added parts. date2022-11-14

Korea and Saudi Arabia hold ministerial talks to expand cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Saudi Arabia’s Investment Minister Khalid Al-Falih on November 10 in Seoul to discuss Korea-Saudi Vision 2030 Committee cooperation and investment expansion measures. date2022-11-14

Korea and Saudi Arabia to strengthen Vision 2030 Committee cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Saudi Arabia’s Investment Minister Khalid Al-Falih on November 10 on the occasion of the latter’s visit to South Korea, to discuss investment and economic cooperation expansion measures. The Ministers concurred that the Korea-Saudi Vision 2030 Committee has contributed greatly to the two countries’ industrial diversification and economic cooperation, such as laying Saudi’s shipbuilding industry foundations, bols date2022-11-14

MOTIE attends Saudi-Korean Business Workshop 2022

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin attended the Saudi-Korean Business Workshop 2022 in Seoul on November 10, held to seek cooperation measures in megaprojects like energy, infrastructure and NEOM.   The Deputy Trade Minister gave an opening message, assessing that “the two countries are diversifying and expanding the facets of cooperation from energy, construction, infrastructure and such conventional areas to manufacturing and services,& date2022-11-14

Korea's auto exports value grows 28.5% in October

The Ministry of Trade, Industry and Energy announced on November 11 that Korea’s October automobile production, domestic sales and exports all recorded double-digit growth of 24.2 percent, 15.2 percent and 30.2 percent, respectively. Automobile exports in value increased 28.5 percent to USD 4.9 billion. Despite the identical number of operating days as those of previous year, automobile output in October climbed 24.2 percent to 327,486 units on the backs of a base effect from automotive date2022-11-11

Minister attends 6th Korea-Shandong Economic and Commercial Cooperation Exchange

Trade, Industry and Energy Minister Lee Chang-yang attended the sixth meeting of the Korea-Shandong Economic and Commercial Cooperation Exchange on November 9 and held talks with Li Ganjie, Communist Party Secretary of Shandong province, on bilateral cooperation across industrial sectors, supply chain, logistics and stronger substantial collaboration. date2022-11-11

MOTIE holds 6th Korea-Shandong Economic and Commercial Cooperation Exchange

Trade, Industry and Energy Minister Lee Chang-yang attended the sixth meeting of the Korea-Shandong Economic and Commercial Cooperation Exchange (hereinafter “Exchange”) on November 9, held via videoconferencing. Launched in 2016, the Exchange is an annual event where Korea and the Shandong province discuss economic cooperation and seek ways to support the stabilization of Korean companies located in the province. Approximately 120 persons attended this year’s Exchange. Prior date2022-11-11

MOTIE co-hosts 1st Korea-U.S. Exports Controls Working Group meeting

The Ministry of Trade, Industry and Energy (MOTIE) co-hosted the 1st Korea-U.S. Exports Controls Working Group meeting on November 8 in Seoul with the U.S. Department of Commerce (DoC). The Korean delegation was led by Moon Dong-min, MOTIE’s Deputy Minister for Trade and Investment, and the U.S.’ was led by Thea Kendler, Assistant Secretary of Commerce for Export Administration. The meeting is a follow-up to the Supply Chain and Commercial Dialogue (SCCD) MOU signed between MOTIE a date2022-11-08