Ministry of Trade, Industry and Energy

Trade Minister convenes emergency Trade Committee regarding IRA

Trade Minister Ahn Duk-geun presided an emergency meeting of the Korea Trade Committee on August 30 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures in response to the recently passed U.S.’ Inflation Reduction Act (IRA). With respect to IRA, the Ministry has been actively communicating with the U.S. through industrial and ministerial channels so as to prevent Korea’s domestic EV industry bleeding from unfair competition in the U.S. market, including high- and date2022-08-30

Trade Minister attends World EXPO 2030 Busan Advisory Committee 2nd meeting

Trade Minister Ah Duk-geun attended the World EXPO 2030 Busan Advisory Committee’s second meeting on August 26 at the Four Seasons Hotel in Seoul to confirm the final bid dossier for submission and discussed promotion plans for the second half of 2022.   The meeting was attended by Committee members, including Prime Minister Han Duck-soo, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won and Busan Mayor Park Heong-joon.   date2022-08-30

World Expo 2030 Busan Advisory Committee holds 2nd meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced that the second meeting of World Expo 2030 Busan Advisory Committee (hereinafter “Committee”) was held at the Four Seasons Hotel on August 26, co-presided by Prime Minister Han Duck-soo and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won.  MOTIE gave a briefing of the dossier and Committee members held a vote to confirm the dossier for official submission. Top experts worked together date2022-08-29

Minister Lee holds Industry Conference in response to CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang held the Semiconductors, Cars and Batteries Industry Conference at KCCI on August 25 to seek public-private joint countermeasures in response to the U.S.’ recently passed CHIPS Act and Inflation Reduction Act (IRA).   In his opening remarks, Minister Lee relayed that “the Ministry will work closely with domestic automobile and battery sectors to respond to the IRA, while continuously raising the issue of the Acts possibly brea date2022-08-25

Trade Minister holds meeting for public-private joint exports cooperation

Trade Minister Ahn Duk-geun held a meeting on August 24 at the Korea Trade Insurance Corporation (K-SURE) headquarters to assess South Korea’s exports situation per sector amid rising exchange rate and exports slowdown to seek public-private joint measures to revitalize second-half exports and improve the trade balance.   The trade chief gave opening remarks, addressing the global economic landscape and its impact, and discussed measures for supporting exporting businesses.   date2022-08-25

Trade Minister holds meeting for public-private joint exports cooperation

Trade Minister Ahn Duk-geun held a meeting on August 24 to assess South Korea’s exports situation amid the rising exchange rate and concerns of exports slowdown, and discussed recent global economic changes and countermeasures for second-half exports vitalization. Minister Ahn remarked that exports’ continuous rise for 21 consecutive months leading up to July was somewhat offset by the greater surge of energy imports, resulting in a trade deficit. As of June, exports growth shrank t date2022-08-25

Minister Lee holds Promising Industries Exporters Conference

Trade, Industry and Energy Minister Lee Chang-yang visited the Osong Life Science National Complex on August 16 to assess tenant companies’ trade status and to discuss measures for invigorating exports. Coming against the backdrop of surging prices of energy and raw materials, the Russia-Ukraine war, trade balance challenges, global economic slowdowns, supply chain uncertainties and interest rate hikes, Minister Lee’s visit aims to seek measures to further vitalize South Korea&rsquo date2022-08-17

Korea's auto exports value grows 25.3% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 16 that Korea’s automobile output, outbound shipments and exports value increased 9.1 percent, 23.1 percent, and 25.3 percent, respectively, while domestic sales contracted by 3.0 percent. Amid persisting global supply chain uncertainties, the temporary abatement of the parts supply crisis has led to increases in both production and exports of finished cars. Meanwhile, domestic sales of Korean brands have remained larg date2022-08-16

Trade Minister holds Export Enterprises Conference

Trade Minister Ahn Duk-geun presided the Export Enterprises Conference at Seoul Cosmestics in the Namdong Industrial Complex in Incheon on August 10 to assess market impact on exporters and MPE (materials, equipment, equipment) businesses.   The Trade Minister gave an opening message and facilitated discussions on measures to strengthen government support for exporting businesses and gathered opinions of industry representatives regarding current trade issues.    The date2022-08-16

Korea's ICT exports shrink 0.7% in July, but still achieve trade surplus

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 11 that exports of Korea’s information and communications technology (ICT) goods decreased 0.7 percent to USD 19.3 billion in July.Imports gained 16.8 percent to $13.2 billion, but ICT trade still achieved a trade surplus of $6.1 billion despite less operating days (one less) in comparison with those of 2021. Average daily ICT exports advanced to a record-breaking $820 million. ICT exports performance of small and mid date2022-08-11