Ministry of Trade, Industry and Energy

Trade Minister meets Ambassador of the Dominican Republic to Korea

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27 in Seoul to exchange views on the global trade landscape and discuss measures for stronger bilateral economic cooperation. date2025-03-28

Minister meets with Alaska Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with Alaska Governor Mike Dunleavy on March 25 in Seoul and discussed measures for stronger Korea-Alaska energy cooperation and wider Korea-U.S. trade and investment. Minister Ahn also requested the Alaska state government’s support and interest towards Korean firms’ stable investment in the local U.S. market. date2025-03-28

Korea and Dominican Republic discuss trade and economic cooperation

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27 in Seoul to exchange views on the global trade landscape and discuss measures for stronger bilateral economic cooperation. During the talks, Trade Minister Cheong noted the rising need for economic cooperation between Korea and Latin America amid the rapidly changing global trade environment and requested Ambassador Cuello’s active role in this respect as the Dean of the Group of Latin American and Caribbean Countries (GRULAC). In view of the Dominican Republic being Korea’s major economic partner in the Latin American and Caribbean region, Trade Minister Cheong proposed that the two countries widen their trade and industry cooperation based on the bilateral Trade and Investment Promotion Framework (TIPF) signed on the occasion of the Dominican Republic Vice President Raquel Peña’s visit to Korea in April 2023. Moreover, the trade minister asked the Dominican Republic’s cooperation with regard to the bilateral Economic Partnership Agreement (EPA) negotiations for the establishment of a stable basis for greater trade and investment between the two countries. He also requested support towards facilitating Korean businesses’ participation in the Dominican Republic’s energy infrastructure projects going forward.   date2025-03-28

Korea and Japan to boost joint efforts in hydrogen economy

Director General for Hydrogen Economy Policy Choi Woo-hyuk at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea attended the second Korea-Japan Hydrogen Cooperation Dialogue meeting today in Tokyo with Sadanori Ito, Director General for Energy Efficiency and Renewable Energy Department at Japan’s Economy, Trade and Industry Ministry (METI), with the participation of both countries’ 11 hydrogen-related institutions. On the margins of the Korea-Japan industry ministerial talks and the first Hydrogen Cooperation Dialogue meeting held in June 2024, the two countries have since then launched working groups for the development of a clean hydrogen supply chain, carbon intensity and certification, standards and criteria, and safety. During today’s second meeting, the two sides reviewed the details of these four working groups’ progress on cooperation agendas and discussed measures for wider collaboration going forward. Noting the private sector’s critical role in clean hydrogen supply chain cooperation, the two sides decided to establish a private Korea-Japan cooperative platform for hydrogen supply chain utilization alongside their intergovernmental cooperation channel. They also agreed to convene bilateral hydrogen seminars to make tangible progress in joint efforts regarding clean hydrogen supply chains, hydrogen co-firing, and hydrogen mobility expansion. In the area of carbon intensity and certification, the two countries will be working together to advance the methodologies of measuring greenhouse gas emissions generated over the process of producing clean hydrogen, for which they will also be making joint visits to major overseas sites. For standards and criteria, joint efforts will go toward the international standardization of primary hydrogen technologies. In the area of safety, Korea and Japan will boost exchanges in hydrogen safety information and best practice sharing.   date2025-03-26

Korea’s retail industry grows 4.4% in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s retail industry advanced 4.4 percent year-on-year in February 2025, with offline sales declining 7.7 percent and online sales growing 16.7 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. With this year’s Seollal holidays landing in January and the number of working days for February coming short by a day compared to last year, retail sales across all offline channels decreased.  Hypermarkets slowed in most sales categories such as food products (down 19.7 percent), home appliances/culture (down 10.9 percent), clothing (down 23.6 percent), and home/living (down 22.5 percent). Department stores showed growth in foreign designer labels (up 4.5 percent) and household goods (up 4.3 percent), while food products (down 21.2 percent), miscellaneous goods (down 6.5 percent), and kids/sports (down 7.6 percent) shrank. Convenience stores and SSMs experienced retreating sales in both food and non-food categories. As for the online retail industry, food products (up 14.9 percent) and service/other (up 76.3 percent) sales expanded on the backs of stronger online delivery services and robust demand for food delivery and e-coupons, whereas fashion/clothing (down 9.7 percent) and sports (down 9.8 percent) contracted. Meanwhile, back-to-school demand drove sales for home appliances/consumer electronics (up 3.6 percent) and helped snap their five-month downward streak.   date2025-03-25

Minister Ahn holds roundtable with foreign business community in Korea

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a roundtable with the foreign business community in Korea today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea. Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment. date2025-03-24

Minister Ahn attends foreign investment declaration ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended a foreign investment declaration ceremony today in Seoul for investment declarations made by global companies Vena Energy and Corning to Korea worth USD 0.3 billion in areas of offshore wind power and advanced materials. date2025-03-24

Global companies pledge investments worth $0.3 bln to Korea’s offshore wind power and advanced materials

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a foreign investment strategy meeting today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea. At the meeting, the above representatives expressed appreciation towards the Korean government’s efforts to foster a business-friendly environment and suggested measures for stronger incentives and the easing of regulations regarding electric vehicles (EVs), healthcare, and offshore wind power, as well as the improvement of conditions for foreign investors’ settlement in Korea. Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment. On the occasion of today’s meeting, MOTIE also announced that global companies including Vena Energy and Corning submitted investment declarations to Korea worth USD 0.3 billion in the areas of offshore wind power and advanced materials.   date2025-03-24

Minister Ahn holds talks with U.S. Secretary of Commerce Howard Lutnick

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. Secretary of Commerce Howard Lutnick on March 21 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony on March 21 (local time) in Washington D.C. for strengthening the strategic partnerships among Korean Air, Boeing & GE Aerospace. The ceremony was attended by Chairman & CEO of Korean Air and Hanjin Group Walter Cho, President & CEO of Boeing Kelly Ortberg, and President & CEO of GE Aerospace Russel Stokes. date2025-03-24