Ministry of Trade, Industry and Energy

MOTIE to roll out measures for stabilizing supply chain in 2024

Starting this year, the Ministry of Trade, Industry and Energy (MOTIE) will be launching measures to stabilize the supply chain in earnest following the Industrial Supply Chain Strategy announced on December 13. First, the ministry will drastically up the R&D budget on key supply chain items from last year’s KRW 17.6 billion to 73.9 billion won this year. Support will go towards the technological development of 29 key items like secondary battery materials and electrical and electroni date2024-01-11

Korea surpasses initial $30 bln target for plant project orders in 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 8 that Korea won a total of USD 30.2 billion worth of plant project orders in 2023, surpassing the initial target of $30 billion (up 25.0 percent than the $24.2 billion won in 2022) and the highest ever in eight years since winning $36.5 billion in 2015. The target was reached on December 29 with the sealing of the $1.5 billion LNG liquefaction plant order. The overall outcome is attributable to the economic summit diplomac date2024-01-08

Largest integrated Korean exhibition to be showcased at CES 2024

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 8 that an all-time high of 443 Korean firms will be participating in the Consumer Electrics Show (CES) 2024 through January 9-12 in Las Vegas, U.S., ranking Korea as one of the largest exhibitors at the world’s biggest tech trade show, showcasing a variety of advancements in information and communications technology (ICT) and home appliances. This year’s CES theme is “All Together, All On”, signifyin date2024-01-08

Minister pays his first official visit to an auto yard

Trade, Industry and Energy Minister Dukgeun Ahn visited the Kia Motors yard in Pyeongtaek Port on January 5. The Minister met Kia Motors CEO Jun-young Choi to discuss the status and challenges of automobile exports, after which he visited an export vessel including its bridge and other key facilities and shared words of encouragement with on-site staff. date2024-01-05

Minister Ahn makes first official visit to auto yard after taking post

Minister of Trade, Industry and Energy Dukgeun Ahn visited Pyeongtaek Port, which has been Korea's largest port for auto exports for over 14 years (as of 2023). During his first official outing, he talked with exporters to get a better understanding of their challenges before boarding the GlOVIS SKY to see the cars to be exported. He also went a nearby coffee truck and personally served the coffee to on-site employees as a gesture of encouragement. During the visit, Minister Ahn emphasized the date2024-01-05

Minister Chooses Airport Cargo as His First Site Visit for 2024

Trade, Industry and Energy Minister Bang Moon Kyu went to Korean Air’s Cargo Terminal 1 of Incheon International Airport as his first official site visit for 2024. Minister Bang was briefed on the current status of export logistics and operational challenges by Jeon Hyoung-wook, Vice President of Incheon International Airport Corporation, and Yoo Jong-seok, Vice President of Korean Air, before moving on to inspect the loading platform where export goods such as semiconductor devices are date2024-01-02

“K-Shipbuilding Super Gap Tech Alliance” sets sail

The Ministry of Trade, Industry and Energy (MOTIE) hosted the launching ceremony of the “K-Shipbuilding Super Gap Tech Alliance” on December 27 at the Conrad Seoul Hotel, held jointly with the Korea Evaluation Institute of Industrial Technology (KEIT) and Korea Offshore & Shipbuilding Association (KOSHIPA). The Alliance is part of a follow-up measure to the “K-Shipbuilding Strategy for Next-Generation Market Dominance” that MOTIE announced in November, composed date2023-12-27

Korea's retail industry grows 8.7% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced December 26 that Korea’s retail sales for November advanced 8.7 percent year-on-year. Offline sales achieved a 4.5 percent growth, thanks to various discount and promotion events and the majority of items showed growth, with the exception of home appliances/culture and foreign designer labels. All types of retail channels expanded in sales. Online sales hiked 12.7 percent owing to numerous global discount events and continued c date2023-12-26

Government to nurture Free Economic Zones to serve as advanced global business base

The Korean government plans to create an Advanced Global Business Base for attracting KRW 100 trillion worth of domestic and overseas investment and creating 0.45 million job openings over the next 10 years. With these goals in view, the Government reviewed and deliberated on the draft for the 3rd Free Economic Zone (FEZ) Basic Plan during the 138th FEZ Committee meeting on December 21. The FEZ Basic Plan is a legal plan of the highest status established every five years for presenting the basi date2023-12-22

Vice Minister attends AI & Autonomous Manufacturing Innovation Strategy Forum

Trade, Industry and Energy Vice Minister Youngjin Jang attended the “Artificial Intelligence (AI) and Autonomous Manufacturing Innovation Strategy Forum” on December 21 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and gave a congratulatory message. The forum was attended by various industry, academia and R&D experts on AI, including Korea Evaluation Institute of Industrial Technology (KEIT) President Chun Yoon-jong, National Academy of Engineering of Korea (NAEK date2023-12-22