Ministry of Trade, Industry and Energy

Korea to lead regulation reforms to propel industrial complex investments

The Republic of Korea’s Trade, Industry and Energy Ministry’s Office of Industries & Enterprises Deputy Minister Hwang Soo-sung chaired a meeting on August 1 to discuss innovative ways to reform regulations related to the location of industrial complexes that impede corporate investment with relevant ministries and institutions. The meeting was held as part of a task force dedicated to carrying out innovative regulation reforms for industrial complex locations. The task force i date2023-08-08

Korea and U.S. assess bilateral high-tech cooperation as follow-up to state visit

The Republic of Korea’s Trade, Industry and Energy Vice Minister Jang Young-jin chaired the Korea-U.S. High-Tech Cooperation Strategy Assessment Meeting on August 4 (local time) in Dallas, U.S., and discussed detailed measures to seriously push forward with bilateral technology cooperation. During Korean President Yoon Suk Yeol’s state visit to the U.S. in April last year, a total of 23 memorandums of understanding (MOUs) were sealed in areas like advanced industries and clean energ date2023-08-07

Korea and U.S. gear up joint industrial technology R&D

The Republic of Korea’s Trade, Industry and Energy Vice Minister Jang Young-jin held a briefing session on Korea-U.S. industrial technology R&D on August 1 (local time) in San Francisco and conveyed the Korean government’s stance on international cooperation in advanced technologies, then discussed practical measures for Korea-U.S. technology collaboration. Over 130 researchers attended in person or online and showed interest in Korea’s public-led invigoration of internati date2023-08-04

Korea's retail industry grows 5.7% in H1 2023

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 26 that Korea’s retail sales in June achieved an overall growth of 6.6 percent, year-on-year. Offline and online sales both expanded, by 4.2 percent and 9.1 percent, respectively. Growing online sales for home appliances/culture, living/home overtook those of offline, but sales of food products and service/other increased, resulting in positive growth overall. The Ministry releases monthly reta date2023-07-27

Korea seeking to become a global talent hub

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the High-Tech Industries’ Overseas Talent Conference on July 26 where he met with highly skilled foreigners either taking their master's and doctorate programs in Korea or working in Korea’s advanced industry sectors like batteries and semiconductors, and gathered their experiences and challenges to develop cross-ministerial support measures for establishing assistance measures for Korea to grow int date2023-07-27

Korea launches Industrial Artificial Intelligence (AI) Alliance

The Republic of Korea’s Trade, Industry and Energy 1st Vice Minister Jang Young-jin held the Industrial Artificial Intelligence (AI) Alliance launching ceremony on July 25 at the Seoul Dragon City Hotel with the participation of Hyundai Motor, LG Electronics, Samsung SDS and other major companies representing Korea’s core industries and digital transformation (DX) suppliers. This Alliance is the expanded and realigned version of the Industrial Digital Transformation (DX) Solidarity date2023-07-26

Korea newly designates 5 MPE-specialized complexes

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) held the MPE (materials, parts, equipment) Competitiveness Committee meeting and decided that the scope of designated new industries, like future mobility and bio, will be expanded, and that five specialized complexes will be added accordingly. Approximately 6.7 trillion won will be newly invested into creating the five complexes: two for future mobility in Gwangju and Daegu, one for bio in Chungbuk, two for semiconduc date2023-07-21

Korea to enhance company collaboration with digital twin & AI technologies

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) held a ceremony on July 20 at the Korea Institute for Advancement of Technology (KIAT) for the project launching of establishing digital factories utilizing digital twin and artificial intelligence (AI) technologies for collaboration among large corporations, middle-market companies and small and medium-sized enterprises (SMEs). A total of KRW 28.8 billion (5 billion allotted for this year) will go towards assisting th date2023-07-21

Korea holds Bio Economy Roundtable

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the Bio Economy 2.0 Roundtable on July 19 at the Seoul Biohub and discussed the bio industry’s future development direction and strategy as a part of the follow-up measures to implementing policy tasks discussed during the export strategy meeting chaired by President Yoon Suk-yeol on June 1, which includes deregulating the bio sector and nurturing a bio cluster.   Minister Lee chaired the Bio Econo date2023-07-20

Korea announces Bio Economy 2.0 Initiative

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the Bio Economy 2.0 Roundtable on July 19 at the Seoul Biohub and discussed the bio industry’s future development direction and strategy with industry representatives and other related persons. The roundtable is a part of the follow-up measures to implementing the policy tasks discussed during the export strategy meeting chaired by President Yoon Suk-yeol on June 1, which includes deregulating the bio se date2023-07-20