Ministry of Trade, Industry and Energy

Korean shipbuilders lead high value-added, eco-friendly market in 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 5 that South Korea’s shipbuilding industry won home 37 percent (15.6 million compensated gross tonnage (CGT), USD 45.3 billion) of all orders worldwide. Korea’s market share grew 4 percent to 37 percent in 2022, which is meaningful considering the 22 percent decrease in total global orders in 2022 compared to the previous year. Market share was largest in 2018 (38 percent). This achievement is assessed as attr date2023-01-05

Minister visits LG Chem Life Sciences Company

Trade, Industry and Energy Minister Lee Chang-yang visited the LG Chem Life Sciences Company’s Osong plant on January 3 to assess recent domestic and international bioindustry trends and discuss measures to strengthen Korea’s competitiveness.   Minister Lee received a briefing from the company’s president Son Jee-woong on company operations and issues, led discussions on bioindustry trends and toured the facilities, encouraging the site employees.   date2023-01-04

MOTIE cohosts 1st Exports & Investment Financial Assistance Conference

Trade, Industry and Energy Minister Lee Chang-yang and Financial Services Commission Chairman Kim Joo-hyun cohosted the 1st Exports and Investment Financial Assistance Conference on December 29 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures to overcome critical economic challenges in 2023 via industrial and financial sectors’ close cooperation. The meeting was attended by Government officials and industrial and financial sectors’ representatives, including date2022-12-30

1st Vice Minister attends Bio Industry Exports Assistance Conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the Bio Industry Exports Assistance Conference on December 29 in Seoul and sought measures to bolster exports competitiveness of Korea’s medical supplies and devices with Health and Welfare 2nd Vice Minister Park Min-soo.   The Ministers gathered opinions and listened to various issues challenging the bio industry’s companies, exports assistance institutions and certification agencies, and discussed meas date2022-12-30

MOTIE cohosts 1st Exports & Investment Financial Assistance Conference

Trade, Industry and Energy Minister Lee Chang-yang held the 1st Exports and Investment Financial Assistance Conference on December 29 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures to overcome the critical economic challenges in 2023 via industrial and financial sectors’ close cooperation.   The Minister gave an opening message and led discussions on economic forecast per industry sector and corporate financial assistance for 2023.   The meeting was date2022-12-30

MOTIE announces work report for 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced the work report for 2023 on December 27, outlining MOTIE’s four major tasks for 2023 as follows. One, MOTIE will direct pan-ministerial efforts to achieve exports growth by injecting KRW 360 trillion in trade financing and training up 1,500 young trade specialists. Korea’s goal is to achieve over USD 680 billion in exports in 2023. MOTIE will support Korea in entering the nuclear energy markets in the Czech Republic, Phil date2022-12-29

Korea's retail industry grows 8.4% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 29 that Korea’s retail sales in November gained a year-on-year growth of 8.4 percent. Both physical and online retailers advanced in sales, up 8.5 percent and 8.3 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four &ld date2022-12-29

MOTIE appoints 4th Honorary Ambassador for World Expo 2030 Busan

The Ministry of Trade, Industry and Energy (MOTIE) held a ceremony on December 27 at the LG Art Center in Seoul to appoint soprano Jo Sumi as the 4th Honorary Ambassador for the World Expo 2030 Busan.    The ceremony was also attended by World EXPO 2030 Busan Bid Committee Secretary General Yoon Sang-jik and Busan Mayor Park Heong-joon.   date2022-12-27

Trade Minister attends Industrial Technology & Energy Development Cooperation Networking Day

Minister for Trade Dukgeun Ahn attended the Industrial Technology and Energy Development Cooperation Networking Day on December 22 with 28 Official Development Assistance (ODA) member states’ Ambassadors to Korea in Seoul to discuss measures for stronger industrial and energy networking, and requested support for World Expo 2030 Busan.   The event was attended by the 28 Ambassadors to Korea among the total 46 ODA member states.   date2022-12-23

1st Vice Minister attends exporter SMEs conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the conference with small and medium-sized exporters on December 22 in Seoul to discuss measures to boost SMEs’ exports vitality.   Vice Minister Jang stated that “exports conditions are not favorable, what with major countries’ interest hikes and contracted demand,” and stressed that “SMEs are hit harder by external uncertainties compared to large or middle-market companies and therefore po date2022-12-23