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Trade/Investment
Korea's exports climbing strong amid expectations for continued growth in May
Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the fifth Export Items Assessment Meeting on May 21 to take stock of this month’s exports situation. Since snapping the losing streak in October 2023, Korea’s exports are showing strong growth and leading the country’s overall economic advancement in Q1 2024. Early this month, the Organization for Economic Cooperation and Development (OECD) revised its forecast for Korea's economic growth for 2024 to 2.6 percent, up 0.4 percent from its previous February forecast. Korea’s aggregate export value through January–April in 2024 reached USD 220 billion (up 9.6 percent year-on-year), strongly backed by double-digit growth of IT goods like semiconductors (up 52.0 percent), displays (up 13.4 percent), and computers (up 36.4 percent). Major items like automobiles (up 4.7 percent), ships (up 47.5 percent), and general machinery (up 0.9 percent) likewise achieved growth. Vice Minister Kang remarked that “Whereas semiconductors spearheaded the export growth in the first quarter, growth was seen across all IT items and major export items during the month of April,” and added that he looks forward to seeing May's exports and trade balance maintain this growth momentum and that public-private joint efforts will be made to reach the record high export target set for this year. To this end, MOTIE will increase financial, marketing, and certification support for exporters and provide tailored support according to business category and company size. The vice minister stated that further measures for pan-ministerial export support will be established in tandem with the Ministry of Economy and Finance (MOEF) and other related ministries. date2024-05-21
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Trade/Investment
Korea-Cambodia Business Forum
Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Cambodia Business Forum, co-hosted by the two countries’ Chambers of Commerce, on May 16 in Korea on the occasion of Cambodian Prime Minister Hun Manet’s visit. A total of six memorandums of understanding (MOUs) were signed at the forum. The forum was attended by approximately 250 persons, consisting of representatives of the two countries' governments, companies, and related institutions, to discuss measures for Korea-Cambodia economic cooperation, investment and promising sectors, and Korean companies’ Cambodia market entry success cases. date2024-05-20
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Trade/Investment
Korea and Cambodia hold Business Forum
Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Cambodia Business Forum, co-hosted by the two countries’ Chambers of Commerce, on May 16 in Korea on the occasion of Cambodian Prime Minister Hun Manet’s visit. The forum was attended by approximately 250 persons, consisting of representatives of the two countries' governments, companies, and related institutions, to discuss measures for Korea-Cambodia economic cooperation, investment and promising sectors, and Korean companies’ Cambodia market entry success cases. In his congratulatory address, Minister Ahn stated that it is the optimal opportunity for the two countries to step up their economic cooperation, noting the signing of the bilateral Free Trade Agreement (FTA) and Regional Comprehensive Economic Partnership (RCEP) joint participation, and proposed measures for expanding trade and investment, upgrading advanced industrial cooperation, and achieving carbon neutrality by 2050. A total of six memorandums of understanding (MOUs) were signed at the forum. Korea Chamber of Commerce and Industry (KCCI) and Cambodia Chamber of Commerce (CCC) entered an MOU for supporting both countries’ companies through business partner matchings and trade and investment information provision. In addition, four financial cooperation MOUs and one infrastructure cooperation MOU were sealed, signaling the vitalization of private economic cooperation as well. date2024-05-20
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Trade/Investment
Trade Minister attends "Trade Liberalisation: FTAAP" session
Minister for Trade Inkyo Cheong attended the "Trade Liberalisation: FTAAP" session at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting on May 18 in Arequipa, Peru and discussed new directions for FTAAP within APEC in view of the changing trade landscape. date2024-05-20
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Trade/Investment
Trade Minister meets Indonesia’s Trade Minister
Minister for Trade Inkyo Cheong met with Indonesia’s Trade Minister Zulkifli Hasan on May 18 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed bilateral trade issues, including electric vehicles and battery cooperation. date2024-05-20
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Trade/Investment
Trade Minister meets China International Trade Representative
Minister for Trade Inkyo Cheong met with Wang Shouwen, China International Trade Representative and Vice Minister of Commerce, Ministry of Commerce, on May 18 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed bilateral economic cooperation. date2024-05-20
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Trade/Investment
Trade Minister meets U.S. Trade Representative
Minister for Trade Inkyo Cheong met with U.S. Trade Representative Katherine Tai on May 17 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed bilateral trade issues. date2024-05-20
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Trade/Investment
Trade Minister attends Ministers Responsible for Trade APEC Meeting
Minister for Trade Inkyo Cheong attended the Ministers Responsible for Trade Meeting on May 17 in Arequipa, Peru, and discussed issues including dispute settlement system normalization and formulating norms through multilateral negotiations with the trade leaders of other APEC member countries. date2024-05-20
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Trade/Investment
Trade Minister meets Japan’s Parliamentary Vice-Minister of Economy, Trade and Industry
Minister for Trade Inkyo Cheong met with Taku Ishii, Japan’s Parliamentary Vice-Minister of Economy, Trade and Industry, on May 17 in Arequipa, Peru, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial and discussed Korea-Japan economic cooperation and multilateral trade issues. date2024-05-20
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Trade/Investment
Trade Minister attends Ministers Responsible for Trade and Ministers for Women APEC joint meeting
Minister for Trade Inkyo Cheong attended the Asia-Pacific Economic Cooperation (APEC) Joint Meeting of Ministers Responsible for Trade and Ministers for Women at the APEC Trade Ministerial held in Arequipa, Peru, on May 17 and proposed measures for women’s economic empowerment and trade participation through trade policies. date2024-05-20