Ministry of Trade, Industry and Energy

Ministry, think tanks discuss 'New Trade Roadmap'

The Ministry of Trade, Industry and Energy announced on February 1 that Trade, Industry and Energy Vice Minister Woo Taehee hosted this year’s second meeting of the ‘trade policy forum’ to hear major think tanks’ opinions on the upgrading of the “New Trade Roadmap” in response to the changing trade environment.   The ‘trade policy forum’ provides a platform for Trade Ministry officials and representatives from industry and academia to regula date2017-02-01

Korean exports surge 11.2% in January

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports surged 11.2 percent to USD 40.3 billion in January from a year earlier, marking the first double-digit growth since January 2013.   This is also the first time since April 2014 exports expanded for the third consecutive month. The growth rate of won-denominated exports notched a 59-month high at 9.7 percent while the average daily exports grew at the highest rate in 65 months at 16.4 percent. &n date2017-02-01

Vice Minister Woo meets with AMCHAM business leaders

Trade, Industry and Energy Vice Minister Woo Taehee (third from left) met James Kim (center), chairman of the American Chamber of Commerce in Korea, and John Schultz (third from right), president of the AMCHAM Korea, on January 25 at the chamber’s office in Seoul.   At the breakfast meeting, Vice Minister Woo noted the mutually beneficial outcomes of the Korea-United States Free Trade Agreement (KORUS FTA), heard issues raised by U.S. investors in Korea and discussed cooperation bas date2017-01-25

ICT exports expected to rebound in 2017

The Ministry of Trade, Industry and Energy announced on January 25 that exports of information and communications technology (ICT) products contracted 6 percent in 2016 from a year ago, but are expected to return to growth this year, having already rebounded to positive territory in the fourth quarter.   In 2016, exports of ICT products, including semiconductors, mobile phones, computers and displays, dropped 6 percent to USD162.5 billion from a year earlier while imports fell 1.8 percent date2017-01-25

Vice Minister Jeong discusses plans to prop up exports in 2017

Trade, Industry and Energy Vice Minister Jeong Marn-ki (second from left) held this year’s first comprehensive meeting to discuss how to support Korea’s export promotion in Seoul on January 20 with Park Jin-kyu (left), the trade ministry’s deputy director general for international trade policy, and roughly 30 other related officials. They reviewed future projects for government spending that might help grow the country’s exports in 2017. They also announced the outlook o date2017-01-20

Vice Minister Woo hosts 5th meeting of working group for Korea-US trade issues

Trade, Industry and Energy Vice Minister Woo Taehee (left) hosted the fifth meeting of the working group, created to respond to the changing environment in trade with the U.S., on January 19 at the Government Complex Seoul in central Seoul. At the meeting with about 20 officials from other ministries and public and private institutions, Vice Minister Woo shared the outcomes of the fourth Korea-U.S. FTA Joint Committee meeting  on January 12 and information on trade policies of the new U.S. date2017-01-19

Vice Minister Woo hosts 4th meeting of task force for Korea-China trade issues

The Ministry of Trade, Industry and Energy announced on January 17 that it hosted the fourth meeting of the pan-government task force on Korea-China trade issues to review the latest concerns raised by domestic industries.     Trade, Industry and Energy Vice Minister Woo Taehee presided the meeting, which was joined by officials from other relevant ministries including the Ministry of Foreign Affairs and the Ministry of Culture, Sports and Tourism as well as representatives from vari date2017-01-17

Industrial materials, components exports return to growth in 4Q

The Ministry of Trade, Industry and Energy announced on January 16 that exports of industrial materials and components returned to growth in the fourth quarter last year after six quarters of contraction.    Exports of materials and components rose by 2 percent to USD 66.3 billion from the same quarter of 2015, on the back of the recovery of export prices to positive territory for the first time in two years.   Imports in the sectors rebounded along in the fourth quarter, up 1 date2017-01-16

Vice Minister Woo hosts 'trade policy forum'

Trade, Industry and Energy Vice Minister Woo Taehee (second from right) held a 'trade policy forum' in Seoul on January 11 to discuss in advance some of the pending trade issues facing each industry and possibly construct potential countermeasures. Some of the key industry leaders including Kim Yong-geun, president and CEO of the Korea Automobile Manufacturers Association; Song Jae-bin, vice chairman of the Korea Iron and Steel Association; and Lim Seung-yoon, vice chairman of the Korea Petroch date2017-01-11

FDI in Korea hits fresh record high in 2016

The Ministry of Trade, Industry and Energy announced on Tuesday that the foreign direct investment (FDI) newly pledged in 2016 reached a record high of USD 21.3 billion, showing a 1.9 percent rise from $20.91 billion a year ago.   This figure marked the largest amount of FDI pledged in history for a four-quarter-period, surpassing the earlier record of $20.91 billion set in 2015. The amount of new FDI into the country has now surpassed the $20 billion mark for two years in a row, accordin date2017-01-05