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Trade/Investment
Korea and Vietnam kick off Plus Joint Working Group Meeting
The Ministry of Trade, Industry and Energy (MOTIE)’s International Trade Relations Director General Kim Jong-cheol met Tran Quang Huy, Director of the African, West and South Asian Markets Department at the Ministry of Industry and Trade (MoIT) of Vietnam on September 14 at the Lotte Hotel Seoul to attend the 1st Korea-Vietnam Plus Joint Working Group Meeting and discussed follow-up measures to the two countries' June summit meeting, including critical minerals supply chain center establis date2023-09-15
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Trade/Investment
Korea's ICT exports decline 16.7% in August
The Ministry of Trade, Industry and Energy (MOTIE) announced on September 14 that Korea's exports and imports of information and communications technology (ICT) goods for August recorded USD 16.1 billion (down 16.7 percent year-on-year) and $11.1 billion (down 18.1 percent), respectively. The trade balance stood at a surplus of $5.0 billion. ICT exports fell as a consequence of low semiconductor unit prices and sluggish demand for ICT devices. However, the export decline rate is slowly recoveri date2023-09-15
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Trade/Investment
Korea and U.S. discuss measures to bolster trade & economic cooperation
Deputy Minister for Trade Jeong Dae-jin met with Ramin Toloui, U.S. Assistant Secretary of State for Economics and Business Affairs, on September 13 in Seoul and discussed follow-up measures to the Korea-U.S.-Japan Summit, Inflation Reduction Act (IRA), the CHIPS and Science Act, and other measures to bolster Korea-U.S. economic and trade cooperation. date2023-09-14
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Trade/Investment
Korea and U.S. discuss measures to bolster trade & economic cooperation
Deputy Minister for Trade Jeong Dae-jin met with Ramin Toloui, U.S. Assistant Secretary of State for Economics and Business Affairs, on September 13 in Seoul and discussed measures to bolster economic and trade cooperation between Korea and the U.S. Deputy Trade Minister Jeong assessed that the relationship between the two countries, which began as a traditional security alliance, is progressing to one that encompasses economy, advanced technology, and supply chain following the Korea-U.S.-Japa date2023-09-14
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Trade/Investment
Korea hosts Global Bio & Pharma Plaza 2023
The Ministry of Trade, Industry and Energy (MOTIE) is hosting the Global Bio & Pharma Plaza 2023 (GBPP 2023) from September 14-15 in Jamsil, organized by Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Pharmaceutical Traders Association (KPTA). Approximately 200 companies, including 100 overseas buyers like Merck and other big pharma companies from 31 countries, gather at the Lotte Hotel World in Jamsil to participate in over 900 export consultations with Korean firms. An Open date2023-09-14
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Trade/Investment
Korea and Mongolia discuss measures to strengthen rare metals cooperation
Trade, Industry and Energy Vice Minister Kang Kyungsung met with Mongolia’s Mining and Heavy Industry Minister Jambal Ganbaatar on September 12 in Seoul to discuss measures for strengthening Korea-Mongolia cooperation in rare metals. date2023-09-13
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Trade/Investment
Korea and Mongolia discuss measures to strengthen rare metals cooperation
Trade, Industry and Energy Vice Minister Kang Kyungsung met with Mongolia’s Mining and Heavy Industry Minister Jambal Ganbaatar on September 12 in Seoul to discuss measures for strengthening Korea-Mongolia cooperation in rare metals. Mongolia is a resource-rich home to molybdenum, pewter and other various rare metals, with a notably large reserve of rare earth minerals. As follow-up to the memorandum of understanding (MOU) signed in February between Korea’s Ministry of Trade, Indus date2023-09-13
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Trade/Investment
Korea and Uzbekistan sign TIPF deal
Deputy Minister for Trade Jeong Dae-jin met with Uzbekistan’s Investment, Industry and Trade Deputy Minister Khamrayev Oybek Nematovich on September 12 at the Lotte Hotel Seoul, where they signed the Korea-Uzbekistan Trade and Investment Promotion Framework (TIPF) agreement. date2023-09-12
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Trade/Investment
Korea and Uzbekistan sign TIPF deal
Deputy Minister for Trade Jeong Dae-jin met with Uzbekistan’s Investment, Industry and Trade Deputy Minister Khamrayev Oybek Nematovich on September 12 at the Lotte Hotel Seoul, where they signed the Korea-Uzbekistan Trade and Investment Promotion Framework (TIPF) agreement, Korea’s seventh TIPF deal and a first with a Central Asian country. The TIPF is a new cooperation framework on which MOTIE is placing emphasis lately, a mechanism that can expand mutual economic cooperation and date2023-09-12
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Trade/Investment
Korea and Indonesia enter 2 MOUs on EV ecosystem & new industries
The Ministry of Trade, Industry and Energy (MOTIE) signed two memorandums of understanding (MOUs) with the Indonesian government on the occasion of the Korea-Indonesia summit talks on September 8 in Jakarta for expanding cooperation on fostering the electric vehicle (EV) ecosystem (including electric two-wheelers) and for cooperation in nurturing future industries like bio and root industry. First, MOTIE entered the EV Ecosystem Cooperation MOU with Indonesia’s Coordinating Ministry for E date2023-09-08