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Trade/Investment
Korea's ICT exports reach $12.8 billion in April
The Ministry of Trade, Industry and Energy announced on May 15 that Korea's exports and imports of information and communications technology (ICT) goods for April recorded USD 12.8 billion (down 35.9 percent year-on-year) and $10.4 billion (down 14.0 percent), respectively. Trade balance stood at a surplus of $2.3 billion. ICT exports fell as a result of the persisting global economic downturn and slower demand for ICT devices, the semiconductor industry setback and a high base effect from last date2023-05-16
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Trade/Investment
436th Korea Trade Commission gives final determination on anti-dumping investigations
The Ministry of Trade, Industry, and Energy (MOTIE) held the 436th Korea Trade Commission meeting on July 21 and announced the final determination to extend the imposing of anti-dumping duties (2.30-11.04%) on Vietnamese and Indian ferro silico manganese for another five years. The Commission determined that lifting of anti-dumping duties on Vietnamese and Indian ferro silico manganese may result in continued dumping and recur damage on domestic industries. Meanwhile, the Commission determined date2023-05-16
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Trade/Investment
Korea and Hungary discuss measures to strengthen trade & industrial cooperation
Trade, Industry and Energy Minister Lee Chang-yang met with Speaker of the National Assembly of Hungary László Kövér on May 8 in Seoul to discuss measures for expanding trade, investment, industrial technology, nuclear energy cooperation, as well as the EU’s Foreign Subsidies Regulation (FSR) and Battery Regulation. date2023-05-11
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Trade/Investment
Korea and Hungary discuss measures to strengthen trade & industrial cooperation
Trade, Industry and Energy Minister Lee Chang-yang met with Speaker of the National Assembly of Hungary László Kövér on May 8 in Seoul to discuss measures for expanding trade, investment, industrial technology, nuclear energy cooperation, as well as the EU’s Foreign Subsidies Regulation (FSR) and Battery Regulation. Trade between Korea and the EU continues to increase despite the global economic slowdown, reaching an unprecedented USD 7 billion last year. Noting date2023-05-11
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Trade/Investment
MOTIE to participate in the 3rd round of IPEF negotiations
Trade, Industry and Energy Ministry’s Deputy Minister for FTA Negotiations Roh Keon-ki is heading the Korean delegation in the third round of negotiations of the Indo-Pacific Economic Framework for Prosperity (IPEF) held through May 8-15 in Singapore. This round of negotiations is regarded as an important stepping stone in making tangible progress on the four IPEF Pillars (trade, supply chain, clean economy, fair economy). For supply chain (Pillar II), the discussions on resiliency, prod date2023-05-10
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Trade/Investment
Trade Minister chairs bioeconomy conference to discuss BEPA
Minister for Trade Dukgeun Ahn chaired a conference on May 3 at K-SURE in Seoul for Government-industry discussions on the Bio Economy Partnership Agreement (BEPA) and trade assistance measures for Korea’s biochemical and bioenergy sectors, with a view to nurture Korea into a global bioeconomy powerhouse. Representatives of nine bioeconomy firms and relevant associations attended the conference, including CJ CheilJedang, Samyang Innochem, SK EcoPrime and Korea Biotechnology Indust date2023-05-09
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Trade/Investment
Trade Minister chairs bioeconomy conference to discuss BEPA
Minister for Trade Dukgeun Ahn chaired a conference on May 3 at K-SURE in Seoul for Government-industry discussions on trade assistance measures for Korea’s biochemical and bioenergy sectors, with a view to nurture Korea into a global bioeconomy powerhouse. Representatives of nine bioeconomy firms and relevant associations attended the conference, including CJ CheilJedang, Samyang Innochem, SK EcoPrime and Korea Biotechnology Industry Organization. Trade Minister Ahn started by stating t date2023-05-09
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Trade/Investment
Trade Minister chairs 1st Global Business Council meeting
Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment. The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies, such as Applied Materials Korea, ASML Korea, Tokyo Electron Korea and DuPont Korea. date2023-05-09
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Trade/Investment
Trade Minister chairs 1st Global Business Council meeting
Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment. The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies. Geopolitical tensions, as well as supply chain crises caused by the COVID-19 pandemic, are spurring major date2023-05-09
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Trade/Investment
MOTIE & Daejeon enter investment MOU with Merck Life Science
The Ministry of Trade, Industry and Energy (MOTIE) announced on May 3 that MOTIE, Daejeon Metropolitan City and Merck Life Science (“Merck”) signed an investment cooperation memorandum of understanding (MOU) at the Grand Hyatt Seoul on plans to establish a new bioprocessing unit in Korea for producing biomedical raw and subsidiary materials in the Asia-Pacific region. date2023-05-08