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Trade/Investment
MOTIE activates control tower for EU trade issues
Minister for Trade Dukgeun Ahn presided the EU Trade Issues Task Force (TF) meeting on February 2 at K-SURE in Seoul, which was followed by the first pan-ministerial EU CBAM (Carbon Border Adjustment Mechanism) Response TF meeting. The EU Trade Issues TF was launched to serve as a comprehensive control tower assessing and supporting the impact on Korean industries caused by major bills moved forward in the EU, and to share information on their progress with participation of industry-academia ex date2023-02-07
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Trade/Investment
Trade Minister attends EU CBAM Response TF launching ceremony
Minister for Trade Dukgeun Ahn attended on February 2 at K-SURE the launching ceremony of the pan-ministerial EU CBAM (Carbon Border Adjustment Mechanism) Response Task Force (TF) formed to facilitate inter-ministerial cooperation and specific response measures. The Trade Minister gave an opening message and led discussions on challenges facing exporting companies and relevant ministries' response measures. The meeting was attended by officials of relevant ministries, includi date2023-02-03
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Trade/Investment
MOTIE signs investment MOU with leading ALD equipment company
Trade, Industry and Energy Minister Lee Chang-yang, on February 2, signed an investment cooperation memorandum of understanding (MOU) with Benjamin Loh, the CEO of ASM International, a world-leading Dutch headquartered multinational corporation specializing in atomic layer deposition (ALD) for semiconductors, regarding cooperation to expand the existing R&D center and build a second ALD plant that will utilize new processes. date2023-02-03
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Trade/Investment
MOTIE signs investment MOU with leading ALD equipment company
Trade, Industry and Energy Minister Lee Chang-yang, on February 2, signed an investment cooperation memorandum of understanding (MOU) with Benjamin Loh, the CEO of ASM International, a world-leading Dutch headquartered multinational corporation specializing in design and manufacturing of atomic layer deposition (ALD) and semiconductor wafer processing equipment. ASM will decide by this year whether to expand the R&D center and build a second ALD plant in Korea that will utilize new processe date2023-02-03
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Trade/Investment
Trade Minister holds 1st exports evaluation meeting
Minister for Trade Dukgeun Ahn held the first exports evaluation meeting on February 1 at K-SURE to assess the current exports situation amid changing global economic conditions and to seek measures to improve exports and trade balance. The meeting was held in the attendance of relevant institutions of major industry sectors, including the Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association (KITA) and Korea Automobile Manufacturers Association (KAMA). Trade date2023-02-03
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Trade/Investment
Trade Minister holds first exports evaluation meeting
Minister for Trade Dukgeun Ahn presided the first exports evaluation meeting on February 1 at K-SURE to discuss measures to expand exports and improve the trade balance amid decreasing exports and growing trade deficit. The Trade Minister gave opening remarks, then led discussions on trade forecasts and vitalization measures for each major sector. The meeting was attended by representatives of various relevant institutions, including Korea Trade-Investment Promotion Agency (KOT date2023-02-02
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Trade/Investment
Korea's retail industry grows 9.2% in 2022
The Ministry of Trade, Industry and Energy announced on February 2 that Korea’s annual retail sales in 2022 advanced 9.2 percent compared to 2021, thanks to strong growth of both online sales (up 9.5 percent) and brick-and-mortar sales (up 8.9 percent). The Ministry releases retail sales figures based on surveys of 25 major retailers, 13 of which are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four SSM operators. date2023-02-02
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Trade/Investment
Minister attends UAE Investment Promotion Follow-Up Meeting
Trade, Industry and Energy Minister Lee Chang-yang attended the UAE Investment Promotion Follow-Up Assessment Meeting on January 31 at the Korea International Trade Association (KITA), which was presided by President Yoon Suk-yeol and held to seek prompt implementation measures for follow-up on the economic summit diplomacy outcomes gained on occasion of Korea’s first state visit (January 14-17) to the United Arab Emirates (UAE) since the establishment of Korea-UAE diplomatic relations in date2023-02-02
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Trade/Investment
Korea and Finland discuss economic, industrial & energy cooperation
Minister for Trade Dukgeun Ahn met with Finland’s Minister of Transport and Communications Timo Harakka on January 31 at the Lotte Hotel Seoul to discuss measures to boost economic, industrial and nuclear energy cooperation, and requested support for World Expo 2030 Busan. date2023-02-01
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Trade/Investment
Korea's exports decline 16.6% in January
The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January fell 16.6 percent year-on-year to USD 46.3 billion. Imports also shrank 2.6 percent to $59.0 billion. Trade balance stood at a deficit of $12.7 billion. The exports decline is attributed to high inflation, high interest rates and other negative factors currently affecting the global economy, as well as a high base effect from previous year’s record-breaking January exports. Semiconduc date2023-02-01