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Trade/Investment
Minister holds investment deal ceremony with top wind turbine producer
Trade, Industry and Energy Minister Lee Chang-yang and Vestas CEO Henrik Andersen, on the occasion of the World Economic Forum (WEF), held an investment deal signing ceremony on January 18 in Davos, regarding Vestas’ $300 million investment to build a large-scale plant in Korea for manufacturing wind turbine equipment and parts with plans of exporting products to the Asia-Pacific region. date2023-01-19
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Trade/Investment
Trade Minister holds MOU ceremony for trade promoting institutions
Minister for Trade Dukgeun Ahn held an MOU signing ceremony with the Trade Promotion Institutions Committee on January 13 in Seoul to promote close communication and cooperation between the Government and exports supporting institutions amid the rapidly changing trade environment. The event was attended by representatives of relevant ministries and institutions, including the Ministry of SMEs and Startups, Korea Customs Service, Korea International Trade Association (KITA) and Korea Tra date2023-01-16
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Trade/Investment
Korea-Singapore Digital Partnership Agreement enters into force
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 14 that the Korea-Singapore Digital Partnership Agreement (hereinafter “KSDPA”) comes into effect starting January 14 as both countries’ domestic procedures are completed. The two sides, following their KSDPA signing ceremony held in November 2022, have exchanged on paper notifying the respective fulfillment of their internal legal and procedural requirements, and therefore the KSDPA enters into force begi date2023-01-16
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Trade/Investment
Korea and Lithuania discuss trade and economic cooperation
Minister for Trade Dukgeun Ahn met with Lithuania’s Foreign Affairs Minister Gabrielius Landsbergis on January 12 in Seoul to discuss measures to strengthen bilateral economic and trade cooperation and also requested support for World Expo 2030 Busan. Minister Landsbergis mentioned that Lithuanian companies specializing in LNG (Klaipedos Nafta), laser (Light Conversion) and EV charging (In Balance Grid) had accompanied him on his visit to hold talks with Korean companies like Samsung Disp date2023-01-16
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Trade/Investment
Korea and Lithuania discuss trade and economic cooperation
Minister for Trade Dukgeun Ahn met with Lithuania’s Foreign Affairs Minister Gabrielius Landsbergis on January 12 in Seoul to discuss measures to strengthen bilateral trade and economic cooperation and requested support for World Expo 2030 Busan. date2023-01-13
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Trade/Investment
Korea's ICT exports hit all-time highs in 2022
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 12 that shipments of Korea’s information and communications technology (ICT) products in 2022 reached an all-time high of USD 233.3 billion, up 2.5 percent from 2021. Despite the protracted Russia-Ukraine war and global economic slowdown, ICT exports achieved a trade surplus of $80.9 billion and took up 34.1 percent of Korea’s total annual exports. Imports went up 12.9 percent to $152.5 billion. SMEs and middle date2023-01-13
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Trade/Investment
Trade Minister attends 16th Trade Advisory Committee Meeting
Minister for Trade Dukgeun Ahn attended the 16th Trade Advisory Committee meeting on January 11 in Seoul and held public-private joint discussions on the future global trade landscape, forecasts and Korea’s response measures. The meeting was attended by approximately 20 committee members consisting of industry and academia trade experts, including Trade Advisory Committee Chairman Jeong In-kyo, Korea Productivity Center Chairman Ahn Wan-gi and the Federation of Middle Market Enter date2023-01-13
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Trade/Investment
Trade Minister attends 16th Trade Advisory Committee Meeting
Minister for Trade Dukgeun Ahn attended the 16th Trade Advisory Committee meeting on January 11 in Seoul and held public-private joint discussions on the future global trade landscape and Korea’s response measures. Trade Minister Ahn remarked that Korea, an exports-based open economy, will continue to face challenges amid the worldwide rise in protectionism. He emphasized the need for a trade policy that centers on pioneering new markets and preemptively nurtures advantageous trade enviro date2023-01-13
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Trade/Investment
Minister makes first exporting company site visit for 2023
Trade, Industry and Energy Minister Lee Chang-yang visited the world-leading end mill manufacturer YG-1 plant in Incheon on January 5 for his first trip to an export business site in the new year with aim to encourage workers and promote exports growth. The Minister received a briefing from YG-1 President Song Ho-geun and Vice President Song Ji-han and toured the production facilities and smart factory specially designed for manufacturing YG-1’s endmill cutters. date2023-01-05
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Trade/Investment
FDI pledged to Korea in 2022 reach record-breaking $30.5 billion
The Ministry of Trade, Industry and Energy announced on January 3 of 2023 that the annual foreign direct investments (FDIs) for 2022 increased by 3.2 percent to USD 30.5 billion. The FDIs that actually arrived in Korea over the same period declined 3.1 percent to $18.0 billion. A robust manufacturing base and system improvement efforts boosted FDI to historic highs despite global economic uncertainties, and contributed to an increase in investment and employment. By industry, investment pledge date2023-01-04