Ministry of Trade, Industry and Energy

Korea and GCC conclude FTA deal

Minister for Trade Dukgeun Ahn and Gulf Cooperation Council (GCC) Secretary General Jassim Mohammed Al-Budaiwi concluded and signed the joint statement for the Korea-GCC Free Trade Agreement (FTA) on December 28 in Seoul. The Korea-GCC FTA is Korea’s 25th FTA (by concluded order), and the second FTA with an Arab country following the Korea-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) concluded in October. Trade Minister Ahn assessed that “alongsid date2023-12-28

“K-Shipbuilding Super Gap Tech Alliance” sets sail

The Ministry of Trade, Industry and Energy (MOTIE) hosted the launching ceremony of the “K-Shipbuilding Super Gap Tech Alliance” on December 27 at the Conrad Seoul Hotel, held jointly with the Korea Evaluation Institute of Industrial Technology (KEIT) and Korea Offshore & Shipbuilding Association (KOSHIPA). The Alliance is part of a follow-up measure to the “K-Shipbuilding Strategy for Next-Generation Market Dominance” that MOTIE announced in November, composed date2023-12-27

Korea's retail industry grows 8.7% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced December 26 that Korea’s retail sales for November advanced 8.7 percent year-on-year. Offline sales achieved a 4.5 percent growth, thanks to various discount and promotion events and the majority of items showed growth, with the exception of home appliances/culture and foreign designer labels. All types of retail channels expanded in sales. Online sales hiked 12.7 percent owing to numerous global discount events and continued c date2023-12-26

Korea Trade Commission gives final decision on anti-dumping investigations on coated printing paper

The Korea Trade Commission under the Ministry of Trade, Industry and Energy (MOTIE) held the 443rd Trade Commission meeting on December 21 and announced its final decision to impose anti-dumping duties (8.22-16.23%) on coated printing paper imported from Japan, China and Finland for an extension of five years after holding stakeholders’ meetings, public hearings and local inspections in response to two Korean paper manufacturers’ request for a retrial since the anti-dumping date2023-12-22

Government to nurture Free Economic Zones to serve as advanced global business base

The Korean government plans to create an Advanced Global Business Base for attracting KRW 100 trillion worth of domestic and overseas investment and creating 0.45 million job openings over the next 10 years. With these goals in view, the Government reviewed and deliberated on the draft for the 3rd Free Economic Zone (FEZ) Basic Plan during the 138th FEZ Committee meeting on December 21. The FEZ Basic Plan is a legal plan of the highest status established every five years for presenting the basi date2023-12-22

MOTIE to receive opinions on proposed amendments to Foreign Investment Promotion Act

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 20 the proposed amendments to the Foreign Investment Promotion Act as a notification prior to legislation. The amendments are aimed at enhancing the effectiveness of the review and deliberation on foreign investment with respect to national security and to reduce uncertainties for investors. Major amendments focus on the following: elaboration of reasons for launching the national security deliberation; clarifying the grou date2023-12-22

Vice Minister attends AI & Autonomous Manufacturing Innovation Strategy Forum

Trade, Industry and Energy Vice Minister Youngjin Jang attended the “Artificial Intelligence (AI) and Autonomous Manufacturing Innovation Strategy Forum” on December 21 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and gave a congratulatory message. The forum was attended by various industry, academia and R&D experts on AI, including Korea Evaluation Institute of Industrial Technology (KEIT) President Chun Yoon-jong, National Academy of Engineering of Korea (NAEK date2023-12-22

"AI" and "autonomous manufacturing" rise as keywords in discussing Korea's future of manufacturing

The Ministry of Trade, Industry and Energy (MOTIE) hosted the “Artificial Intelligence (AI) and Autonomous Manufacturing Innovation Strategy Forum” on December 21 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, attended by approximately 150 industry experts. Autonomous manufacturing, dubbed the “future of manufacturing”, refers to the future productivity environment based on the utilization of AI-based robotics and manufacturing facilities and equipment ac date2023-12-21

Korea and Africa hold 2nd Trade & Industry Cooperation Forum

Deputy Trade Minister Yang Byeong-nae at the Ministry of Trade, Industry and Energy attended the second Korea-Africa Trade and Industry Cooperation Forum on December 20 at the Westin Josun Hotel Seoul, attended by approximately 110 persons, consisting of the ambassadors and delegations of 17 African countries, as well as business leaders interested in entering the African market, and experts in relevant fields, including Morrocco's Ambassador to Korea Chafik Rachadi and Korea Plant Industri date2023-12-21

Korea's business leaders discuss economic cooperation with African Ambassadors

The Ministry of Trade, Industry and Energy (MOTIE) held the second Korea-Africa Trade and Industry Cooperation Forum on December 20 at the Westin Josun Hotel Seoul, attended by approximately 110 persons, consisting of the ambassadors and delegations of 17 African countries, as well as business leaders interested in entering the African market, and experts in relevant fields, including Morrocco's Ambassador to Korea Chafik Rachadi and Korea Plant Industries Association Vice Chairman Baek Jung-wan date2023-12-21