Ministry of Trade, Industry and Energy

Korea and China to strengthen service and supply chain cooperation through FTA

Minister for Trade Dukgeun Ahn led the Korean delegation in the fifth Korea-China Free Trade Agreement (FTA) Joint Committee meeting on December 4 in Beijing to discuss measures for expanding bilateral economic cooperation. The Chinese delegation was headed by International Trade Representative Wang Shouwen. With this year marking the ninth year since the FTA entered into force, Korea and China are seeing their bilateral trade volume increase 36.5 percent year-on-year in 2023. In commemoration date2023-12-04

Korea expands catered support for foreign investment in advanced industries

The Ministry of Trade, Industry and Energy (MOTIE) held the 113rd Foreign Investment Committee meeting to deliberate and vote on the revised bills of the Operation Guidelines for the Cash Grant System and the Guidelines for Operation of Foreign Investment Zones, which aim to expand foreign investment in advanced industries. The bills went into effect on December 3. First, with the revision of the Operation Guidelines for the Cash Grant System, foreign investment in advanced industries will be r date2023-12-04

Korea among 22 nations to declare support for the NetZero Nuclear Initiative

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 3 that 22 countries around the world, including Korea, the U.S., France, the UK and Sweden, have adopted the declaration on supporting the NetZero Nuclear Initiative. The NetZero Nuclear Initiative is a global climate agenda established for resolving climate crises by recognizing nuclear energy as clean energy, drawing international commitment on expanding the global nuclear power capacity three-fold by 2050, and spurring date2023-12-04

MOTIE and Japan's METI kick bilateral exchange into high gear

The Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Ministry of Economy, Trade and Industry (METI) kicked bilateral exchanges into high gear by breaking the five-year hiatus of their respective soccer clubs’ joint activities on December 2 by resuming the exchange game in Osaka, Japan. MOTIE Minister Bang Moon Kyu and METI Minister Nishimura Yasutoshi both attended the sports exchange, and the two leaders held a luncheon conference that day to express commitment on invigo date2023-12-04

Vice Minister meets with promising nuclear energy project partners on sidelines of UNFCCC COP28

Trade, Industry and Energy Vice Minister Kang Kyungsung met with potential nuclear energy partner countries on the sidelines of the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28) through December 1-2 to discuss prospects for nuclear reactor projects and requested their participation in Korea’s carbon-free energy (CFE) initiatives. Vice Minister Kang first met with Ditte Juul Jørgensen, Director-General for Energy at the European Com date2023-12-04

Korea seeks measures for development and economic cooperation through EPAs

The Ministry of Trade, Industry and Energy (MOTIE) held the “4th New FTA Strategy Forum” on December 1 together with the Korean Association of Trade and Industry Studies (KATIS) to develop negotiation strategies for Economic Partnership Agreements (EPA) currently being pushed by the Korean government with other countries. An EPA is a trade agreement focusing on strengthening global trade solidarities, enhancing supply chain resiliency for resources like critical minerals and promoti date2023-12-04

Korea signs on to climate action initiatives at COP28 in Dubai

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 1 that the Korean delegation attended the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28) summit held in Dubai through December 1-2 to participate in the five initiatives led and chaired by the United Arab Emirates (UAE), namely global renewables and energy efficiency, mutual recognition of low-carbon hydrogen certification schemes, agriculture and food, healthcare and multil date2023-12-04

Korea to participate in the officially inaugurated Climate Club

The Ministry of Trade, Industry and Energy (MOTIE) announced the official launching of the “Climate Club” on December 1 on the occasion of the ongoing United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28) held in Dubai through November 30-December 12, in the attendance of various key figures including Korea’s Special Presidential Envoy Cho Hong-sik, Germany’s Prime Minister Olaf Scholz and European Commission President Ursula von date2023-12-04

Vice Minister attends Critical Mineral Recycling Forum 2023

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the Critical Mineral Recycling Forum 2023 on November 28 in Seoul and awarded MOTIE’s government commendations to those who contributed to the development of Korea's critical minerals recycling industry. The event was attended by many representatives of institutions from industry, academia, and research, including KOMIR President Hwang Kyu-yearn, and others from the Korea Institute of Geoscience and Mineral Resources, Korea date2023-12-01

Korea's exports grow 7.8% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 1 that Korea’s export value for the month of November advanced 7.8 percent year-on-year to this year’s monthly highest of USD 55.8 billion. Imports shrank 11.6 percent to $52.0 billion, and the trade balance stood at a surplus of $3.8 billion. By item, semiconductors snapped the 15-month losing streak and posted growth of 12.9 percent, attributed to the rising fixed price of memory chips. As new smartphone mode date2023-12-01