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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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Industry
Minister Lee discusses measures to bolster shipbuilding industry with shipyard CEOs
Trade, Industry and Energy Minister Lee Chang-yang and Financial Services Commission (FSC) Chairman Kim Joo-hyun held a conference with the CEOs of large and mid-sized shipbuilders and parts manufacturers on May 10 at the Hotel Hyundai Ulsan and announced measures to expand financial support for Korea’s shipbuilding industry. This conference was held on the occasion of the first anniversary of President Yoon Suk-yeol taking office to gather industry opinions, assess Government policies an date2023-05-15
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Industry
Korea to formulate & amend 1,971 KS in line with digital transition
The Korean Agency for Technology and Standards (KATS), an organization affiliated with the Ministry of Trade, Industry and Energy (MOTIE), held the Industrial Standards Council (“Council”) meeting on May 10 at the JW Marriott Seoul, announcing that 11 ministries will formulate and amend 1,971 Korean Industrial Standards (KS) through 43 technology council meetings this year. The Council is composed of 52 experts from relevant industry, academia, R&D and consumer groups and is the date2023-05-12
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Industry
1st Vice Minister attends "20th Automobile Day"
Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the “20th Automobile Day” ceremony at the Grand Hyatt Seoul on May 11 and awarded 34 orders and medals of merit, including the Silver Tower Order of Industrial Service Merit presented to Kia Motors Executive Vice President Choi Jun-young. Vice Minister Jang commended the Korean automobile industry’s accomplishment of reaching USD 77.4 billion in export last year amid difficult conditions, and again hi date2023-05-12
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Industry
Minister Lee chairs Shipbuilding Industry CEOs’ Conference
Trade, Industry and Energy Minister Lee Chang-yang chaired the Shipbuilding Industry CEOs’ Conference on May 10 in Ulsan and discussed Government measures for securing future super gap technology and gathered industry opinions on challenges and possible solutions. The conference was attended by representatives of shipbuilding industry businesses, associations and other relevant organizations, including Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Korea Offsho date2023-05-11
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Industry
1st Vice Minister attends "Robot Talk Concert"
Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended a “Talk Concert” on the theme of “Robot and Human” to discuss with youth the robot industry as a promising future growth engine and to deepen intergenerational communication on the topic. The Vice Minister gave an opening message and discussed various topics related to the robot industry, which is regarded as the new growth engine and promising sector for the future, as well as a way to innovate 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. 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