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Trade/Investment
Korea's ICT exports reach $12.8 billion in February
The Ministry of Trade, Industry and Energy announced on March 14 that Korea's exports and imports of information and communications technology (ICT) goods in February recorded USD 12.8 billion (down 32.0 percent year-on-year) and $11.0 billion (down 3.6 percent), respectively, and the trade balance stood at a surplus of $1.8 billion. The exports decline is seen to be caused by slowdowns in the global economy and semiconductor industry. Semiconductors (down 41.5 percent to $6.1 billion) continu date2023-03-14
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Trade/Investment
Korea and China’s Shandong discuss economic cooperation
Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin met with China’s Shandong Province Secretary General Song Junji on March 10 at the InterContinental Seoul COEX to discuss Korea-Shandong supply chain and logistics cooperation and future economic cooperation measures, as well as the 7th Korea-Shandong Economic and Commercial Cooperation Exchange slated for this year. date2023-03-14
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Industry
MOTIE attends 3rd World Expo 2030 Busan Bid Committee meeting
The Ministry of Trade, Industry and Energy (MOTIE) announced on March 10 that Prime Minister Han Duck-soo and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won co-presided the third World Expo 2030 Busan Bid Committee (hereinafter “Committee”) meeting at the Four Seasons Hotel Seoul. This meeting was held to gather public-private efforts for bid winning and to discuss upcoming promotion measures in detail, as the final bid winner election is coming up in November t date2023-03-14
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Energy
MOTIE discusses deconcentration measures for datacenters
Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the 18th National Policy Agenda Ministerial Meeting presided by Prime Minister Han Duck-soo on March 9 at the Government Complex Seoul, where he led discussions on measures for mitigating the concentration of datacenters in the Seoul metropolitan area. Discussions focused on datacenter dispersion measures that relevant ministries can collaborate on more closely, building around measures announced by MOTIE this January. The da date2023-03-10
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Energy
2nd Vice Minister presides conference on nurturing liquid hydrogen ecosystem
Trade, Industry and Energy 2nd Vice Minister Park Il-jun presided a conference on March 9 with Korea’s liquid hydrogen companies at Doosan Enerbility to examine the project progress for fostering a liquid hydrogen ecosystem in Korea. Vice Minister Park gave an opening message and led discussions on measures to create a liquid hydrogen ecosystem following the announcement of clean hydrogen ecosystem measures during the 5th Hydrogen Economy Commission meeting, and gathered companies date2023-03-10
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Industry
World Expo 2030 Busan Bid Committee signs MOU with Busan City and Lotte for joint promotion
The Ministry of Trade, Industry and Energy (MOTIE) announced on March 8 that the Bid Committee for World Expo 2030 Busan signed a cooperation memorandum of understanding (MOU) with Busan Metropolitan City and Lotte Holdings for promotion of Korea’s bid to host World Expo 2030 in Busan to prepare for local due diligence by the Bureau International des Expositions (BIE) on April 3-7 and to draw nationwide interest and support for World Expo 2030 Busan. The MOU signing ceremony was a date2023-03-10
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Industry
1st Vice Minister attends MOU ceremony launching Korea’s innovation fund for middle-market companies
Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the first MOU signing ceremony launching Korea’s innovation fund for middle-market companies on March 9 at the Plaza Hotel Seoul to support middle-market companies’ entrance into new businesses. The Vice Minister gave an opening message and attended the MOU signing ceremony for supporting middle market companies’ development and securing new growth engines. The ceremony was attended by repres date2023-03-10
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Trade/Investment
World Expo 2030 Busan Bid Committee signs MOU with Busan City and Lotte for joint promotion
The Ministry of Trade, Industry and Energy (MOTIE) announced on March 8 that the Bid Committee for World Expo 2030 Busan (hereinafter “Committee”) signed a cooperation memorandum of understanding (MOU) with Busan Metropolitan City and Lotte Holdings for promotion of Korea’s bid to host World Expo 2030 in Busan. The main purpose of the cooperation MOU is to prepare for enquiry mission by the Bureau International des Expositions (BIE), which will take place April 3-7, and to dra date2023-03-10
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Trade/Investment
Minister holds meeting with commercial attachés to bolster exports
Trade, Industry and Energy Minister Lee Chang-yang held an emergency meeting with the Ministry’s 29 commercial attachés stationed in 26 countries, so as to achieve export growth for 2023 and seek preemptive action against major countries’ trade protectionism measures amid difficult export conditions. Minister Lee gave an opening message and led discussions on measures to overcome export crisis, including policy directions on trade, energy and industry. date2023-03-09
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Trade/Investment
MOTIE makes announcement on Korea-Japan export control status
The Ministry of Trade, Industry and Energy (MOTIE) announced as follows on March 6 regarding Korea-Japan export control issues: Governments of both countries have decided to swiftly proceed with relevant bilateral talks for them to return to the export control status prior to July 2019. The Korean government will be halting the World Trade Organization (WTO) dispute settlement resolution procedures while above talks proceed. The Japanese government will be holding a Korea-Japan expo date2023-03-09