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Industry
Korea announces measures for securing critical minerals supply
Trade, Industry and Energy Minister Lee Chang-yang presided a conference on February 27 at the Lotte Hotel Seoul to discuss strategies for securing critical minerals and measures to stabilize the supply chain. The strategy for securing reliable critical minerals supply is a follow-up measure to President Yoon Suk-yeol’s order to establish a critical minerals supply chain centering around the Ministry of Trade, Industry and Energy. It is anticipated that the plan will help mitigate date2023-03-02
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Industry
Korea announces measures for securing critical minerals supply
Trade, Industry and Energy Minister Lee Chang-yang presided a conference on February 27 at the Lotte Hotel Seoul to discuss strategies for securing critical minerals and measures to stabilize the supply chain. The conference was held in the attendance of representatives from various like EVs and secondary batteries that require critical minerals for business, as well as domestic and overseas firms in resources development, including Samsung SDI, Hyundai Motor, LG Energy Solution, SK On and  date2023-02-28
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Trade/Investment
MOTIE holds briefing on EU’s Foreign Subsidies Regulation
The Ministry of Trade, Industry and Energy (MOTIE) held a briefing session on EU’s Foreign Subsidies Regulation (hereinafter “FSR”) on February 23 at the Trade Tower in Seoul in the attendance of approximately 60 companies and law firms. FSR is a regulation introduced by the EU with the objective of preventing distortion of fair competition arising from subsidies granted by non-EU states. It imposes notification obligations on companies in the EU to report on whether they rece date2023-02-28
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Energy
Minister visits social welfare institution to check winter energy efficiency challenges
Trade, Industry and Energy Minister Lee Chang yang visited the social welfare institution “Rodem Namu” in Seoul on February 24, to check on wintertime energy efficiency related challenges. The above institution was provided with installation of thermal insulation and high-efficiency boiler as part of the ”energy efficiency improvement projects for the low-income class.' Minister Lee received a briefing on the institution’s management challenges by institution Director date2023-02-27
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Industry
Korea's retail industry grows 4.0% in January
The Ministry of Trade, Industry and Energy announced on February 27 that Korea’s overall retail sales in January posted a 4.0 percent year-on-year growth. Offline sales lost 0.5 percent, while online sales gained 9.1 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super supermarket” date2023-02-27
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Trade/Investment
Trade Minister presides Foreign Business Community Roundtable
Minister for Trade Dukgeun Ahn presided the “Roundtable Meeting for Foreign Business Community in Korea” on February 23 at the Lotte Hotel Seoul and announced the Ministry’s foreign investment promotion policy for 2023, which aims to attract more foreign direct investment (FDI) with focus on high-tech industries. The roundtable was held to resolve investment challenges through in-person communication with foreign-invested companies and the American, European, Chinese, date2023-02-27
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Trade/Investment
MOTIE announces foreign investment promotion measures for 2023
Minister for Trade Dukgeun Ahn presided the “Roundtable Meeting for Foreign Business Community in Korea” on February 23 at the Lotte Hotel Seoul and announced the Ministry’s foreign investment promotion policy for 2023, which aims to attract more foreign direct investment (FDI) with focus on high-tech industries. The roundtable was held in attendance of a total of 25 persons, consisting of representatives from major countries' Chambers of Commerce in Korea, foreign-invested co date2023-02-27
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Trade/Investment
1st Vice Minister holds 4th Real Economy (Bio) Site Inspection Meeting
Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided the 4th Real Economy (Bio) Site Inspection Meeting on February 23 at K-SURE to share forecast and issues of bio-health industry’s export and investment for 2023. Vice Minister Jang gave an opening message and led discussions on the export, investment and government support plans for the bio-health industry, while companies’ representatives shared their respective issues and challenges. The meeting date2023-02-24
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Trade/Investment
Korea announces pan-ministerial strategy for export growth
The Ministry of Trade, Industry and Energy announced on February 23 that President Yoon Suk-yeol presided the 4th Exports Strategy Meeting, during which Korea’s pan-ministerial strategy for export expansion for 2023 was confirmed. The Korean government set the nation’s 2023 export target value at USD 685.0 billion (exports totaled approximately $683.9 billion in 2022). In spite of difficult export conditions due to the global economic downturn, the Government’s concerns over p date2023-02-24
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Industry
1st Vice Minister holds 3rd Real Economy Site Inspection Meeting
Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided the 3rd Real Economy Site Inspection Meeting on February 22 at the Korea Coal Center (KCC) in Seoul and discussed machinery industry exports and investment prospects for 2023. After his opening message, Vice Minister Jang led discussions on investment and exports forecast for Korea's machinery industry, as well as Government assistance plans. The meeting was attended by relevant industry representatives, inclu date2023-02-23