Ministry of Trade, Industry and Energy

Korea to kick-start Carbon-Free Energy Initiative

Korean President Yoon Suk Yeol, during his keynote speech at the United Nations General Assembly on September 20 (local time), proposed the launching of a Carbon Free (CF) Alliance as an open platform for resolving the climate gap between advanced and developing nations and for the global spread of carbon-free energy. Accordingly, the inaugural assembly of the CF Alliance was held on October 12, composed of major Korean companies. On October 19, Korean Prime Minister Han Duck-soo chaired the m date2023-10-19

Korean and U.S. firms to jointly develop advanced air radar system

Trade, Industry and Energy Vice Minister Youngjin Jang attended the ceremony for the signing of the memorandum of understanding (MOU) between Korea's defense firm Huneed Technologies and U.S.-based General Atomics Aeronautical Systems Inc. (GA-ASI) on October 18 at Seoul Air Base on the joint development of high-altitude, ultrahigh-resolution and wide-swath radar system for surveillance patrol of unmanned air vehicles.   The ceremony was attended by Huneed Technologies Chairman Eugene Kim date2023-10-19

Korea and UAE strike CEPA deal

Minister for Trade Dukgeun Ahn and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi held the Korea-UAE trade ministerial meeting on October 14 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, where they signed the joint statement announcing the conclusion of negotiations on the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA). date2023-10-18

Korean and U.S. firms to jointly develop advanced air radar system

Trade, Industry and Energy Vice Minister Youngjin Jang attended the ceremony for the signing of the memorandum of understanding (MOU) between Korea's defense firm Huneed Technologies and U.S.-based General Atomics Aeronautical Systems Inc. (GA-ASI) on October 18 in Seoul on the joint development of a radar system for unmanned air vehicles. As per the MOU, the two companies will be jointly developing a high-altitude, ultrahigh-resolution and wide-swath radar system for surveillance patrol of unm date2023-10-18

Korea's auto exports grow 35.8% by Q3

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 18 that Korea’s automobile export value for September reached USD 5.2 billion (up 9.5 percent year-on-year). The accumulated value of automobile exports from January to September in 2023 reached $52.1 billion (up 35.8 percent), an all-time high for the three quarters. The export value of eco-friendly vehicles accumulated from January to September hit $18 billion, already surpassing the $16.1 billion exported in total date2023-10-18

Korea and India hold Industry Vice Ministers' Meeting

Trade, Industry and Energy Vice Minister Youngjin Jang met Shri Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade at India’s Ministry of Commerce and Industry, on October 17 at the Lotte Hotel Seoul and discussed measures to expand bilateral cooperation in new industries, supply chain and carbon neutrality. date2023-10-18

Korea and India to bolster cooperation in new industries

Trade, Industry and Energy Vice Minister Youngjin Jang met Shri Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade at India’s Ministry of Commerce and Industry, on October 17 at the Lotte Hotel Seoul on the occasion of Secretary Singh’s visit to Korea to attend the Trade Promotion and Investment Roadshow, and discussed measures to expand bilateral industrial cooperation. Vice Minister Jang extended his congratulations on India’s succes date2023-10-18

Korea holds KFEZ 20th Anniversary International Forum

Trade, Industry and Energy Vice Minister Youngjin Jang attended the Korea Free Economic Zone (KFEZ) 20th Anniversary International Forum on October 17 at the Sheraton Grand Incheon Hotel, held to create a momentum for the KFEZ to be newly launched as the global high-tech business base.   In his congratulatory message, Vice Minister Jang stated that “the FEZs attracted USD 22.1 billion worth of foreign direct investment (FDI), approximately 7,100 companies from within Korea and overs date2023-10-17

Free economic zones, Korea's new base for global business

The Ministry of Trade, Industry and Energy (MOTIE) and the Incheon Free Economic Zone Authority (IFEZA) are co-hosting an international forum in commemoration of the 20th anniversary of the launching of Korea's free economic zones (KFEZs), from October 17-18 at the Sheraton Grand Incheon Hotel. Approximately 300 persons are attending the forum, including MOTIE’s Vice Minister Youngjin Jang, Incheon Mayor Yoo Jeong-bok, free economic zone authorities’ directors, relevant personnel of date2023-10-17

Korea and UAE strike CEPA deal

Minister for Trade Dukgeun Ahn and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi held the Korea-UAE trade ministerial meeting on October 14 in Seoul, where they signed the joint statement announcing the conclusion of negotiations on the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA), which is Korea’s 24th free trade agreement (FTA). In accordance with the anticipated “New Middle East Boom” fostered subsequent to Pr date2023-10-17