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Trade/Investment
Minister holds investment deal ceremony with top wind turbine producer
Trade, Industry and Energy Minister Lee Chang-yang and Vestas CEO Henrik Andersen, on the occasion of the World Economic Forum (WEF), held an investment deal signing ceremony on January 18 in Davos, regarding Vestas’ $300 million investment to build a large-scale plant in Korea for manufacturing wind turbine equipment and parts with plans of exporting products to the Asia-Pacific region. date2023-01-19
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Industry
1st Vice Minister holds Display Sector Assessment Meeting
Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided a meeting to assess the real economy of Korea’s display sector on January 18 at the Korea Chamber of Commerce and Industry (KCCI) to resolve investment and exports challenges via active communication with industry parties. Vice Minister Jang shared the Ministry’s plans for industry support and discussed measures to expand private companies’ facilities investment and exports. Approximately 10 date2023-01-19
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Industry
Korea and UAE hold business forum & consultation sessions
Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-UAE Business Forum with President Yoon Suk-yeol on January 16 at the Rixos Marina Abu Dhabi, on the occasion of which 23 MOUs and one agreement were signed in areas like bio, digital transition and metaverse. In energy, six MOUs were signed in areas like joint production in hydrogen and ammonia. Eight MOUs were signed in emerging industry sectors, including ICT (information and communications technology), digital transition a date2023-01-19
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Industry
Minister attends Korea-UAE Business Forum
Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-UAE Business Forum with President Yoon Suk-yeol on January 16 at the Rixos Marina Abu Dhabi, on the occasion of which 24 MOUs were signed in areas like bio, digital transition and metaverse. Business consultation sessions were also held at the same venue, with 36 Korean companies and 105 UAE buyers participating for synergy in nuclear power plants, energy, smart city, smart farming and premium consumer goods. date2023-01-19
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Energy
Korea and UAE sign MOUs for trade, industry & energy cooperation
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 15 that, on the occasion of President Yoon Suk-yeol’s state visit to the United Arab Emirates (UAE), a total of seven memorandums of understanding (MOUs) were signed between South Korea’s and UAE’s government ministries, institutions and companies for cooperation in energy (5 MOUs), industry (1), trade and investment (1). MOTIE Minister Lee Chang-yang and UAE’s Minister of Industry and Advanced Techn date2023-01-18
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Industry
Korea announces growth acceleration scheme for middle-market companies
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 16 the growth acceleration scheme for middle-market companies to be pushed by South Korea’s new regime, during a conference held at MCNEX (Incheon), one of the world’s top automotive camera producers. The conference was attended by MOTIE’s 2nd Vice Minister Park Il-jun, as well as representatives of six middle-market companies and relevant institutions, including the Korea Trade-Investment Promoti date2023-01-17
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Industry
2nd Vice Minister holds Middle-Market Industry Conference
Trade, Industry and Energy 2nd Vice Minister Park Il-jun presided the Middle-Market Industry Conference on January 16 in Incheon to share growth acceleration strategies and challenging issues per company. The Vice Minister remarked in his opening message that “middle-market companies make up the backbone of Korean industries and will play a core role for the Korean economy in overcoming current challenges and making new leaps,” and that “the first agenda for our econom date2023-01-17
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Trade/Investment
Trade Minister holds MOU ceremony for trade promoting institutions
Minister for Trade Dukgeun Ahn held an MOU signing ceremony with the Trade Promotion Institutions Committee on January 13 in Seoul to promote close communication and cooperation between the Government and exports supporting institutions amid the rapidly changing trade environment. The event was attended by representatives of relevant ministries and institutions, including the Ministry of SMEs and Startups, Korea Customs Service, Korea International Trade Association (KITA) and Korea Tra date2023-01-16
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Industry
MOTIE announces Industrial AI Internalization Strategy
The Ministry of Trade, Industry and Energy (MOTIE) held the first Industrial Digital Transformation Committee meeting at the Korea Chamber of Commerce and Industry (KCCI) on January 13, where the members deliberated and confirmed the Industrial AI (artificial intelligence) Internalization Strategy (hereinafter “Strategy”). The meeting was attended by relevant ministries’ officials and 13 private sector experts, and was presided by MOTIE’s Minister Lee Chang-yang. MOTIE date2023-01-16
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Trade/Investment
Korea-Singapore Digital Partnership Agreement enters into force
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 14 that the Korea-Singapore Digital Partnership Agreement (hereinafter “KSDPA”) comes into effect starting January 14 as both countries’ domestic procedures are completed. The two sides, following their KSDPA signing ceremony held in November 2022, have exchanged on paper notifying the respective fulfillment of their internal legal and procedural requirements, and therefore the KSDPA enters into force begi date2023-01-16