Ministry of Trade, Industry and Energy

Korea's auto exports post double-digit growth for 14th consecutive month

  The Ministry of Trade, Industry and Energy (MOTIE) announced on September 19 that Korea’s automobile export value for August reached USD 5.3 billion (up 28.7 percent year-on-year), an all-time high for August monthly exports. The accumulated value of automobile exports from January to August in 2023 reached $46.8 billion (up 39.5 percent). From July of 2022 to August of 2023, car exports have posted double-digit growth in value year-on-year for 14 months straight. Strong growth in date2023-09-20

Korea holds Nuclear Energy Ecosystem Expo 2023

The Ministry of Trade, Industry and Energy (MOTIE) held the Nuclear Energy Ecosystem Expo 2023 on September 19 at COEX in Seoul, which attracted approximately an all-time high 1,000 visitors and participants, including buyer companies like Korea Hydro & Nuclear Power (KHNP) and Doosan, and 12 public institutions, 45 SMEs and middle-market companies, as well as university students and job seekers. KHNP presented a plan for the massive injection of new jobs for the construction of Shin Hanul date2023-09-19

World's largest secondary battery safety center officially opens in Samcheok

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) announced that they will begin full-scale operations of the world's largest (30MW) secondary battery fire safety evaluation center equipped with secondary battery fire testing facilities in Samcheok, Gangwon Province. The 30MW testing facilities can conduct fire tests on a scale comparable to that of four electric vehicles, with each having an estimated capacity of 7MW. As part of the date2023-09-18

Korea and Vietnam kick off Plus Joint Working Group Meeting

The Ministry of Trade, Industry, and Energy (MOTIE) held the first meeting of the 'Vietnam-Korea Plus Joint Working Group' on September 14 to discuss measures to accelerate the achievement of a USD 150 billion trade volume between Korea and Vietnam by 2030. This initiative builds on the trade and investment MOU signed during President Yoon Suk Yeol’s state visit to Vietnam in June. Under the names Vietnam Plus and Korea Plus, specialized support teams composed of government authorities, t date2023-09-15

Korea to launch first test navigation of container ship powered by bio marine fuel

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Oceans and Fisheries (MOF) announced on September 15 that they will test navigate international container ships filled partially with bio marine fuel starting today and throughout the first half of 2024. The first test navigation vessel is HMM’s Hyundai Tacoma leaving Busan on September 15 at 8 p.m. heading for Paranaguá, Brazil, 30 percent of its fuel filled with biodiesel supplied by GS Caltex. The plan is to date2023-09-15

Korea and Vietnam kick off Plus Joint Working Group Meeting

The Ministry of Trade, Industry and Energy (MOTIE)’s International Trade Relations Director General Kim Jong-cheol met Tran Quang Huy, Director of the African, West and South Asian Markets Department at the Ministry of Industry and Trade (MoIT) of Vietnam on September 14 at the Lotte Hotel Seoul to attend the 1st Korea-Vietnam Plus Joint Working Group Meeting and discussed follow-up measures to the two countries' June summit meeting, including critical minerals supply chain center establis date2023-09-15

Korea's ICT exports decline 16.7% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 14 that Korea's exports and imports of information and communications technology (ICT) goods for August recorded USD 16.1 billion (down 16.7 percent year-on-year) and $11.1 billion (down 18.1 percent), respectively. The trade balance stood at a surplus of $5.0 billion. ICT exports fell as a consequence of low semiconductor unit prices and sluggish demand for ICT devices. However, the export decline rate is slowly recoveri date2023-09-15

Vice Minister and Airbus DS CEO discuss measures to advance cooperation

The Ministry of Trade, Industry and Energy (MOTIE)’s Vice Minister Youngjin Jang met with Michael Schoellhorn, CEO of Airbus Defense & Space (Airbus DS), on September 13 in Seoul to discuss measures to expand cooperation between Korea and Airbus, including the establishment plan of the Airbus Korea International Technology Center (AKITC) in Korea, joint tech development for next-generation aircraft and low earth orbit small satellites. date2023-09-14

Vice Minister and Airbus DS CEO discuss measures to advance cooperation

The Ministry of Trade, Industry and Energy (MOTIE)’s Vice Minister Youngjin Jang met with Michael Schoellhorn, CEO of Airbus Defense & Space (Airbus DS), on September 13 in Seoul to exchange views on measures to expand cooperation between Korea and Airbus. Issues discussed include the establishment of the Airbus Korea International Technology Center (AKITC) in Korea, joint development of the technologies for the next-generation aircraft and low earth orbit small satellites. MOTIE also date2023-09-14

Korea and U.S. discuss measures to bolster trade & economic cooperation

Deputy Minister for Trade Jeong Dae-jin met with Ramin Toloui, U.S. Assistant Secretary of State for Economics and Business Affairs, on September 13 in Seoul and discussed follow-up measures to the Korea-U.S.-Japan Summit, Inflation Reduction Act (IRA), the CHIPS and Science Act, and other measures to bolster Korea-U.S. economic and trade cooperation. date2023-09-14