Ministry of Trade, Industry and Energy

Deputy Trade Minister attends carbon fiber plant groundbreaking ceremony

Trade, Industry and Energy Deputy Trade Minister Yang Byeong-nae attended on October 23 the groundbreaking ceremony for the construction of advanced materials company Toray Industries’ carbon fiber production plant in Gumi in North Gyeongsang Province, Korea.   In his congratulatory message, Deputy Trade Minister Yang stated that the investment is a good example of the improving bilateral relations between Korea and Japan amid the revitalized exchanges and cooperation, and the resum date2023-10-26

Korea and Saudi hold Investment Forum & MOU signing ceremony

Trade, Industry and Energy Minister Bang Moon Kyu and Saudi Investment Minister Khalid A. Al-Falih attended the Korea-Saudi Investment Forum on October 22 at the Fairmont Hotel Riyadh and attended the ceremony for the signing of 40 MOUs and six agreements worth a total of $8.3 billion, including the agreement for building Korea’s first automotive plant in the Middle East. date2023-10-25

Korea and Ethiopia discuss measures for trade & industrial cooperation

Trade, Industry and Energy Minister Bang Moon Kyu, as the Special Presidential Envoy, met Ethiopia’s Deputy Prime Minister Demeke Mekonnen Hassen on October 20 in Ethiopia and discussed measures for enhancing bilateral relations and trade and investment cooperation, and delivered President Yoon Suk Yeol’s handwritten letter requesting support for World Expo 2030 Busan. date2023-10-25

Korea and Ethiopia enter MOU for expanding economic cooperation

Trade, Industry and energy Minister Bang Moon Kyu met with Gebremeskel Chala, Ethiopia's Minister of Trade and Regional Integration, on October 20 in Ethiopia and discussed cooperation in trade, investment, development and asked support for World Expo 2030 Busan.   The two ministers also signed an MOU for expanding bilateral economic cooperation in areas like trade, technology, industrial and digital.   date2023-10-25

Leading advanced materials company ups investment in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 23 that Toray Industries, the world’s leading company in carbon fiber composite materials headquartered in Japan, held the groundbreaking ceremony for the construction of a carbon fiber production plant in Gumi in North Gyeongsang Province, Korea. Since 1972, Toray Industries has invested a total of USD 1 billion in various areas in Korea, including engineering plastics and carbon fiber. Following the beginning of car date2023-10-25

Korea and Saudi build up industry-wide economic cooperation momentum

Trade, Industry and Energy Minister Bang Moon Kyu and Saudi Investment Minister Khalid A. Al-Falih attended the Korea-Saudi Investment Forum on October 22 in Saudi Arabia, co-hosted by the Federation of Korean Industries (FKI) and the Saudi Investment Ministry, where a total of 40 memorandums of understanding (MOUs) and six agreements were sealed. In energy, a total of seven agreements and MOUs were entered for joint projects on crude oil stockpiling and bid participation, along with three hydr date2023-10-25

Clean hydrogen-fueled buses to run on Jeju Island

The Ministry of Trade, Industry, and Energy (MOTIE) held the hydrogen bus launching ceremony on October 23 on Jeju Island announcing the establishment of Korea’s first comprehensive ecosystem of the clean hydrogen lifecycle spanning production, transportation, and utilization. MOTIE has been working to develop a system through the seawater electrolysis demonstration project connected with renewable energy since 2020 for stable and economic production of hydrogen. Currently, at the seawate date2023-10-25

Korea and Ethiopia strengthen cooperative foundation to mark 60 years of diplomatic relations

Trade, Industry and Energy Minister Bang Moon Kyu visited Addis Ababa, Ethiopia, as a Special Presidential Envoy on October 20, leading an economic delegation of 35 persons from 14 public and private organizations and companies. The economic delegation was composed of representatives from the Export-Import Bank of Korea, Korea Electric Power Corporation (KEPCO), Korea Trade-Investment Promotion Agency (KOTRA), Korea Institute for Advancement of Technology (KIAT), LG Electronics, SK Gas, POSCO In date2023-10-25

Korea and Saudi agree to widen scope of clean hydrogen cooperation

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 22 that on the occasion of the Korea-Saudi summit meeting in Riyadh, a number of energy institutions, companies and MOTIE entered two agreements and five memorandums of understanding (MOU) with Saudi counterparts. First, MOTIE’s Minister Bang Moon Kyu and Saudi Energy Minister Prince Abdulaziz bin Salman signed the “Korea-Saudi Hydrogen Oasis Cooperation Initiative” MOU on behalf of the two countries&rsquo date2023-10-24

Korea and Vietnam discuss summit follow-up measures

Trade, Industry and Energy Vice Minister Youngjin Jang held a meeting on October 17 in Seoul with Tran Tuan Anh, head of the Vietnamese Communist Party Central Committee's Economic Commission, and discussed follow-up measures to the Korea-Vietnam summit, including trade, investment, critical minerals supply chain and carbon neutrality. date2023-10-24