Ministry of Trade, Industry and Energy

Korea's automobile exports record $5.9 bln in July

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on August 17 that Korea’s automobile exports for July reached a total of USD 5.9 billion, recording a historic high for July monthly exports. The accumulated value of automobile exports from January to July reached $41.6 billion, entering the $40 billion thresholds within the shortest amount of time in Korea’s vehicle exporting history. The number of exported Korean cars grew 2.8 percent to 228,9 date2023-08-17

Korea reviews preparations for World Expo 2030 Busan

The Republic of Korea’s Trade, Industry and Energy Minister Chang-Yang Lee held a meeting on August 17 in Seoul to assess the situation for the World Expo 2030 Busan and reviewed the preparation progress and upcoming schedule with relevant ministries and organizations. With approximately 100 days left until the date of final announcement of the Expo host city, meeting attendees discussed various issues, including overseas marketing, Bureau International des Expositions (BIE) schedule, com date2023-08-17

Korea's ICT exports record $14.6 billion in July

The Republic of Korea’s Ministry of Trade, Industry and Energy announced on August 16 that Korea's exports and imports of information and communications technology (ICT) goods for July recorded USD 14.6 billion (down 24.3 percent year-on-year) and $11.4 billion (down 13.7 percent), respectively. The trade balance stood at a surplus of $3.2 billion. ICT exports fell amid low semiconductor unit prices and slow demand for ICT devices. However, the export decline rate is gradually recovering date2023-08-16

Korea seeks future growth engines in power semiconductors & battery complexes

The Republic of Korea’s Trade, Industry and Energy Minister Chang-Yang Lee visited the power semiconductor materials, parts and equipment (MPE) specialized complex in Busan and the national high-tech strategic industrial complex for secondary batteries in Ulsan on August 16 to seek measures for their further development. The Busan complex is seeing KRW 800 billion worth of corporate investment deals pushing forward efforts to claim the bridgehead role in the compound power semiconductor m date2023-08-16

Korea and U.S. hold Standards Forum as part of forward-looking partnership

The Republic of Korea’s Korean Agency for Technology and Standards (KATS), under the Ministry of Trade, Industry and Energy (MOTIE), co-hosted the Korea-U.S. Standards Forum with the American National Standards Institute (ANSI) on August 10 at Grand InterContinental Seoul, as follow-up to the two countries’ summit meeting with aim to establish a forward-looking standards partnership in the U.S.’ National Standards Strategy for Critical and Emerging Technology (NSSCET) date2023-08-14

Korea and Ecuador discuss measures to bolster supply chain cooperation

The Republic of Korea’s Minister for Trade Dukgeun Ahn held talks with Ecuador’s recently appointed Production, Foreign Trade, Investments and Fisheries Minister Daniel Legarda Touma on August 9 via videoconferencing to discuss measures to further the Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation progress and strengthen bilateral cooperation in trade, investment and supply chain. date2023-08-09

Korea and Ecuador discuss measures to bolster supply chain cooperation

The Republic of Korea’s Minister for Trade Dukgeun Ahn held talks with Ecuador’s recently appointed Production, Foreign Trade, Investments and Fisheries Minister Daniel Legarda Touma on August 9 via videoconferencing to discuss measures to further the Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation progress and strengthen bilateral cooperation in trade, investment and supply chain. The two countries broke the six-year hiatus in July last year by resuming Ko date2023-08-09

Korea and Lao PDR push forward cooperation for green growth & GHG mitigation

The Republic of Korea’s Ministry of Trade, Industry and Energy and the Lao PDR's Natural Resources and Environment Ministry on August 8 discussed industrial and energy related greenhouse gases mitigation measures at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul. The meeting was attended by approximately 17 persons, including members of KOTRA, Korea Energy Agency (KEA) as well as officials from the Lao PDR’s Ministry of Industry and Commerce, Ministry of Agriculture and Forestry and the Ministry of Public Works and Transport. The meeting was held to strengthen the Korea-Lao greenhouse gas (GHG) mitigation partnership amid the Lao PDR’s efforts to push green growth policies and encourage sustainable power development measures. The Korean delegation proposed that the two countries sign cooperation memorandums of understanding (MOUs) and further their partnership to pursue pilot projects and secure strategic areas of cooperation. The Lao delegation agreed that GHG mitigation is necessary for expanding forward-looking bilateral cooperation, and requested Korea’s assistance in reinforcing its GHG mitigation system and capacity. Korea’s Ministry of Trade, Industry and Energy (MOTIE) plans to hold the Global Net Zero Connection event in Busan in November with aim to seriously push forward Korea’s efforts for GHG mitigation. date2023-08-08

Korea to lead regulation reforms to propel industrial complex investments

The Republic of Korea’s Trade, Industry and Energy Ministry’s Office of Industries & Enterprises Deputy Minister Hwang Soo-sung chaired a meeting on August 1 to discuss innovative ways to reform regulations related to the location of industrial complexes that impede corporate investment with relevant ministries and institutions. The meeting was held as part of a task force dedicated to carrying out innovative regulation reforms for industrial complex locations. The task force i date2023-08-08

Korea accelerates crucial power network expansion to boost high-tech industry

The project to construct a 500kV Buk Dangjin-Godeok high-voltage direct current (HVDC) transmission line supplying power to the Pyeongtaek semiconductor complex and the southern Seoul metropolitan area, is expected to be fully operational by the end of this year at the earliest. Trade, Industry and Energy Minister Lee Chang-yang visited the construction site of the power network in the Dangjin area on August 2 to encourage smooth preparations to meet completion deadlines. The “500kV Buk D date2023-08-07