Ministry of Trade, Industry and Energy

Korea announces plans to create KRW 8 trillion plus CVC fund by 2025

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang and 42 domestic corporate venture capitals (CVC) met on July 24 at Lotte Hotel Seoul to launch a CVC alliance and unveiled plans for a joint public-private initiative to accumulate over KRW 8 trillion in a CVC fund by 2025. CVCs – venture capital funds where large and medium-sized corporations are the primary shareholders – are active forces of economic dynamism in countries like the U.S. More than 200 date2023-07-28

Korea's retail industry grows 5.7% in H1 2023

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 26 that Korea’s retail sales in June achieved an overall growth of 6.6 percent, year-on-year. Offline and online sales both expanded, by 4.2 percent and 9.1 percent, respectively. Growing online sales for home appliances/culture, living/home overtook those of offline, but sales of food products and service/other increased, resulting in positive growth overall. The Ministry releases monthly reta date2023-07-27

Korea seeking to become a global talent hub

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the High-Tech Industries’ Overseas Talent Conference on July 26 where he met with highly skilled foreigners either taking their master's and doctorate programs in Korea or working in Korea’s advanced industry sectors like batteries and semiconductors, and gathered their experiences and challenges to develop cross-ministerial support measures for establishing assistance measures for Korea to grow int date2023-07-27

Korea aims to attract global talent for advanced industries' competitiveness

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the High-Tech Industries’ Global Talent Conference on July 26 where he met with highly skilled foreigners either taking their master's and doctorate programs in Korea or working in Korea’s advanced industry sectors like batteries and semiconductors, and gathered their experience and challenges. What these foreign workers and students share in common is that they made the decision to live in Korea t date2023-07-27

Korea and Australia discuss investment cooperation in LNG and hydrogen

Trade, Industry and Energy Minister Lee Chang-yang met with Australia’s Climate Change and Energy Minister Chris Bowen on July 25 in Seoul and discussed measures for cooperation and investment in liquefied natural gas (LNG) and hydrogen. date2023-07-27

Korea and Australia discuss investment cooperation in LNG and hydrogen

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang met with Australia’s Climate Change and Energy Minister Chris Bowen on July 25 in Seoul and discussed measures to strengthen carbon related cooperation, including the securing of critical minerals and liquefied natural gas (LNG), clean hydrogen, green steel, and carbon capture and storage (CCS). Minister Lee mentioned that Korean companies are facing management uncertainties and concerns with regard to Austra date2023-07-27

Korea launches Industrial Artificial Intelligence (AI) Alliance

The Republic of Korea’s Trade, Industry and Energy 1st Vice Minister Jang Young-jin held the Industrial Artificial Intelligence (AI) Alliance launching ceremony on July 25 at the Seoul Dragon City Hotel with the participation of Hyundai Motor, LG Electronics, Samsung SDS and other major companies representing Korea’s core industries and digital transformation (DX) suppliers. This Alliance is the expanded and realigned version of the Industrial Digital Transformation (DX) Solidarity date2023-07-26

Minister Lee attends CVC Alliance Launching Ceremony

Trade, Industry and Energy Minister Lee Chang-yang attended the Corporate Venture Capital (CVC) Alliance Launching Ceremony on July 24 at the Lotte Hotel Seoul, which was held to promote measures to invigorate CVC and form cooperative bodies within the industry for stronger collaboration. Minister Lee gave an opening message and attended the public-private joint CVC fund (1 & 2) inauguration ceremony. The event was attended by various representatives of large corporations, middle-market fi date2023-07-26

Korea and Indonesia deepen partnership in batteries and EVs

The Republic of Korea's Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin led the Korean delegation in meeting with his counterpart Edi Prio Pambudi, the Deputy Minister for Coordination of International Economic Cooperation of Indonesia, on July 24 at the Lotte Hotel Seoul to hold the 2nd Korea-Indonesia Economic Cooperation Committee Meeting and discussed measures to bolster bilateral economic cooperation. In their opening messages, both delegation heads noted th date2023-07-26

Korea holds Roundtable on Facilitating Global Net-Zero with Ambassadors to ROK

The Republic of Korea’s Minister for Trade Dukgeun Ahn chaired the “Roundtable on Facilitating Global Net-Zero with Ambassadors to the Republic of Korea” on July 20 at the Korea Chamber of Commerce and Industry (KCCI), co-organized by the Korea Trade-Investment Promotion Agency (KOTRA) and Korea Energy Agency, to discuss measures for stronger partnership in reducing greenhouse gases (GHG) to achieve carbon neutrality with the ambassadors to Korea from seven countries, including date2023-07-25