Ministry of Trade, Industry and Energy

Thirty-plus K-Design companies to participate in Paris' Maison&Objet

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 7 that it is operating a Design Korea booth at the trade fair 'Maison&Objet Paris 2023' from September 7-11 in France to promote K-design overseas and support Korean designers make their debut in the global market. Maison&Objet is the world’s largest trade fair for consumer goods and interior goods showcasing approximately 2,500 brands from 60 countries. This year, 33 Korean design firms will be exhibiting a date2023-09-07

Korea opens first hydrogen charging station for construction & industrial equipment

The Ministry of Trade, Industry and Energy (MOTIE) held the completion ceremony on September 6 for Korea’s first hydrogen charging station built exclusively for construction and industrial machinery at the Korea Construction Equipment Technology Institute (KOCETI)’s comprehensive testing center. MOTIE noted that the completion of this charging station will accelerate the distribution of hydrogen mobility in the market for off-road special equipment such as excavators and forklift tr date2023-09-07

Korea hosts International Biodegradable Plastics Conference 2023

The Ministry of Trade, Industry and Energy (MOTIE) and Incheon Metropolitan City are hosting the International Biodegradable Plastics Conference 2023 from September 6-7 at Songdo Convensia in Incheon. Amid rising concerns over plastic pollution in the international community, biodegradable plastics are gaining recognition as core items for achieving a circular economy, and other advanced countries are making efforts to nurture the biodegradable plastics industry and improve regulations. The la date2023-09-07

Korea launches Carbon Neutrality Grand Consortium

The Ministry of Trade, Industry and Energy (MOTIE) launched the Carbon Neutrality Grand Consortium on September 5, which aims to share across all industry sectors the outcomes of the KRW 41 billion carbon neutrality technology development project launched earlier this year. The Carbon Neutrality Grand Consortium is centered on the sub-consortiums of four sectors, namely steel petrochemicals, semiconductor/display and cement, including not only the firms participating in the carbon neutrality te date2023-09-06

Korea conducts first test flight with sustainable aviation fuel

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) announced on September 5 that over the next three months, the cargo airline flying from Incheon to Los Angeles will be partially fueled with sustainable aviation fuel (SAF) for test flights. The first test flight was conducted via Korean Air’s flight KE207 at 5:45 p.m. on September 5 from Incheon to Los Angeles by filling two percent of the jet aircraft fuel with SAF. Five mor date2023-09-06

Korea and Guatemala conclude Korea-Central America FTA membership negotiations

Minister for Trade Dukgeun Ahn held talks via videoconferencing with Guatemala’s Minister of Economy Luz Marina Pérez Contreras and Guatemalan Ambassador to Korea Sara Solis (in person) on September 5 to announce that the membership accession negotiations have reached a final agreement on Guatemala joining the Korea-Central America Free Trade Agreement (FTA). date2023-09-05

Korea and Guatemala conclude Korea-Central America FTA membership negotiations

Minister for Trade Dukgeun Ahn held talks via videoconferencing with Guatemala’s Minister of Economy Luz Marina Pérez Contreras on September 5 to announce that the membership accession negotiations have reached a final agreement on Guatemala joining the Korea-Central America Free Trade Agreement (FTA). Through the membership accession negotiations, Guatemala agrees to open most of the major items of Korea’s interest, such as automotive parts, textiles and steel, also agreeing date2023-09-05

Korea announces support measures to boost exports

The Government of the Republic of Korea announced additional support measures for promoting export during the Emergency Economic Ministerial Meeting held on September 4 to discuss export and investment strategy measures. The measures will focus on concentrating pan-ministerial policies toward boosting the economy for a quick rebound in exports performance. First, the Korean government plans to swiftly reinforce support for export infrastructure, such as trade financing, marketing, customs and l date2023-09-05

Korea's exports decline 8.4% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 1 that Korea’s exports in August declined 8.4 percent year-on-year to USD 51.9 billion and imports fell 22.8 percent to $51.0 billion, resulting in a trade surplus of $0.9 billion. August exports were negatively impacted by falling unit prices of semiconductors, petroleum products and petrochemicals, as well as by the high base effect from last year’s record high August monthly exports of $56.6 billion. Howeve date2023-09-01

Korea to remove "killer" regulations for industrial complexes

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) announced measures to remove “killer” regulations on industrial complexes during a strategy meeting on August 24, with aim to get rid of regulations that hamper investment decisions. This is the first time in three decades that the Government is making extensive changes to the industrial complex management system. Major adjustments are as follows. First, the limit on b date2023-09-01