Ministry of Trade, Industry and Energy

Korea to enhance company collaboration with digital twin & AI technologies

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) held a ceremony on July 20 at the Korea Institute for Advancement of Technology (KIAT) for the project launching of establishing digital factories utilizing digital twin and artificial intelligence (AI) technologies for collaboration among large corporations, middle-market companies and small and medium-sized enterprises (SMEs). A total of KRW 28.8 billion (5 billion allotted for this year) will go towards assisting th date2023-07-21

Trade Minister attends Digital Trade Agreements Seminar

Minister for Trade Dukgeun Ahn attended the Digital Trade Agreements Seminar on July 19 at Korea International Trade Association (KITA) in Seoul, held to seek strategies in responding to the rapidly changing trade landscape amid digitization of international trade.   In his opening message, Trade Minister Ahn remarked that “the Government plans to expand the digital trade network and make sure companies’ interests are factored in the process of establishing digital trade regul date2023-07-20

Korea holds Bio Economy Roundtable

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the Bio Economy 2.0 Roundtable on July 19 at the Seoul Biohub and discussed the bio industry’s future development direction and strategy as a part of the follow-up measures to implementing policy tasks discussed during the export strategy meeting chaired by President Yoon Suk-yeol on June 1, which includes deregulating the bio sector and nurturing a bio cluster.   Minister Lee chaired the Bio Econo date2023-07-20

Korea announces Bio Economy 2.0 Initiative

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the Bio Economy 2.0 Roundtable on July 19 at the Seoul Biohub and discussed the bio industry’s future development direction and strategy with industry representatives and other related persons. The roundtable is a part of the follow-up measures to implementing the policy tasks discussed during the export strategy meeting chaired by President Yoon Suk-yeol on June 1, which includes deregulating the bio se date2023-07-20

Korea and Turkmenistan to bolster energy and plant cooperation

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang met with Turkmenistan’s Construction, Industry and Electric Power Industry Deputy Prime Minister Baymyrat Annamammedov on July 19 at the Lotte Hotel Seoul to discuss measures to bolster cooperation in plant projects. date2023-07-20

MOTIE to develop 11th Electric Power Supply Basic Plan

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) held the 4th Electric Power Policy Deliberation Committee Meeting and gave a briefing on the 11th Electric Power Supply Basic Plan. Beginning in July, the 11th Electric Power Supply Basic Plan Working Group plans to utilize scientific methods to produce precise forecasts on long-term power demand in accordance with recent changes so as to develop an energy mix that harmoniously incorporates policy goals, such as stabi date2023-07-19

4th RCEP joint committee meeting to discuss Secretariat installation

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 18 that the fourth joint committee meeting of the Regional Comprehensive Economic Partnership (RCEP) will be held from July 18-19 in Surabaya, Indonesia. The joint committee meeting will be chaired by Co-Chairs Indonesia and Australia, with the participation of approximately 80 delegation members from 10 ASEAN countries, 15 RCEP member countries including Korea, China, Japan, Australia and New Zealand date2023-07-18

Korea's auto exports hit record-breaking $35.7 billion in H1 2023

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on July 17 that Korea’s automobile exports for the first half (H1) of 2023 reached a total of USD 35.7 billion (up 46.6 percent year-on-year), surpassing the previous all-time high record ($25.2 billion in H1 2014) by over $10 billion. Eco-friendly vehicles, namely battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell electric vehicles (FCEVs) and hybrid electric vehicles date2023-07-17

Korea and Poland sign 33 MOUs in advanced and manufacturing industries

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 14 that it held the Korea-Poland Business Forum that day on the occasion of President Yoon Suk-yeol’s visit to Poland. Attended by 350 representatives of Korean and Polish economic organizations, large corporations, middle-market companies and small and medium-sized enterprises (SMEs), the forum was held to advance bilateral cooperation and obtain tangible outcomes in battery, high-tech industri date2023-07-17

Korea kicks off Project Team for innovative SMRs

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) jointly held a launching ceremony for the 'Innovative Small Modular Reactor (SMR) Technology Development Project Team (“Project Team”) at the Lotte City Hotel in Daejeon on July 10.   The event was attended by over 100 industrial and academic experts including MOTIE Vice Minister Kang Kyung-sung, MSIT Minister Lee Jong-ho, Kim Young-sik and Choi Hyung-du of t date2023-07-14