Ministry of Trade, Industry and Energy

Korea sets up FTA Support Center in Malaysia

The Ministry of Trade, Industry, and Energy (MOTIE) of the Republic of Korea and the Korea Trade-Investment Promotion Agency (KOTRA) opened a Free Trade Agreement (FTA) Support Center in Kuala Lumpur, Malaysia on July 5 to help Korean companies exporting to Malaysia better utilize the Korea-ASEAN Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP). Malaysia is Korea’s third-largest trading partner among ASEAN countries, following Vietnam and Singapore. Th date2023-07-10

Nano Korea 2023 showcases technologies for advanced industries

The Republic of Korea's Ministry of Trade, Industry, and Energy (MOTIE) and Ministry of Science and ICT (MSIT) jointly hosted Nano Korea 2023, a three-day event for networking and collaboration among nano-convergence companies and nanotechnologists at KINTEX from July 5-7. This year marks the 21st anniversary for Nano Korea, first held in 2003. The event, which includes an exhibition and a symposium, has become a collaboration platform for the development of the nano-convergence industry and te date2023-07-10

Minister Lee discusses trade and energy with U.S. House Energy Subcommittee

Trade, Industry and Energy Minister Lee Chang-yang met the U.S. House Energy Subcommittee on Energy, Climate, and Grid Security members Jeff Duncan, Tim Walberg, Randy Weber, Scott Peters and Debbie Lesko in Seoul on June 30 to discuss nuclear energy, natural gas and measures for strengthening Korea-U.S. trade cooperation. date2023-07-06

MOTIE holds 3rd briefing on measures for strengthening response to new trade regulations

Trade, Industry and Energy Ministry’s Deputy Minister for FTA Negotiations Roh Keon-ki attended the third briefing session on measures for strengthening response to new trade regulations at the Courtyard Seoul Namdaemun on June 28, co-hosted by the Ministry and the Korean Commercial Arbitration Board (KCAB).   After giving an opening message, Deputy Minister Roh led discussions on international investment arbitration, commercial arbitration and civil lawsuit trends and response meas date2023-07-06

FDI pledged to Korea in H1 2023 reach all-time high $17.1 bln

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 4 that foreign direct investments (FDIs) pledged to Korea in the first half of 2023 soared 54.2 percent year-on-year to a record-breaking USD 17.1 billion. FDIs that actually arrived in Korea over the same period rose 6.3 percent to $7.8 billion. The number of pledges increased, while that of arrivals decreased. The number of pledges reached 1,649 (up 0.7 percent) and arrivals 1,173 (down 7.2 percent). Despite the global FDI date2023-07-06

Korea to rally cross-ministerial support for trade surplus

The Ministry of Trade, Industry and Energy (MOTIE), together with other export-related ministries, held the 3rd Cross-ministerial Export Status Review Meeting on June 27 at the Government Complex Seoul to discuss cross-ministerial measures to boost export growth. Firstly, the government will actively provide tailored support for small and medium-sized businesses with the objective of achieving 100,000 exporting companies. This includes strengthening support for novice exporters from consulting date2023-07-05

Korea seeks to attract KRW 100 trillion in free economic zones

The Ministry of Trade, Industry, and Energy (MOTIE) announced the draft of the 3rd Basic Plan for Free Economic Zones at the 135th committee meeting held on June 29, and approved the proposed revised development plans for the Gwangju, Gwangyang Bay Area, and Incheon Free Economic Zones. These plans are in line with the Government’s plans to develop free economic zones as global advanced business hubs for regional development, and attract KRW 100 trillion investment in Korea and abroad (fr date2023-07-05

2nd Vice Minister attends Nuclear Power Forum Foundation Assembly

Trade, Industry and Energy 2nd Vice Minister Kang Kyung-sung attended the Nuclear Power Forum Foundation Assembly held at the Korea Press Center on June 28, held for facilitation of discussions on the nuclear power industry’s future development and transparent communication with the public.   In his congratulatory message, Vice Minister Kang stated that “nuclear energy is an essential source of power for Korea’s energy security, and is a most powerful and efficient green date2023-07-05

Trade Minister discusses bio industry with Global Business Council

Minister for Trade Dukgeun Ahn chaired the second meeting of the Global Business Council at the Korea Chamber of Commerce and Industry (KCCI) on June 27 and led discussions on the domestic bio industry in view of the changing trade landscape and bio supply chain internalization trends amid the U.S. President Biden’s executive order and China’s five-year bioeconomy plan. The trade chief gathered opinions from representatives of major bio firms attending the meeting, including Merck L date2023-07-05

Trade Minister chairs 2nd meeting of Global Business Council

Minister for Trade Dukgeun Ahn chaired the second meeting of the Global Business Council at the Korea Chamber of Commerce and Industry (KCCI) on June 27 and led discussions on Korea’s bio industry policies.   The meeting was held to facilitate discussions on measures to establish a stable supply chain for the domestic bio industry amid bio supply chain internalization trends in the post-COVID era in view of the U.S. President Biden’s executive order and China’s five-year date2023-07-05