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Industry
1st Vice Minister awards 300th biz realignment program certificate
Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited on August 15 a domestic car parts manufacturer, Esys, which focuses on producing modules for EVs and self-driving cars, and is the 300th company to have been granted approval for the business realignment program. The Vice Minister received a briefing on company operations from Essys Chairman Kim Yong-bum and President Noh Min-cheol. He then awarded the business realignment company approval certificate to the representat date2022-08-16
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Trade/Investment
Korea's auto exports value grows 25.3% in July
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 16 that Korea’s automobile output, outbound shipments and exports value increased 9.1 percent, 23.1 percent, and 25.3 percent, respectively, while domestic sales contracted by 3.0 percent. Amid persisting global supply chain uncertainties, the temporary abatement of the parts supply crisis has led to increases in both production and exports of finished cars. Meanwhile, domestic sales of Korean brands have remained larg date2022-08-16
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Trade/Investment
Trade Minister holds Export Enterprises Conference
Trade Minister Ahn Duk-geun presided the Export Enterprises Conference at Seoul Cosmestics in the Namdong Industrial Complex in Incheon on August 10 to assess market impact on exporters and MPE (materials, equipment, equipment) businesses. The Trade Minister gave an opening message and facilitated discussions on measures to strengthen government support for exporting businesses and gathered opinions of industry representatives regarding current trade issues. The date2022-08-16
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Industry
Korea maintains No.1 Shipyard position in July
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 10 that South Korea maintained its dominant position in global shipbuilding (following 1st place for first half of 2022), winning 55 percent (19 vessels amounting to 1.16 million CGT) of world’s total orders in July. In July, bid orders for a total of 72 vessels amounting to 2.11 million CGT ($5.3 billion) were opened in the July global market. The types of vessels consisted of 17 container ships (small-to-medium), 16 date2022-08-11
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Trade/Investment
Korea's ICT exports shrink 0.7% in July, but still achieve trade surplus
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 11 that exports of Korea’s information and communications technology (ICT) goods decreased 0.7 percent to USD 19.3 billion in July.Imports gained 16.8 percent to $13.2 billion, but ICT trade still achieved a trade surplus of $6.1 billion despite less operating days (one less) in comparison with those of 2021. Average daily ICT exports advanced to a record-breaking $820 million. ICT exports performance of small and mid date2022-08-11
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Energy
Minister Lee holds conference for nuclear energy industry revival
Trade, Industry and Energy Minister Lee Chang-yang visited PK Valve located in Changwon in South Gyeongsang Province on August 10 to hold a Nuclear Energy Industry Conference to discuss business support measures for revitalizing the industry ecosystem. The Minister presided the conference and discussed measures for preproduction and funding measures. He also attended the MOU signing ceremony of Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and nuclear energy industry’ date2022-08-11
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Energy
Minister Lee holds conference for nuclear energy ecosystem revitalization
Trade, Industry and Energy Minister Lee Chang-yang visited Changwon in South Gyeongsang Province on August 10 to hold a Nuclear Energy Industry Business Conference (hereinafter “Conference”) and to give an update on progress thus far following the previous conference held on June 22. The Conference involved an MOU signing ceremony between Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and nuclear energy industry’s equipment and materials manufacturers for the goal date2022-08-11
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Industry
Korea and U.S. co-host Standards Forum 2022
The Korean Agency for Technology and Standards (KATS), affiliated under the Ministry of Trade, Industry and Energy (MOTIE), co-hosted the 2nd Korea-U.S. Standards Forum (hereinafter “Standards Forum”) with the American National Standards Institute (ANSI) on August 9 in Washington, D.C. Held subsequent to the Northeast Asia Standards Cooperation Forum held in June earlier this year, the Standards Forum concentrated on discussions covering quantum technology, next-generation semi date2022-08-09
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Energy
2nd Vice Minister visits radioactive waste disposal facilities
Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited Korea Radioactive Waste Agency (KORAD)’s low- and intermediate-level radioactive waste disposal facilities located in Gyeongju on August 8 to receive a briefing on operation status of high-level radioactive waste and to inspect facilities management. Vice Minister Park received the briefing from KORAD President Cha Sung-su and remarked that “the utmost basis of nuclear power policies should be safety,” an date2022-08-09
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Trade/Investment
Korea and Lithuania hold talks on bilateral cooperation
Deputy Trade Minister Jeong Dae-jin met with Lithuania's Vice Economy Minister Jovita Neliupsiene at the Government Complex Seoul on August 4 and exchanged views on Korea-Lithuania economic cooperation and other industries like laser and bio. He also requested Lithuania’s interest in and support for Busan’s hosting of World EXPO 2030. date2022-08-05