Ministry of Trade, Industry and Energy

MOTIE holds pan-ministerial export situation assessment meeting

The Ministry of Trade, Industry and Energy (MOTIE) held a pan-ministerial export situation assessment meeting on April 3 at the Government Complex Seoul to respond to Korea’s export decline and trade deficit, and review ministry-specific goals of fulfilling export growth targets this year. The ministries also discussed the following significant outcomes. 1) The first economic cooperation “shuttle group” was sent to the United Arab Emirates (UAE) in March, successfully enterin date2023-04-10

MOTIE announces post-IRA public-private joint strategy for battery industry

Trade, Industry and Energy Minister Lee Chang-yang chaired the Battery Alliance conference on April 7 and announced the “Post-IRA Public-Private Joint Strategy for Battery Industry Development”. The following measures will be implemented to support domestic material suppliers, which are growing increasingly important since the IRA. First, the Export-Import Bank of Korea and K-SURE will support battery firms' and material suppliers’ investments in facilities within North Ameri date2023-04-07

MOTIE greets BIE's Enquiry Mission for inspection on World Expo 2030 candidate site

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 3 that the Bureau International des Expositions (BIE)’s Enquiry Mission for inspecting the World Expo 2030 host candidate city Busan is visiting South Korea through April 2-7 to evaluate the national capacity and readiness to host the Expo, a mandatory requirement for host candidates. The Enquiry Mission consists of a total of eight members, including BIE Administration and Budget Committee President Patrick Specht and date2023-04-07

FDI pledged to Korea in Q1 record all-time highs

The Ministry of Trade, Industry, and Energy announced on April 6 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year recorded a historic high, gaining 3.4 percent year-on-year to USD 5.6 billion. FDI arrivals over the same period declined by 27.7 percent to $3.4 billion. Despite major countries’ austerity measures, high interest rates and tight capital market, the first quarter of 2023 saw record high pledges, with greenfield investment climbing 13 pe date2023-04-07

Korea to push measures for nurturing first-rate investment environment

The Ministry of Trade, Industry and Energy’s Director General for International Trade Affairs Kim Wan-ki chaired a conference for foreign-invested companies on March 30 at K-SURE in Seoul to discuss measures for expanding investment and improving the investment environment. The conference was attended by representatives of major foreign-invested firms in core high-tech areas like semiconductors, automobiles and chemicals, who received thanks for their contribution to achieving all-time hi date2023-04-05

1st Vice Minister discusses GVC cooperation with Boeing Vice President

Trade, Industry and Energy 1st Vice Minister Jang Young-jin met with Michael Sinnett, Vice President and General Manager of Product Development for Boeing Commercial Airplanes, on March 30 in Seoul to discuss high-tech industry strategy, investment, expansion of aviation GVC cooperation and measures to increase new recruitment at Boeing Korea Engineering and Technology Center (BKETC). date2023-04-04

Korea and U.S. hold Trade Ministers’ Conference

Minister for Trade Dukgeun Ahn met with U.S. Trade Representative Katherine Tai on March 30 in Seoul and held a Korea-U.S. Trade Ministers’ Conference to discuss various issues, including IPEF, WTO reform, IRA and the CHIPS and Science Act. date2023-04-04

Minister Lee attends lighting ceremony to promote aspiration for World Expo 2030 Busan

Trade, Industry and Energy Minister Lee Chang-yang attended the Gwanghwamun lighting ceremony on March 30 to promote Korea's aspirations for winning the bid to host World Expo 2030 in Busan.   The Bureau International des Expositions (BIE) has sent an enquiry mission to inspect Korea’s capacity and readiness to host the Expo, which is one of the world’s top three mega events.   The lighting ceremony was attended by Government and private sector representatives, includin date2023-04-04

Trade Minister discusses export issues with Chungnam Province SMEs

Minister for Trade Dukgeun Ahn discussed export challenges with SMEs and middle-market companies, as well as measures to enhance firms’ understanding on the rapidly changing global trade environment on March 29 in Chungnam Province.   The trade minister first attended the MOU signing ceremony for launching of a trade promotion committee by eleven export assistance institutes, then discussed trade issues with exporters based in the Chungnam Province, including emerging market en date2023-04-04

Korea and U.S. hold Trade Ministers’ Conference

Minister for Trade Dukgeun Ahn met with U.S. Trade Representative Katherine Tai on March 30 in Seoul and held a Korea-U.S. Trade Ministers’ Conference to discuss trade issues and cooperation measures. The conference was held on the occasion of Representative Tai’s visit to Korea to attend the 2nd Summit for Democracy Indo-Pacific Regional Meeting in Seoul. The trade chiefs took the view that, on the basis of the Korea-U.S. Free Trade Agreement (FTA), the two countries’ bilate date2023-04-04