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Trade/Investment
426th Korea Trade Commission gives preliminary determination on anti-dumping investigations
The Ministry of Trade, Industry, and Energy (MOTIE) held the 426th Korea Trade Commission (hereinafter “Commission”) meeting on July 21, where Chairperson Chang Seung-wha announced a positive preliminary determination on anti-dumping investigations on imports of polyamide film from China, Thailand and Indonesia, as well as aluminum hydroxide from China and Australia, and proposed the imposing of provisional duties. First of all, the Commission determined that the amount of evidence date2022-07-26
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Trade/Investment
Trade Minister attends Supply Chain Ministerial Meeting 2022
Trade Minister Ahn Duk-geun attended the Supply Chain Ministerial Meeting 2022 on July 20 with South Korea’s Foreign Minister Park Jin, which was co-hosted by U.S. Secretary of State Antony Blinken and Secretary of Commerce Gina Raimondo to discuss measures for enhancing global supply chain resilience and to adopt a joint statement. Convened via videoconferencing, the meeting was attended by ministers of the EU and 17 countries: South Korea, the U.S., Japan, France, Germany, Italy, date2022-07-21
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Energy
MOTIE holds Hydrogen Economy Investment Stimulation Conference
Trade, Industry and Energy 2nd Vice Minister Park Il-Jun presided the Hydrogen Economy Investment Stimulation Conference on July 20 at the Lotte Hotel Seoul to share the new regime’s hydrogen economy policies and gather opinions from private equity firms to bolster hydrogen industry competitiveness. In his opening message, the 2nd Vice Minister stated that “South Korea’s new regime’s energy policies envision a strong energy system through climate change response, date2022-07-20
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Energy
MOTIE-Seoul Energy Efficiency & Innovation Vision Declaration
Trade, Industry and Energy Minister Lee Chang-yang attended the MOTIE-Seoul Energy Efficiency & Innovation Vision Declaration Ceremony held at the Lotte Hotel Seoul on July 20 with Seoul Mayor Oh Se-hoon to sign MOUs for building up Korea and Seoul into respective energy efficiency leader and smart city. Minister Lee and Mayor Oh signed an MOU for “Building up Korea and Seoul into energy efficiency powerhouse and Smart Energy City” as well as an MOU for “Innovating date2022-07-20
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Trade/Investment
BTS appointed as Honorary Ambassador for World EXPO 2030 Busan
Trade Minister Ahn Duk-geun attended the ceremony for appointment of BTS as honorary ambassador for the World EXPO 2030 Busan, held on July 19 at HYBE in Yongsan-gu. The popular South Korean boy band BTS (a.k.a. “Bangtan Boys”) was appointed the next ambassador for promoting Busan to be hosting World EXPO 2030 in recognition of the septet’s global influence. The ceremony was attended by Prime Minister Han Duck-soo, Korea Chamber of Commerce and Industry date2022-07-20
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Industry
1st Vice Minister attends Industrial Environment Improvement Support Center opening ceremony
Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the opening ceremony of the Industrial Environment Improvement Support Center held in the Ochang Scientific Industrial Complex in Cheongju on July 18. The Industrial Environment Improvement Support Center aims to support the fine dust reduction endeavors of Korean SMEs and middle-market companies, and train up personnel with technological prowess in areas concerning industrial environment. The Vice Minister stated in h date2022-07-20
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Energy
2nd Vice Minister visits Shin Hanul 1 trial run site
Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited the Hanul Nuclear Power Plant in Uljin, Gyeongbuk on July 18 to inspect the Shin Hanul 1 trial run site and construction progress of Shin Hanul 3 and 4. The 2nd Vice Minister received briefings from the powerplant director of Shin Hanul 1 and construction team head of Shin Hanul 3 and 4 on test operation and construction resumption status. He then delivered an opening message, stating that “the most basic prem date2022-07-20
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Trade/Investment
MOTIE announces amended cash grant program to attract FDI
The Ministry of Trade, Industry and Energy (MOTIE) announced on July 18 the amended version of its Foreign Investment Committee (FIC)-approved cash grant program for stimulating foreign investment in high-tech and supply chain areas. The amendment is in line with the recently announced work report MOTIE submitted to President Yoon Suk-yeol regarding “growth-oriented industrial strategies,” which aim to bolster cash grant programs to increase FDI in strong spill-over sector date2022-07-19
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Industry
1st Vice Minister attends Innovative Eco-Friendly Ship Tech Project Launch
Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the launching ceremony for Innovative Technology Development Business Project for Eco-Friendly Ships at the Korea Marine Equipment Research Institute (KOMERI) in Busan on July 15, alongside the Oceans and Fisheries (MOF) Vice Minister Song Sang-keun. Vice Minister Jang delivered a congratulatory message and emphasized that Korea should sustain its status as shipbuilding powerhouse with future eco-friendly shipbuilding date2022-07-18
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Trade/Investment
Korea's auto exports value gains 3.2% in H1 2022
The Ministry of Trade, Industry and Energy (MOTIE) announced on July 15 that Korea’s automobile output dropped 2.0 percent, while exports rose 1.5 percent by unit during the first six months (H1) of 2022. By value, exports increased 3.2 percent in H1 2022. Despite intensifying supply chain difficulties and domestic strikes of truckers, eco-friendly automobile exports and unit price increase are attributable factors of the growth. Automobile chips’ supply chain bottlenecks and China date2022-07-18