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Trade/Investment
MOTIE attends 28th APEC MRT Meeting
Trade, Industry and Energy Ministry (MOTIE)’s Deputy Minister for International Trade and Legal Affairs Ahn Sung-il attended the 28th Asia-Pacific Economic Cooperation (APEC) MRT (Ministers Responsible for Trade) Meeting on May 21-22 held in Bangkok, Thailand. APEC is the world’s largest economic consultative organization for sustainable economic growth and mutual prosperity consisting of 21 nations, taking up 62.2% of global GDP and 51.9% of total trade volume as of 2020. This 28t date2022-05-25
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Trade/Investment
Minister Lee co-hosts Korea-U.S. business roundtable
Trade, Industry and Energy Minister Lee Chang-yang co-hosted the Korea-U.S. Business Roundtable with U.S. Secretary of Commerce Gina Raimondo at the Grand Hyatt Seoul on May 21 to strengthen Korea-U.S. partnership and expand supply chain cooperation. Minister Lee delivered opening remarks and participated in discussions on measures to expand bilateral trade and investment for mutually beneficial economic cooperation. In attendance were business representatives and government of date2022-05-25
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Trade/Investment
Korea-U.S. roundtable on occasion of President Biden's state visit
Trade, Industry and Energy Minister Lee Chang-yang co-hosted a Korea-U.S. roundtable with U.S. Secretary of Commerce Gina Raimondo on the occasion of U.S. President Joe Biden’s state visit (May 20-22) and signed the Supply Chain and Commercial Dialogue MOU to deepen the existing economic relations to a partnership encompassing supply chain and high-tech. This roundtable was the sole opportunity during the state visit for bilateral public-private talks on supply chain countermeasures, tech date2022-05-24
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Trade/Investment
Netflix and Korea seal $100 million investment deal to build special effects infrastructure
Trade Minister Ahn Duk-geun attended the ceremony held by the Ministry of Trade, Industry and Energy (MOTIE) marking the occasion of Netflix’s investment through a subsidiary called Scanline VFX that will inject USD 100 million over six years to build Asia’s first special effects filmmaking infrastructure in Korea. Scanline VFX is a company acquired by Netflix that specializes in special visual effects and provides services to global content creators like Warner Brothers, Marvel Stu date2022-05-23
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Trade/Investment
Trade Minister attends Netflix-Korea investment notification ceremony
Trade Minister Ahn Duk-geun attended the Netflix-Korea investment notification ceremony on May 20, marking Netflix’s unprecedented six-year USD 100 million investment through its subsidiary Scanline VFX to develop high-tech special visual effects and virtual reality ecosystem in Korea, on the occasion of U.S. President Joe Biden’s state visit. In his opening remarks, Minister Ahn noted that “As K-content industry exports surpassed the $11 billion thresholds in 2020 and date2022-05-20
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FTA/Economic Cooperation
8th Korea-EU working group meeting on trade remedy cooperation
The Ministry of Trade, Industry and Energy (MOTIE) held the 8th Korea-EU working group meeting on trade remedy cooperation (hereinafter “working group”) via videoconference on May 19 to assess respective trade defense mechanisms, inform each other on trade remedy laws, and exchange views on trade remedy policies of major trading partners. “Trade remedy” refers to safeguards and such import regulatory measures put in place to instill fair trade order and protect domestic date2022-05-20
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FTA/Economic Cooperation
10th Korea-EU FTA working group meeting on pharmaceuticals and medical devices
The Ministry of Trade, Industry and Energy (MOTIE), together with the Ministry of Health and Welfare and the Ministry of Food and Drug Safety, convened the 10th Korea-EU FTA working group (hereinafter “working group”) meeting on pharmaceuticals and medical devices on May 19 at the Government Complex Sejong via videoconference with their EU counterparts. The Korean delegation was led by MOTIE’s Europe Division Trade Policy Director Seo Sung-tae, while the EU delegation was led date2022-05-19
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Industry
Minister Lee visits KCCI
Trade, Industry and Energy Minister Lee Chang-yang visited the Korea Chamber of Commerce and Industry (KCCI) on May 18 to facilitate government-industry discussions for future growth strategies, as his first inaugural outing. Minister Lee met with KCCI President Chey Tae-won and relayed in his opening remarks the Ministry’s plans to better support industrial endeavors and entrepreneurship while building open and unbroken communication for effective policies and economic vitality. date2022-05-19
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Industry
Vice Minister visits Hyundai-Kia Motors AutoLand plant
Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited the Hyundai-Kia Motors’ AutoLand plant in Hwaseong-si on May 18 to discuss the corporation’s mid-to-long term investment plans in Korea’s EV market. The Vice Minister received a briefing on Hyundai-Kia Motors EV industry status and future direction from Hyundai Motor President Gong Young-woon and Kia Motor Vice President Choi Jun-young, then toured around the EV6 production facilities and encouraged th date2022-05-19
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Trade/Investment
Korea's automobile exports reach $4.4 billion in April
The Ministry of Trade, Industry, and Energy announced on May 16 that Korea’s April automobiles exports recorded 196,780 units (up 12.4 percent) and USD 4.4 billion (up 6.1 percent) in value. Despite escalating global supply chain uncertainties, Korea showed mostly robust performance in its automobile production, domestic demand, and exports compared to the previous month. Production of cars suffered year-on-year from car parts shortages, less operating days (1 less), and supply chain ho date2022-05-16