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Industry
62nd Trade, Industry and Energy Minister Inauguration Ceremony
62nd Trade, Industry and Energy Minister Lee Chang-yang was sworn into office at the MOTIE Ministers' Joint Inauguration Ceremony on May 13 at Government Complex Sejong where he took his oath of office along with newly appointed Trade Minister Ahn Duk-geun and 1st Vice Minister Jang Young-jin (photos in this order). The ceremony was attended by Korean Intellectual Property Office (KIPO) Commissioner Kim Yong-rae, Deputy Minister for Trade and Investment Moon Dong-min, and t date2022-05-13
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Industry
424th Korea Trade Commission gives final conclusion on anti-dumping duty expiry review
The Ministry of Trade, Industry and Energy (MOTIE) held the 424th Korea Trade Commission (hereinafter “the Commission”) meeting on May 12 and gave the final conclusion of anti-dumping duty expiry review on butyl glycol ether from the U.S. and France. At the meeting, Chairperson Chang Seung-wha announced the Commission’s decision to suggest to the Economy and Finance Minister an extension of a 5-year 20.1-25.0 percent anti-dumping duty in consideration of possible dumping recur date2022-05-13
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Trade/Investment
Korea's ICT exports hit all-time highs in April, expanding 16.9%
The Ministry of Trade, Industry and Energy announced on May 12 that Korea’s exports of information and communications technology (ICT) products in April advanced 16.9 percent to USD 19.9 billion, hitting record highs in both monthly and accumulated value. Imports expanded 12.4 percent to $12.1 billion, and the trade balance stood at a surplus of $7.8 billion despite external uncertainties, including the Russia-Ukraine situation and China’s lockdowns. Outbound shipments of all major date2022-05-13
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Trade/Investment
Trade Minister discusses investment with Thermo Fisher Scientific for global vaccine hub
Trade Minister Yeo held a videoconference on May 9 with Thermo Fisher Scientific, a U.S. supplier of scientific instrumentation, consumables, and software services, to discuss investment prospects of establishing a life science materials production plant in Korea amid the company’s plans to expand its vaccine materials infrastructure. Thermo Fisher Scientific is a global producer of both raw and subsidiary life science materials with approximately 100,000 personnel across 60 countries. It date2022-05-11
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Trade/Investment
Trade Minister attends Trade Ministers’ Meeting to discuss Ukraine support
Trade Minister Yeo attended the virtual Trade Ministers’ Meeting convened by UK Secretary of State for International Trade Anne Marie Trevelyan on May 4 to discuss support for the people and economy of Ukraine. With various other major countries’ trade leaders, Minister Yeo relayed Korea’s efforts in step with the international community to support Ukraine and sought further measures for solidarity and cooperation. The videoconference was attended by trade rep date2022-05-06
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Trade/Investment
Trade Minister attends Trade Ministers’ Meeting to discuss Ukraine support
Trade Minister Yeo Han-koo attended the virtual Trade Ministers’ Meeting convened by the UK Secretary of State for International Trade Anne Marie Trevelyan on May 4 to discuss support for the people and economy of Ukraine. This meeting was held to strengthen solidarity and cooperation of the international community with respect to economic recovery assistance for Ukraine, and was proposed and held by the UK government. The U.S., Germany, France, Australia, and Japan were among the partici date2022-05-06
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Trade/Investment
Trade Minister holds Emergency Trade Assessment Meeting
The Ministry of Trade, Industry and Energy (MOTIE)’s Trade Minister Yeo Han-koo held an “Emergency Trade Assessment Meeting” on May 2 at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul to examine trade and response measures amid ongoing external risks and two consecutive months of trade deficit. Minister Yeo delivered opening remarks, and led discussions on how the Russia-Ukraine situation, China’s zero-COVID lockdowns, Indonesia’s palm oil exp date2022-05-04
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Trade/Investment
Korea's exports grow 12.6% in April
The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April moved up 12.6 percent to USD 57.7 billion. Imports expanded 18.6 percent to $60.4 billion, resulting in a trade deficit of $2.7 billion. Exports in April achieved double-digit growth for the 14th consecutive month since March of 2021 in spite of Ukraine-Russia crisis, China’s zero-COVID lockdowns and previous year’s base effect. Year-on-year double-digit growth for this April is all the date2022-05-02
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Trade/Investment
MOTIE leads public-private efforts to bolster supply chain response system
Ministry of Trade, Industry and Energy (MOTIE)’s Trade Minister Yeo Han-koo visited the Global Supply Chain Analysis Center (hereinafter 'Analysis Center') on April 29 to assess the supply chain status amidst China’s zero-COVID lockdowns and Russia-Ukraine situation so as to invigorate public-private joint efforts for stronger supply chain intelligence and countermeasures. The Analysis Center was launched on February 9 of 2022 by MOTIE, Korea International Trade Association (KI date2022-05-02
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Trade/Investment
Trade Minister holds Global Supply Chain Inspection Meeting
The Ministry of Trade, Industry and Energy (MOTIE)'s Trade Minister Yeo Han-koo held the Global Supply Chain Inspection Meeting at the Korea International Trade Association (KITA) office in Seoul on April 29 to address pending issues arising from ongoing external crises. Prior to presiding the meeting, the trade chief first visited the Global Supply Chain Analysis Center, a research center launched by MOTIE, KITA, and Korea Trade-Investment Promotion Agency (KOTRA), and purely devoted t date2022-04-29