Ministry of Trade, Industry and Energy

1st Vice Minister visits cement supplier for site inspection

Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited Hanil Hyundai Cement, the Seoul capital area’s largest cement supplier in Gyeonggi-do, on April 11 for site inspection and briefing on company management and cement supply issues.   The Vice Minister toured the facilities and received opinions on measures to improve supply conditions, then inspected silo level and cement loading site. date2023-04-11

Korea and Canada discuss trade, investment & critical minerals cooperation

Minister for Trade Dukgeun Ahn met with Senator Clément Gignac and other Parliament members of Canada on April 10 at the Plaza Hotel Seoul to discuss Korea-Canada trade and investment expansion, critical minerals cooperation MOU, measures for strengthening bilateral and multilateral diplomacy, and requested support for World Expo 2030 Busan. date2023-04-11

Korea and UK announce joint declaration for energy transition

Trade, Industry and Energy Minister Lee Chang-yang met with Grant Shapps, the UK’s Secretary of State for Energy Security and Net Zero on April 10 at the Lotte Hotel Seoul and put out a joint declaration stating their agreement to bolster cooperation and exchange in clean energy.   They also discussed various measures for nuclear energy cooperation, including design, construction, main equipment production, decommissioning, nuclear fuel and small modular reactors (SMRs).   date2023-04-11

Korea and UK announce joint declaration on energy transition

Trade, Industry and Energy Minister Lee Chang-yang met with Grant Shapps, the UK’s Secretary of State for Energy Security and Net Zero on April 10 at the Lotte Hotel Seoul to discuss clean energy exchange and cooperation. The two countries put out a joint declaration stating their agreement on the need for energy transition from fossil fuels to low carbon power sources, prospects for South Korea’s participation in the UK’s new nuclear power plant project and the two countries& date2023-04-10

Trade Minister holds 1st New Trade Roundtable

Minister for Trade Dukgeun Ahn chaired the 1st New Trade Roundtable meeting on April 6 at the Korea International Trade Association (KITA) in Seoul to discuss the impact on Korean industries from major countries’ shift towards protectionist supply chain policies and to seek solutions for overcoming the situation.   The trade minister gave an opening message and led discussions on “Korea’s future path amid global supply chain realignment, legislation progress of EU’ date2023-04-10

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