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Energy
Vice Minister Park inspects Muju pumped storage power plant
Trade, Industry, and Energy 2nd Vice Minister Park Ki-young visited the Muju pumped storage power plant on April 7 in time for springtime inspections and to hold talks with energy sector public companies on power stabilization measures. As part of preventive maintenance, Vice Minister Park assessed the domestic pumped storage power generation situation and new projects progress, noting that pumped storage power plant facilities play a key role in peak load response and overcoming limita date2022-04-08
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Industry
Minister Moon presides Korea Root Industries Conference
Trade, Industry, and Energy Minister Moon Sung-wook presided the Root Industries Conference at the Korea Federation of SMEs (KBIZ) on April 6 to facilitate public-private discussions for strategic development of Korea’s 14 major industries. “Root industries” refer to industries employing technologies that serve as the foundation of all manufacturing sectors, including casting, welding, molding, and heat processing. Minister Moon delivered opening remarks and presided d date2022-04-08
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Trade/Investment
FDI to Korea jumps 14.9 percent in Q1, achieving $5.5 billion
The Ministry of Trade, Industry, and Energy announced on April 7 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year jumped 14.9 percent year-on-year to USD 5.5 billion, a historic high. The FDIs that actually arrived in Korea over the same period inched down by 2.6 percent to $4.3 billion, still the second highest amount in history. In spite of unstable global investment conditions like the Russia-Ukraine crisis, surging oil prices and raw materials prices date2022-04-08
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FTA/Economic Cooperation
Trade Minister holds 5th Korea-Australia FTA Joint Committee Meeting
Trade Minister Yeo Han-koo held the 5th Korea-Australia FTA Joint Committee Meeting with Australia’s Minister for Trade, Tourism and Investment Dan Tehan on April 5 via teleconference. The meeting was held at ministerial level in consideration of the two countries’ stronger bilateral ties ensuing the elevation from the former expanding partnership to the current comprehensive and strategic partnership. Minister Tehan anticipated that the U.S. will be officially launching the Indo- date2022-04-07
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FTA/Economic Cooperation
Trade Minister holds 5th Korea-Australia FTA Joint Committee Meeting
Trade Minister Yeo Han-koo held the 5th Korea-Australia FTA Joint Committee Meeting via teleconference on April 5 with Australia’s Minister for Trade, Tourism and Investment Dan Tehan to discuss the Indo-Pacific Economic Framework, Korea-Australia FTA implementation progress, and major trade issues. The two trade chiefs covered key trade agenda items, including the Indo-Pacific Economic Framework, Korea-Australia FTA implementation progress, digital cooperation and regulatio date2022-04-07
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Energy
Korea's first homemade gas turbine to power Gimpo CCPP
Trade, Industry, and Energy Minister Moon Sung-wook visited the Gimpo Combined Cycle Power Plant (CCPP) project site operated by Korea Western Power (KOWEPO) on April 5 to attend the installation commencement ceremony of Korea’s first homemade gas turbine. The Ministry of Trade, Industry, and Energy (MOTIE) first propeled the public-private development of power plant gas turbines in 2013 as part of its MPE (materials, parts, and equipment) initiative. Six years later in 2019, Korea became date2022-04-06
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Energy
Minister Moon attends Korea’s Homemade Gas Turbine Installation Ceremony
Trade, Industry, and Energy Minister Moon Sung-wook attended Korea’s Homemade Gas Turbine Installation Commencement Ceremony on April 5, held at the Gimpo Combined Cycle Power Plant (CCPP) project site in Gimpo-si, Gyeonggi-do, where the turbine will be used to generate electricity. Minister Moon participated in the ribbon-cutting ceremony after extending congratulatory remarks, and toured around the power station site, encouraging the workers. The event was attended date2022-04-06
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Industry
Minister Moon attends 3rd Korea Shipbuilding and Marine Industry CEO Forum
Trade, Industry, and Energy Minister Moon Sung-wook attended the 3rd Korea Shipbuilding and Marine Industry CEO Forum on April 1 at the Millennium Hilton Seoul for the assessment of production manpower and discussing measures for securing human resources in the future. In his congratulatory remarks, Minister Moon noted that Korea’s shipbuilding industry must change “from a labor-intensive and large-scale industry of the past, to a high value-added industry in line with the g date2022-04-05
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Trade/Investment
Korea and U.S. discuss IPEF and Section 232 steel tariffs
Trade Minister Yeo Han-koo held a teleconference with the United States Trade Representative (USTR) Katherine Tai on March 31 to discuss the Indo-Pacific Economic Framework (IPEF) and Section 232 steel tariffs. This is the sixth round of talks held between the two trade chiefs since U.S. President Biden first announced the IPEF last October. With regard to IPEF, Minister Yeo mentioned that multiple discussions are underway across relevant ministries and public-private task forces. He also stat date2022-04-05
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Energy
Incheon City's hydrogen-powered transportation and investment MOU ceremony
Trade, Industry, and Energy 2nd Vice Minister Park Ki-young attended a ceremony celebrating the near future of “Incheon city for foreign-invested companies and hydrogen-powered public transportation” held at the Incheon Metropolitan City government office on March 30. At the ceremony, Vice Minister Park delivered a congratulatory message, and proceeded with the MOU signing ceremony for “Hydrogen-Powered Public Transportation City” among the Ministry of Trade date2022-04-01