Ministry of Trade, Industry and Energy

Trade Minister presides 4th Multilateral Trade Strategy Assessment Meeting

Minister for Trade Dukgeun Ahn held the 4th Multilateral Trade Strategy Assessment Meeting on February 27 at the Government Complex Sejong with relevant ministries and the Permanent Mission of the Republic of Korea in Geneva. Launched in July 2022, the Multilateral Trade Strategy Assessment Meeting is channel through which ministries and the Permanent Mission of the Republic of Korea in Geneva discuss multilateral trade issues. This meeting focused on the currently ongoing negotiations in prep date2023-03-02

Korea's exports decline 7.5% in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports in February declined 7.5 percent year-on-year to USD 50.1 billion. Imports rose 3.6 percent to $55.4 billion. Trade balance stood at a deficit of $5.3 billion. The exports drop is attributed to the continued slowdown in the global economy and semiconductor industry, as well as the high base effect from the all-time high export performance in February of last year. Automobiles, car parts and general machi date2023-03-02

Korea announces measures for securing critical minerals supply

Trade, Industry and Energy Minister Lee Chang-yang presided a conference on February 27 at the Lotte Hotel Seoul to discuss strategies for securing critical minerals and measures to stabilize the supply chain.   The strategy for securing reliable critical minerals supply is a follow-up measure to President Yoon Suk-yeol’s order to establish a critical minerals supply chain centering around the Ministry of Trade, Industry and Energy. It is anticipated that the plan will help mitigate date2023-03-02

Korea announces measures for securing critical minerals supply

Trade, Industry and Energy Minister Lee Chang-yang presided a conference on February 27 at the Lotte Hotel Seoul to discuss strategies for securing critical minerals and measures to stabilize the supply chain. The conference was held in the attendance of representatives from various like EVs and secondary batteries that require critical minerals for business, as well as domestic and overseas firms in resources development, including Samsung SDI, Hyundai Motor, LG Energy Solution, SK On and&nbsp date2023-02-28

MOTIE holds briefing on EU’s Foreign Subsidies Regulation

The Ministry of Trade, Industry and Energy (MOTIE) held a briefing session on EU’s Foreign Subsidies Regulation (hereinafter “FSR”) on February 23 at the Trade Tower in Seoul in the attendance of approximately 60 companies and law firms. FSR is a regulation introduced by the EU with the objective of preventing distortion of fair competition arising from subsidies granted by non-EU states. It imposes notification obligations on companies in the EU to report on whether they rece date2023-02-28

Minister visits social welfare institution to check winter energy efficiency challenges

Trade, Industry and Energy Minister Lee Chang yang visited the social welfare institution “Rodem Namu” in Seoul on February 24, to check on wintertime energy efficiency related challenges. The above institution was provided with installation of thermal insulation and high-efficiency boiler as part of the ”energy efficiency improvement projects for the low-income class.' Minister Lee received a briefing on the institution’s management challenges by institution Director date2023-02-27

Korea's retail industry grows 4.0% in January

The Ministry of Trade, Industry and Energy announced on February 27 that Korea’s overall retail sales in January posted a 4.0 percent year-on-year growth. Offline sales lost 0.5 percent, while online sales gained 9.1 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super supermarket” date2023-02-27

Trade Minister presides Foreign Business Community Roundtable

Minister for Trade Dukgeun Ahn presided the “Roundtable Meeting for Foreign Business Community in Korea” on February 23 at the Lotte Hotel Seoul and announced the Ministry’s foreign investment promotion policy for 2023, which aims to attract more foreign direct investment (FDI) with focus on high-tech industries.   The roundtable was held to resolve investment challenges through in-person communication with foreign-invested companies and the American, European, Chinese, date2023-02-27

MOTIE announces foreign investment promotion measures for 2023

Minister for Trade Dukgeun Ahn presided the “Roundtable Meeting for Foreign Business Community in Korea” on February 23 at the Lotte Hotel Seoul and announced the Ministry’s foreign investment promotion policy for 2023, which aims to attract more foreign direct investment (FDI) with focus on high-tech industries. The roundtable was held in attendance of a total of 25 persons, consisting of representatives from major countries' Chambers of Commerce in Korea, foreign-invested co date2023-02-27

1st Vice Minister holds 4th Real Economy (Bio) Site Inspection Meeting

Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided the 4th Real Economy (Bio) Site Inspection Meeting on February 23 at K-SURE to share forecast and issues of bio-health industry’s export and investment for 2023.   Vice Minister Jang gave an opening message and led discussions on the export, investment and government support plans for the bio-health industry, while companies’ representatives shared their respective issues and challenges.   The meeting date2023-02-24