Ministry of Trade, Industry and Energy

MOTIE kicks Industrial Transformation into high gear

The Ministry of Trade, Industry and Energy (MOTIE) held the first Industrial Transformation Forum meeting with its six private-sector subcommittees' chairpersons and representatives of relevant institutions on January 26 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the need and specific measures for industrial transformation. Forum attendees pointed out that the majority of Korea’s exports and production has centered on 10 areas over the last decade, including semicondu date2023-01-27

Trade Minister discusses exports with think tank group

Minister for Trade Dukgeun Ahn held a conference on exports with research institutes at the Korea Chamber of Commerce and Industry (KCCI) on January 26 to forecast Korea’s economy and exports performance for 2023 and share government policies on exports strengthening measures.   Trade Minister Ahn assessed the impact of difficult external conditions like oil prices and exchange rates on the Korean economy, and facilitated discussions touching on various topics, including semiconduct date2023-01-26

2nd Vice Minister inspects winter season power supply situation

Trade, Industry and Energy 2nd Vice Minister Park Il-Jun visited the Seoul Thermal Power Plant in Mapo-gu on January 24 to inspect power facilities and management situation, where he was briefed by Lim Yang-soo, head of Korea Midland Power's Seoul headquarters. He toured the winter season power supply operations and encouraged employees. date2023-01-26

Korea and UAE agree to strengthen public-private economic cooperation

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin held the working group meeting of Korea-Middle East public-private joint committee for economic cooperation on January 25 at the Korea International Trade Association (KITA) in the attendance of relevant ministries, public institutions and private sector companies. The meeting consisted of two programs, the first of which focused on follow-up and implementation measures of the 16 MOUs signed between the two governme date2023-01-26

MOTIE holds public-private working group meeting on Korea-Middle East economic cooperation

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin held the public-private joint committee working group meeting on Korea-Middle East economic cooperation on January 25 at the Korea International Trade Association (KITA) to discuss 48 implementation measures following recent MOUs, building upon the Korea-UAE summit diplomacy momentum.   The Deputy Trade Minister exchanged views regarding energy, new industries, national defense, SMEs, trade and investment with date2023-01-25

1st Vice Minister visits market ahead of Korea's Lunar New Year holidays

Trade, Industry, and Energy 1st Vice Minister Jang Young-jin visited the Gwangjang Traditional Market located in Jongno-gu, Seoul, on January 19 to inspect market prices and self-quarantine conditions ahead of Korea's Lunar New Year holidays.   After receiving a briefing from Seoul Merchants Association Chairman Choo Gwi-sung on market management issues, Vice Minister Jang purchased holiday goods using an onnuri gift certificate. In view of the COVID-19 situation, the purchased goods were date2023-01-20

Trade Minister attends trade ministerial sessions at Davos

Minister for Trade Dukgeun Ahn attended the World Economic Forum (WEF) 2023 held in Davos, Switzerland, as of January 18, where he partook in various sessions discussing key issues with many other countries’ government and business leaders.   He attended “The Case for Trade” session with U.S. Trade Representative Katherine Tai as one of the panelists and emphasized the need for stronger global trade solidarity for revitalization of the free trade system so as to respond date2023-01-20

Minister discusses investment deals with global companies at Davos

Trade, Industry and Energy Minister Lee met with the management personnel of German multinational science and technology company Merck and Swiss healthcare company Novartis, respectively, at Davos on January 19 to discuss investment in Korea.   Merck Life Science CEO Matthias Heinzel shared investment achievements and future cooperation measures, revealing that Korea is one of the major candidate sites for the company’s upcoming new plant for raw and subsidiary bio materials. &nbsp date2023-01-20

Trade Minister attends trade ministerial sessions at Davos

Minister for Trade Dukgeun Ahn attended the World Economic Forum (WEF) 2023 held in Davos, Switzerland, as of January 18, where he partook in various sessions discussing key issues with many other countries’ government and business leaders. Trade Minister Ahn attended the “The Case for Trade”, “Busting Business Barriers” and Trade and Investment Leadership Breakfast sessions to discuss measures for restoring the global trade system and investment. He attended &ldq date2023-01-20

Minister discusses investment deals with global companies

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 18 the decision of world-leading Danish wind turbine manufacturer Vestas to invest USD 300 million in South Korea, to which the company is positively considering moving its Asia-Pacific regional headquarters to South Korea. An investment deal ceremony was held in Davos, Switzerland, to mark the decision. With the $300 million investment, Vestas plans to build a large-scale wind turbine plant in Korea for producing core equ date2023-01-20