Ministry of Trade, Industry and Energy

1st Vice Minister holds conference on shipyards' manpower issues

Trade, Industry and Energy 1st Vice Minister Jang Young-jin held a conference on January 9 at Daewoo Shipbuilding & Marine Engineering (DSME) in South Gyeongsang Province to discuss manpower issues with shipbuilding industry representatives.   The Minister led discussions and gathered opinions on public-private joint solutions on the current manpower shortage across shipyards.   The conference was attended by Korea’s shipbuilding industry representatives, including K date2023-01-10

Minister makes first exporting company site visit for 2023

Trade, Industry and Energy Minister Lee Chang-yang visited the world-leading end mill manufacturer YG-1 plant in Incheon on January 5 for his first trip to an export business site in the new year with aim to encourage workers and promote exports growth.   The Minister received a briefing from YG-1 President Song Ho-geun and Vice President Song Ji-han and toured the production facilities and smart factory specially designed for manufacturing YG-1’s endmill cutters.   date2023-01-05

Korean shipbuilders lead high value-added, eco-friendly market in 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 5 that South Korea’s shipbuilding industry won home 37 percent (15.6 million compensated gross tonnage (CGT), USD 45.3 billion) of all orders worldwide. Korea’s market share grew 4 percent to 37 percent in 2022, which is meaningful considering the 22 percent decrease in total global orders in 2022 compared to the previous year. Market share was largest in 2018 (38 percent). This achievement is assessed as attr date2023-01-05

Minister visits LG Chem Life Sciences Company

Trade, Industry and Energy Minister Lee Chang-yang visited the LG Chem Life Sciences Company’s Osong plant on January 3 to assess recent domestic and international bioindustry trends and discuss measures to strengthen Korea’s competitiveness.   Minister Lee received a briefing from the company’s president Son Jee-woong on company operations and issues, led discussions on bioindustry trends and toured the facilities, encouraging the site employees.   date2023-01-04

FDI pledged to Korea in 2022 reach record-breaking $30.5 billion

The Ministry of Trade, Industry and Energy announced on January 3 of 2023 that the annual foreign direct investments (FDIs) for 2022 increased by 3.2 percent to USD 30.5 billion. The FDIs that actually arrived in Korea over the same period declined 3.1 percent to $18.0 billion. A robust manufacturing base and system improvement efforts boosted FDI to historic highs despite global economic uncertainties, and contributed to an increase in investment and employment. By industry, investment pledge date2023-01-04

Korea's exports grow 6.1% in 2022

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2022 hit USD 683.9 billion, a 6.1 percent increase over the previous year. Annual imports increased 18.9 percent to $731.2 billion. Annual trade amounts to $1.4 trillion (up 12.4 percent) and the trade balance stands at a deficit of $47.2 billion. Despite the Russia-Ukraine war, China’s zero-COVID lockdowns and other uncertainties, Korea’s exports hit historic highs, although major cou date2023-01-03

MOTIE cohosts 1st Exports & Investment Financial Assistance Conference

Trade, Industry and Energy Minister Lee Chang-yang and Financial Services Commission Chairman Kim Joo-hyun cohosted the 1st Exports and Investment Financial Assistance Conference on December 29 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures to overcome critical economic challenges in 2023 via industrial and financial sectors’ close cooperation. The meeting was attended by Government officials and industrial and financial sectors’ representatives, including date2022-12-30

1st Vice Minister attends Bio Industry Exports Assistance Conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the Bio Industry Exports Assistance Conference on December 29 in Seoul and sought measures to bolster exports competitiveness of Korea’s medical supplies and devices with Health and Welfare 2nd Vice Minister Park Min-soo.   The Ministers gathered opinions and listened to various issues challenging the bio industry’s companies, exports assistance institutions and certification agencies, and discussed meas date2022-12-30

MOTIE cohosts 1st Exports & Investment Financial Assistance Conference

Trade, Industry and Energy Minister Lee Chang-yang held the 1st Exports and Investment Financial Assistance Conference on December 29 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures to overcome the critical economic challenges in 2023 via industrial and financial sectors’ close cooperation.   The Minister gave an opening message and led discussions on economic forecast per industry sector and corporate financial assistance for 2023.   The meeting was date2022-12-30

MOTIE announces work report for 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced the work report for 2023 on December 27, outlining MOTIE’s four major tasks for 2023 as follows. One, MOTIE will direct pan-ministerial efforts to achieve exports growth by injecting KRW 360 trillion in trade financing and training up 1,500 young trade specialists. Korea’s goal is to achieve over USD 680 billion in exports in 2023. MOTIE will support Korea in entering the nuclear energy markets in the Czech Republic, Phil date2022-12-29