Ministry of Trade, Industry and Energy

MOTIE kicks off Nuclear Energy Exports Strategy Committee

Trade, Industry and Energy Minister Lee Chang-yang kicked off the public-private joint Nuclear Energy Exports Strategy Committee (hereinafter “Committee”) and presided its first meeting on August 18. The Committee is composed of approximately 30 distinguished specialists, consisting of Deputy Minister-level officials from nine other relevant ministries, as well as public institution professionals and private industry-academia experts. Some major tasks for this Committee will be th date2022-08-18

Minister Lee holds Promising Industries Exporters Conference

Trade, Industry and Energy Minister Lee Chang-yang visited the Osong Life Science National Complex in Cheongju on August 16 to discuss exports boosting measures and presided the Promising Industries Exporters Conference.   In his opening remarks, the Minister stated that “for South Korea’s economy to achieve substantial growth, the role of new industries like bio-health, cosmetics and secondary batteries is critical” and discussed countermeasures and current issues with date2022-08-17

2nd Vice Minister visits Electrical Safety Education Center

Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited the Electrical Safety Education Center (ESEC) in Asan-si on August 16 for innovation of regulations of energy safety areas and job creation through private market.   The Vice Minister received a briefing on ESEC operation status and education regulatory innovation measures from ESEC President Kim Sung-joo. After touring the facilities and experiencing the virtual reality (VR) education program, he stated that “efforts date2022-08-17

Minister Lee holds Promising Industries Exporters Conference

Trade, Industry and Energy Minister Lee Chang-yang visited the Osong Life Science National Complex on August 16 to assess tenant companies’ trade status and to discuss measures for invigorating exports. Coming against the backdrop of surging prices of energy and raw materials, the Russia-Ukraine war, trade balance challenges, global economic slowdowns, supply chain uncertainties and interest rate hikes, Minister Lee’s visit aims to seek measures to further vitalize South Korea&rsquo date2022-08-17

1st Vice Minister awards 300th biz realignment program certificate

Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited on August 15 a domestic car parts manufacturer, Esys, which focuses on producing modules for EVs and self-driving cars, and is the 300th company to have been granted approval for the business realignment program.   The Vice Minister received a briefing on company operations from Essys Chairman Kim Yong-bum and President Noh Min-cheol. He then awarded the business realignment company approval certificate to the representat date2022-08-16

Korea's auto exports value grows 25.3% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 16 that Korea’s automobile output, outbound shipments and exports value increased 9.1 percent, 23.1 percent, and 25.3 percent, respectively, while domestic sales contracted by 3.0 percent. Amid persisting global supply chain uncertainties, the temporary abatement of the parts supply crisis has led to increases in both production and exports of finished cars. Meanwhile, domestic sales of Korean brands have remained larg date2022-08-16

Trade Minister holds Export Enterprises Conference

Trade Minister Ahn Duk-geun presided the Export Enterprises Conference at Seoul Cosmestics in the Namdong Industrial Complex in Incheon on August 10 to assess market impact on exporters and MPE (materials, equipment, equipment) businesses.   The Trade Minister gave an opening message and facilitated discussions on measures to strengthen government support for exporting businesses and gathered opinions of industry representatives regarding current trade issues.    The date2022-08-16

Korea maintains No.1 Shipyard position in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 10 that South Korea maintained its dominant position in global shipbuilding (following 1st place for first half of 2022), winning 55 percent (19 vessels amounting to 1.16 million CGT) of world’s total orders in July. In July, bid orders for a total of 72 vessels amounting to 2.11 million CGT ($5.3 billion) were opened in the July global market. The types of vessels consisted of 17 container ships (small-to-medium), 16 date2022-08-11

Korea's ICT exports shrink 0.7% in July, but still achieve trade surplus

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 11 that exports of Korea’s information and communications technology (ICT) goods decreased 0.7 percent to USD 19.3 billion in July.Imports gained 16.8 percent to $13.2 billion, but ICT trade still achieved a trade surplus of $6.1 billion despite less operating days (one less) in comparison with those of 2021. Average daily ICT exports advanced to a record-breaking $820 million. ICT exports performance of small and mid date2022-08-11

Minister Lee holds conference for nuclear energy industry revival

Trade, Industry and Energy Minister Lee Chang-yang visited PK Valve located in Changwon in South Gyeongsang Province on August 10 to hold a Nuclear Energy Industry Conference to discuss business support measures for revitalizing the industry ecosystem.   The Minister presided the conference and discussed measures for preproduction and funding measures. He also attended the MOU signing ceremony of Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and nuclear energy industry’ date2022-08-11