Ministry of Trade, Industry and Energy

2nd Vice Minister visits Shin Hanul 1 trial run site

Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited the Hanul Nuclear Power Plant in Uljin, Gyeongbuk on July 18 to inspect the Shin Hanul 1 trial run site and construction progress of Shin Hanul 3 and 4.   The 2nd Vice Minister received briefings from the powerplant director of Shin Hanul 1 and construction team head of Shin Hanul 3 and 4 on test operation and construction resumption status. He then delivered an opening message, stating that “the most basic prem date2022-07-20

MOTIE announces amended cash grant program to attract FDI

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 18 the amended version of its Foreign Investment Committee (FIC)-approved cash grant program for stimulating foreign investment in high-tech and supply chain areas. The amendment is in line with the recently announced work report MOTIE submitted to President Yoon Suk-yeol regarding “growth-oriented industrial strategies,” which aim to bolster cash grant programs to increase FDI in strong spill-over sector date2022-07-19

1st Vice Minister attends Innovative Eco-Friendly Ship Tech Project Launch

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the launching ceremony for Innovative Technology Development Business Project for Eco-Friendly Ships at the Korea Marine Equipment Research Institute (KOMERI) in Busan on July 15, alongside the Oceans and Fisheries (MOF) Vice Minister Song Sang-keun.   Vice Minister Jang delivered a congratulatory message and emphasized that Korea should sustain its status as shipbuilding powerhouse with future eco-friendly shipbuilding date2022-07-18

Korea's auto exports value gains 3.2% in H1 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 15 that Korea’s automobile output dropped 2.0 percent, while exports rose 1.5 percent by unit during the first six months (H1) of 2022. By value, exports increased 3.2 percent in H1 2022. Despite intensifying supply chain difficulties and domestic strikes of truckers, eco-friendly automobile exports and unit price increase are attributable factors of the growth. Automobile chips’ supply chain bottlenecks and China date2022-07-18

FDI pledges to Korea reach $11.1 billion in H1 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 15 that foreign direct investments (FDIs) pledged to Korea in the first half of 2022 fell 15.6 percent year-on-year to USD 11.1 billion. FDIs that actually arrived in Korea over the same period also dropped 21.1 percent to $7.0 billion. In contrast, the number of pledges and arrivals both increased. Pledges and arrivals by count rose by 10.1 percent and 12.1 percent to 1,640 and 1,183, respectively. The decline in amount is a date2022-07-15

Korea's ICT exports hit all-time highs for both June and H1

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 14 that South Korea’s information and communications technology (ICT) industry exported a record amount of goods for both the month of June and for first half (H1) of 2022. For June, Korea’s ICT exports amounted to USD 20.7 billion (up 7.3 percent year-on-year), making it the highest exporting June in history. Imports stand at $13.1 (13.05) billion (up 23.3 percent), recording $7.7 (7.65) billion in trade surplus. date2022-07-14

Korea and China hold FTA follow-up negotiations on service and investment

The Ministry of Trade, Industry and Energy (MOTIE) held Korea-China FTA service and investment follow-up negotiations at chief delegate-level on July 13 via teleconferencing. MOTIE’s chief FTA negotiator Lee Kyung-sik led the Korean delegation, and Director-General Yu Benlin of China’s Department of International Trade and Economic Affairs led the Chinese delegation, adding up to 20 attendees in total. The two countries have held nine negotiation rounds and meetings since March in date2022-07-13

1st Multilateral Trade Strategy Assessment Meeting

Trade Minister Ahn Duk-geun held the 1st Multilateral Trade Strategy Assessment Meeting on July 12 at the Government Complex Sejong with relevant ministries and delegation of the Permanent Mission of the Republic of Korea in Geneva (hereinafter 'Mission').  The Multilateral Trade Strategy Assessment Meeting has been launched to bolster the “one team, one voice” strategy of the South Korean government in terms of multilateral trade. In the past, trade issues were dealt through date2022-07-13

1st Vice Minister attends R&D Institutions' Conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the R&D Institutions’ Conference on July 11 at the Government Complex Sejong to discuss reorganization measures across all cycles of R&D process in accordance with the new regime’s industrial technology innovation strategy follow-up.   The Vice Minister delivered opening remarks, stating that they must “innovate the R&D process overall to create outcomes worthy of the KRW 30 trillion R&D date2022-07-13

MOTIE presents work report under new regime

The Ministry of Trade, Industry and Energy (MOTIE) presented the Ministry’s work report to President Yoon Suk-yeol on July 12, a five-year set of three-fold strategies containing 11 major project tasks. The three-fold strategies are in bold as follows. One, the Ministry will pursue a major industrial shift through growth-oriented strategy. The growth-oriented industrial strategy is built on four key aims. The first aim is to stimulate private investment through regulatory improvement, date2022-07-12