Ministry of Trade, Industry and Energy

IPEF ministerial statement outlines four pillars for economic cooperation

The Ministry of Industry, Trade and Energy (MOTIE) announced on September 10 that the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting held on September 8-10 in Los Angeles saw the fruition of a joint ministerial statement containing the text and statements focused on the following four pillars: trade, supply chains, clean economy and fair economy. The statement is the outcome of intensive negotiations that have taken place since the first launching of the Framework in date2022-09-13

Trade Minister attends IPEF Ministerial Meeting

Trade Minister Ahn Duk-geun will be attending the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting held in Los Angeles, U.S. on September 8-9, which is the first in-person IPEF ministerial meeting to be co-hosted by U.S. Trade Representative Katherine Tai and Secretary of Commerce Gina Raimondo. The fourteen IPEF member countries’ ministers will discuss four major issues and relevant agendas, namely trade, supply chain, clean economy and fair economy. The Ministry of Trade, Ind date2022-09-08

Minister Lee visits traditional market on occasion of Chuseok holidays

Trade, Industry and Energy Minister Lee Chang-yang visited the Yeong-cheon Traditional Market on September 7 to promote COVID-19 self-quarantine measures and inspect the holiday prices and energy safety conditions prior to the Chuseok holidays.   The Minister received a market management briefing from the merchants’ association chairman Park Jong-bok, and used an Onnuri certificate to purchase items, which were then donated to Raphael Kids’ Home, a nonprofit organization for p date2022-09-08

1st Vice Minister visits BIE for talks on World EXPO 2030 Busan

Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited the Bureau International des Expositions (hereinafter “BIE”) in Paris on September 7 as head of the Government delegation team to submit the candidature dossier for World EXPO 2030 Busan and met with BIE Secretary General Dimitri S. Kerkentzes.   The Vice Minister illustrated Korea’s plans for Busan hosting the World EXPO based on differentiated strategies and hosting capacities unique to Korea, and rela date2022-09-08

Minister Lee attends SMEs Business Leaders Conference

Trade, Industry and Energy Minister Lee Chang-yang attended the SMEs Business Leaders Conference on September 7 at the Korea Federation of SMEs (KBIZ) in Seoul to gather industry opinions and discuss support measures for SMEs per key sector.    Minister Lee stated that the Ministry will strive to help SMEs grow into global companies by providing support for technological innovation, deregulating, and value enhancement. In particular, he promised to prepare the 3rd Ppuri (Root) I date2022-09-08

1st Vice Minister visits BIE for talks on World Expo 2030 Busan

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 7 that 1st Vice Minister Jang Young-jin will be visiting Paris through September 6-8 in order to submit the candidature dossier for World Expo 2030 Busan to the Bureau International des Expositions (hereinafter “BIE”). The 1st Vice Minister is heading the Government delegation team, which also consists of Kim Yoon-il, President's Future Strategy Secretary, as well as Shin Chae-hyun, Ambassador for Intern date2022-09-08

Minister Lee holds talks with U.S. Representatives on IRA

Trade, Industry and Energy Minister Lee Chang-yang held talks on September 5 with the U.S. House of Representatives members visiting Korea on the recently passed Inflation Reduction Act (IRA) and expressed serious concerns.   Minister Lee concurred with the U.S.’ intent for climate change response and clean energy expansion, but relayed that the IRA’s discriminatory elements regarding tax benefits for U.S-made EVs are a source of great concern to the Korean government and rela date2022-09-06

Minister Lee holds talks with U.S. Representatives on IRA

Trade, Industry and Energy Minister Lee Chang-yang held talks on September 5 with the team of U.S. Representatives during their visit to Korea, and raised concerns over the Inflation Reduction Act (IRA) and exchanged views on reinforcing Korea-U.S. cooperation. Visiting members of the U.S. House of Representatives are Andy Barr, Darrell Issa, Claudia Tenney, Stephanie Murphy, Scott Franklin, Kaiali’I Kahele, Joe Wilson, Michael Waltz and Kat Cammack, nine in total. Seven are members of th date2022-09-06

Korea and Oman hold talks on energy supply chain cooperation

Trade, Industry and Energy Minister Lee Chang-yang held talks with Oman’s Energy and Minerals Minister Salim bin Nasser Al Aufi on September 5 at the Lotte Hotel Seoul concerning LNG, green hydrogen, energy supply chain cooperation and Korean companies’ participation in Oman’s energy infrastructure projects. date2022-09-05

Trade Minister visits Washington D.C. for IRA talks

Trade Minister Ahn Duk-geun is visiting Washington D.C. through September 5-7 to meet U.S. government officials and Congress members in person to discuss the recently signed Inflation Reduction Act (IRA) concerning tax benefits for electric vehicles (EVs) 'for which final assembly occurred in North America.' As the abovementioned IRA incorporates discriminatory treatment towards imported EVs in the U.S. market, Korean automakers have voiced serious concerns. Accordingly, the trade chief is cont date2022-09-05