Ministry of Trade, Industry and Energy

Korea and Oman hold talks on energy supply chain cooperation

Trade, Industry and Energy Minister Lee Chang-yang held talks on September 5 with Oman’s Energy and Minerals Minister Salim bin Nasser Al Aufi concerning bilateral energy supply chain cooperation and Korea’s participation in Oman’s energy infrastructure projects. Minister Lee noted how important the two countries are to one another, as Oman is fourth largest LNG supplier (9.6 percent of Korea’s total LNG imports) to Korea, while Korea is Oman’s largest LNG importer date2022-09-05

2nd Vice Minister attends G20 Energy Ministers Meeting

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the G20 Ministers meeting on September 2 via videoconferencing to discuss energy and environmental cooperation for clean energy expansion.   During the meeting, the member states exchanged views on the joint communique for clean energy acceleration and discussed agenda items, including technology development and supporting access to clean energy for the disadvantaged, as well as investment and financial assistance.   date2022-09-02

2nd Vice Minister attends G20 Energy Ministers Meeting

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the G20 Energy Ministers Meeting on September 2 via videoconferencing and discussed cooperation measures to expand clean energy and expressed support for the joint communiqué on accelerating clean energy. Participant nations agreed that the global energy market was becoming more fraught with uncertainties and the need for supply chain and security is rising. Moreover, they discussed technological development, support for e date2022-09-02

Trade Minister meets with UK Prime Minister's trade envoy to Korea

Trade Minister Ahn Duk-geun met with John Whittingdale, the UK Prime Minister's trade envoy to the Republic of Korea, on September 1 at the Four Seasons Hotel Seoul and discussed climate change, digital trade, supply chain and requested UK’s support for Korea’s winning the bid to host World EXPO 2030 in Busan. date2022-09-01

2nd Vice Minister holds 1st Energy Supply Emergency Measures meeting

Trade, Industry and Energy 2nd Vice Minister Park Il-jun presided the first Energy Supply Emergency Measures meeting on September 1 at Korea Electric Power Corporation (KEPCO) Southern Seoul Headquarters to discuss energy supply stabilization measures for the coming winter season amid prolonged Russia-Ukraine war.   The attendees assessed summertime power supply performance, then discussed private power generation, wintertime power supply prospects and response measures.   The even date2022-09-01

Minister holds talks with U.S. Ambassador to Korea

Trade, Industry and Energy Minister Lee Chang-yang met with Philip Seth Goldberg, U.S. Ambassador to Korea, on August 31 in Seoul and discussed IRA, Korea-U.S. supply chain and other current issues for future cooperation. date2022-09-01

Korea's exports rise 6.6% in August

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s exports in August saw a year-on-year expansion of 6.6 percent and recorded USD 56.7 billion, hitting the highest value for the month of August in history. Imports jumped 28.2 percent to $66.2 billion, resulting in a trade deficit of $9.5 billion. Total trade volume achieved highest ever $960.3 billion. Despite protracted Russia-Ukraine war and tighter monetary policies of major countries, exports posted grow date2022-09-01

Minister holds talks with U.S. Ambassador to Korea over IRA and CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang met with Philip S. Goldberg, United States Ambassador to South Korea, in Seoul on August 31 to congratulate his new appointment to the post and discussed future Korea-U.S. cooperation on current issues. On the recently passed Inflation Reduction Act (IRA), Minister Lee relayed his agreement to general measures for climate change response and clean energy expansion. However, with regard to tax benefits for EV makers, he expressed serious co date2022-09-01

Prime Minister and 2nd Vice Minister attend H2 MEET

South Korea’s Prime Minister Han Duck-soo and Trade, Industry and Energy 2nd Vice Minister Park Il-Jun attended the H2 MEET (Mobility, Energy, Environment, Technology) Exhibition opening ceremony at KINTEX in Goyang-si, Gyeonggi-do on August 31. In his congratulatory message, Prime Minister stated that “Korea’s new regime aims to achieve a balanced development of all hydrogen cycles (production, distribution, utilization) and that future policies will be soon announced by the date2022-08-31

Korea and Canada hold talks on energy and resources cooperation

Trade, Industry and Energy 2nd Vice Minister Park Il-jun held talks with John F.G. Hannaford, Canada’s Deputy Minister of Natural Resources, on August 30 at the Government Complex Seoul to discuss measures to deepen Korea-Canada cooperation in natural gas, critical minerals, hydrogen and nuclear reactors. date2022-08-31