Ministry of Trade, Industry and Energy

MOTIE submits IPEF plan to National Assembly

The Ministry of Trade, Industry and Energy (MOTIE) submitted its Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations plan to the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee on August 29. After the launching of IPEF on the occasion of the May 23 summit meeting, the Government has been actively engaging in member states’ preliminary negotiations process, proceeding with the economic feasibility evaluation (May-June) and public hearing (July date2022-08-31

Government delegation team to hold IRA talks in Washington D.C.

The Ministry of Trade, Industry and Energy (MOTIE) announced that the Government delegation team will be holding talks through August 29-31 in Washington D.C. regarding the Inflation Reduction Act (IRA) signed in mid-August. The delegation will convey South Korea’s concerns on the amended EV subsidies law to the U.S. Trade Representative, Department of the Treasury, Department of Commerce and Congress members in order to seek countermeasures. The schedule will also include a conference w date2022-08-31

2nd Vice Minister visits Korea's first hydrogen self-charging station

Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited the nation’s first hydrogen self-charging station at Incheon Airport on August 29 for safety devices inspection and self-charging demonstration.    In his opening message, the Vice Minister remarked that “self-charging is an excellent case of regulatory improvement in that it satisfies both drivers and charging station business operators by enabling longer station operation hours and cheaper hydrogen price.& date2022-08-30

Trade Minister convenes emergency Trade Committee regarding IRA

Trade Minister Ahn Duk-geun presided an emergency meeting of the Korea Trade Committee on August 30 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures in response to the recently passed U.S.’ Inflation Reduction Act (IRA). With respect to IRA, the Ministry has been actively communicating with the U.S. through industrial and ministerial channels so as to prevent Korea’s domestic EV industry bleeding from unfair competition in the U.S. market, including high- and date2022-08-30

Trade Minister attends World EXPO 2030 Busan Advisory Committee 2nd meeting

Trade Minister Ah Duk-geun attended the World EXPO 2030 Busan Advisory Committee’s second meeting on August 26 at the Four Seasons Hotel in Seoul to confirm the final bid dossier for submission and discussed promotion plans for the second half of 2022.   The meeting was attended by Committee members, including Prime Minister Han Duck-soo, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won and Busan Mayor Park Heong-joon.   date2022-08-30

Korea's retail industry gains 9.7% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 30 that Korea’s retail industry saw sales growth of 9.7 percent in July. Both offline and online sales posted growth, up 12.1 percent and 7.3 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four 'super supermarket' (SSM) date2022-08-30

World Expo 2030 Busan Advisory Committee holds 2nd meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced that the second meeting of World Expo 2030 Busan Advisory Committee (hereinafter “Committee”) was held at the Four Seasons Hotel on August 26, co-presided by Prime Minister Han Duck-soo and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won.  MOTIE gave a briefing of the dossier and Committee members held a vote to confirm the dossier for official submission. Top experts worked together date2022-08-29

Minister attends radioactive waste disposal facilities groundbreaking ceremony

Trade, Industry and Energy Minister Lee Chang-yang attended the groundbreaking ceremony of second stage near-surface disposal facilities for low- and intermediate-level radioactive waste on August 26 held at the Korea Radioactive Waste Agency (KORAD) to encourage safe construction management, and visited the Wolsong nuclear reactor and dry storage facility.   Minister Lee remarked that the second stage near-surface disposal system for low- and intermediate-level radioactive waste will be date2022-08-29

Minister attends radioactive waste disposal facilities groundbreaking ceremony

Trade, Industry and Energy Minister Lee Chang-yang attended the groundbreaking ceremony of second stage near-surface disposal facilities for low- and intermediate-level radioactive waste on August 26 to encourage safe construction management, and visited the Wolsong nuclear reactor and dry storage facility. The second stage near-surface disposal facilities are the nation’s first low-level radioactive waste disposal infrastructure, with the capacity to handle 1,250,000 drums of waste. Con date2022-08-29

1st Vice Minister visits POSCO Chemical

Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited POSCO Chemical in North Gyeongang Province on August 25 and received a briefing on the MPE (materials, parts, equipment) cooperation business model from Chung Dae-hun, Vice President of POSCO Chemical, a company that successfully secured a domestic supply chain for synthetic graphite anode materials required to produce secondary batteries. He then toured the assembly, coating and graphitization facilities and encouraged site wor date2022-08-26