Ministry of Trade, Industry and Energy

2nd Vice Minister visits Korea Power Exchang to inspect preparedness

Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited the Korea Power Exchange (KPE) Gyeongin Branch in Gyeonggi-do on August 24 to inspect power supply emergency preparedness as part of Ulchi Freedom Shield exercises.   The Gyeongin KPE Branch operates the noncapital region’s 154kV transmission system network. Vice Minister Park received a summertime power supply management briefing from KPE Gyeongin Branch Manager Kim Tae-hoon as well as a situation update on the Branch date2022-08-26

Korea attends 2nd RCEP Joint Committee Meeting

Trade, Industry and Energy FTA Negotiations Director General Lee Kyung-sik attended the 2nd Regional Comprehensive Economic Partnership (RCEP) Joint Committee Meeting held on August 25 via videoconferencing with 14 RCEP member states’ representatives to discuss RCEP implementation system.   In his opening remarks, Director General Lee stated that South Korea will actively engage in the effective implementation of support for RCEP utilization of SMEs and cooperate with relevant insti date2022-08-26

Korea attends 2nd RCEP Joint Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 25 the launching of the 2nd Regional Comprehensive Economic Partnership (RCEP) Joint Committee Meeting, which was attended by approximately 40 persons from 14 member states via videoconferencing. The Korean government delegation is led by Lee Kyung-sik, MOTIE’s Director General for FTA Negotiations and includes officials of the Ministry of Economy and Finance (MOEF) and Korea Customs Service (KCS). This meeting is th date2022-08-26

Minister Lee holds Industry Conference in response to CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang held the Semiconductors, Cars and Batteries Industry Conference at KCCI on August 25 to seek public-private joint countermeasures in response to the U.S.’ recently passed CHIPS Act and Inflation Reduction Act (IRA).   In his opening remarks, Minister Lee relayed that “the Ministry will work closely with domestic automobile and battery sectors to respond to the IRA, while continuously raising the issue of the Acts possibly brea date2022-08-25

MOTIE holds Industry Conference in response to CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang held the Semiconductors, Cars and Batteries Industry Conference (hereinafter “Conference”) in Seoul on August 25 to seek public-private joint countermeasures in response to the U.S.’ recently passed CHIPS Act (Creating Helpful Incentives to Produce Semiconductors for America Act) and the Inflation Reduction Act. The CHIPS Act enables maximum 25 percent investment tax credits to companies making new investments in U.S. semicond date2022-08-25

1st Vice Minister visits Asan plant of Hanwha Aerospace Division

Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited the Hanwha Corporation’s Aerospace Division Asan plant in South Chungcheong Province on August 24 and relayed the Government’s commitment to strengthening Korea’s aerospace and defense competitiveness.The Vice Minister received the company briefing on operation status and current issues from Hanwha Aerospace CEO Shin Hyun-woo. He then toured the KF-21 and T-50 production lines and space launch vehicle testing f date2022-08-25

Trade Minister holds meeting for public-private joint exports cooperation

Trade Minister Ahn Duk-geun held a meeting on August 24 at the Korea Trade Insurance Corporation (K-SURE) headquarters to assess South Korea’s exports situation per sector amid rising exchange rate and exports slowdown to seek public-private joint measures to revitalize second-half exports and improve the trade balance.   The trade chief gave opening remarks, addressing the global economic landscape and its impact, and discussed measures for supporting exporting businesses.   date2022-08-25

Trade Minister holds meeting for public-private joint exports cooperation

Trade Minister Ahn Duk-geun held a meeting on August 24 to assess South Korea’s exports situation amid the rising exchange rate and concerns of exports slowdown, and discussed recent global economic changes and countermeasures for second-half exports vitalization. Minister Ahn remarked that exports’ continuous rise for 21 consecutive months leading up to July was somewhat offset by the greater surge of energy imports, resulting in a trade deficit. As of June, exports growth shrank t date2022-08-25

MOTIE holds Eco-Friendly Textiles Industry Conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin held the Eco-Friendly Textiles Industry Conference on August 24 at COEX in Seoul to seek public-private joint measures for eco-friendly, low-carbon strategies in response to global green trends in the fashion enterprise. The global textiles market is seeing emerging trends of environmental regulations, consumer awareness of environmental values and global fashion brands’ pursuit of sustainable development, all of which forecast a date2022-08-24

1st Vice Minister holds Eco-Friendly Textiles Industry Policy Conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided the Eco-Friendly Textiles Industry Policy Conference on August 24 at COEX to seek public-private joint measures for eco-friendly, low-carbon strategies in response to global green trends in the fashion enterprise.   In his opening message, the Vice Minister mentioned the need for “proactive role awareness of fashion industry regarding sustainability and climate change crisis,” and facilitated discussions on p date2022-08-24