Ministry of Trade, Industry and Energy

Korea hosts 28th World Gas Conference

Trade, Industry and Energy Minister Lee Chang-yang attended the 28th World Gas Conference (WGC) held in Daegu, Korea, on May 24. The four-day conference is the global gas industry’s largest international event and is convened every three years by the International Gas Union (IGU). IGU member states’ gas trade takes up 95% of the world’s total gas volume. Over 20,000 people from approximately 80 countries are estimated to attend. A total of 370 companies will be gathering, incl date2022-05-27

Minister Lee visits auto parts manufacturer

Trade, Industry and Energy Minister Lee Chang-yang visited combustion engine vehicle parts manufacturer Guyoung Tech located in Daegu on May 24 to promote the importance of successful future car transition for Korea’s economic growth and vitality.   Minister Lee received a briefing on some of the challenges obstructing the auto parts maker’s path to future car transition, then toured its engine and transmission production facilities under the guide of CEO Lee Hee-hwa and encou date2022-05-27

MOTIE attends 28th APEC MRT Meeting

Trade, Industry and Energy Ministry (MOTIE)’s Deputy Minister for International Trade and Legal Affairs Ahn Sung-il attended the 28th Asia-Pacific Economic Cooperation (APEC) MRT (Ministers Responsible for Trade) meeting on May 21-22 held in Bangkok, Thailand to discuss supply chain, digital, and environment issues for an inclusive and sustainable future.   In his opening remarks, Deputy Minister Ahn proposed measures on supply chain stabilization, climate change response, digital date2022-05-27

MOTIE attends 28th APEC MRT Meeting

Trade, Industry and Energy Ministry (MOTIE)’s Deputy Minister for International Trade and Legal Affairs Ahn Sung-il attended the 28th Asia-Pacific Economic Cooperation (APEC) MRT (Ministers Responsible for Trade) Meeting on May 21-22 held in Bangkok, Thailand. APEC is the world’s largest economic consultative organization for sustainable economic growth and mutual prosperity consisting of 21 nations, taking up 62.2% of global GDP and 51.9% of total trade volume as of 2020. This 28t date2022-05-25

Minister Lee co-hosts Korea-U.S. business roundtable

Trade, Industry and Energy Minister Lee Chang-yang co-hosted the Korea-U.S. Business Roundtable with U.S. Secretary of Commerce Gina Raimondo at the Grand Hyatt Seoul on May 21 to strengthen Korea-U.S. partnership and expand supply chain cooperation.   Minister Lee delivered opening remarks and participated in discussions on measures to expand bilateral trade and investment for mutually beneficial economic cooperation.   In attendance were business representatives and government of date2022-05-25

Korea-U.S. roundtable on occasion of President Biden's state visit

Trade, Industry and Energy Minister Lee Chang-yang co-hosted a Korea-U.S. roundtable with U.S. Secretary of Commerce Gina Raimondo on the occasion of U.S. President Joe Biden’s state visit (May 20-22) and signed the Supply Chain and Commercial Dialogue MOU to deepen the existing economic relations to a partnership encompassing supply chain and high-tech. This roundtable was the sole opportunity during the state visit for bilateral public-private talks on supply chain countermeasures, tech date2022-05-24

Netflix and Korea seal $100 million investment deal to build special effects infrastructure

Trade Minister Ahn Duk-geun attended the ceremony held by the Ministry of Trade, Industry and Energy (MOTIE) marking the occasion of Netflix’s investment through a subsidiary called Scanline VFX that will inject USD 100 million over six years to build Asia’s first special effects filmmaking infrastructure in Korea. Scanline VFX is a company acquired by Netflix that specializes in special visual effects and provides services to global content creators like Warner Brothers, Marvel Stu date2022-05-23

Trade Minister attends Netflix-Korea investment notification ceremony

Trade Minister Ahn Duk-geun attended the Netflix-Korea investment notification ceremony on May 20, marking Netflix’s unprecedented six-year USD 100 million investment through its subsidiary Scanline VFX to develop high-tech special visual effects and virtual reality ecosystem in Korea, on the occasion of U.S. President Joe Biden’s state visit.   In his opening remarks, Minister Ahn noted that “As K-content industry exports surpassed the $11 billion thresholds in 2020 and date2022-05-20

8th Korea-EU working group meeting on trade remedy cooperation

The Ministry of Trade, Industry and Energy (MOTIE) held the 8th Korea-EU working group meeting on trade remedy cooperation (hereinafter “working group”) via videoconference on May 19 to assess respective trade defense mechanisms, inform each other on trade remedy laws, and exchange views on trade remedy policies of major trading partners. “Trade remedy” refers to safeguards and such import regulatory measures put in place to instill fair trade order and protect domestic date2022-05-20

10th Korea-EU FTA working group meeting on pharmaceuticals and medical devices

The Ministry of Trade, Industry and Energy (MOTIE), together with the Ministry of Health and Welfare and the Ministry of Food and Drug Safety, convened the 10th Korea-EU FTA working group (hereinafter “working group”) meeting on pharmaceuticals and medical devices on May 19 at the Government Complex Sejong via videoconference with their EU counterparts. The Korean delegation was led by MOTIE’s Europe Division Trade Policy Director Seo Sung-tae, while the EU delegation was led date2022-05-19