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Industry
Minister Lee visits KCCI
Trade, Industry and Energy Minister Lee Chang-yang visited the Korea Chamber of Commerce and Industry (KCCI) on May 18 to facilitate government-industry discussions for future growth strategies, as his first inaugural outing. Minister Lee met with KCCI President Chey Tae-won and relayed in his opening remarks the Ministry’s plans to better support industrial endeavors and entrepreneurship while building open and unbroken communication for effective policies and economic vitality. date2022-05-19
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Industry
Vice Minister visits Hyundai-Kia Motors AutoLand plant
Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited the Hyundai-Kia Motors’ AutoLand plant in Hwaseong-si on May 18 to discuss the corporation’s mid-to-long term investment plans in Korea’s EV market. The Vice Minister received a briefing on Hyundai-Kia Motors EV industry status and future direction from Hyundai Motor President Gong Young-woon and Kia Motor Vice President Choi Jun-young, then toured around the EV6 production facilities and encouraged th date2022-05-19
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Trade/Investment
Korea's automobile exports reach $4.4 billion in April
The Ministry of Trade, Industry, and Energy announced on May 16 that Korea’s April automobiles exports recorded 196,780 units (up 12.4 percent) and USD 4.4 billion (up 6.1 percent) in value. Despite escalating global supply chain uncertainties, Korea showed mostly robust performance in its automobile production, domestic demand, and exports compared to the previous month. Production of cars suffered year-on-year from car parts shortages, less operating days (1 less), and supply chain ho date2022-05-16
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Industry
62nd Trade, Industry and Energy Minister Inauguration Ceremony
62nd Trade, Industry and Energy Minister Lee Chang-yang was sworn into office at the MOTIE Ministers' Joint Inauguration Ceremony on May 13 at Government Complex Sejong where he took his oath of office along with newly appointed Trade Minister Ahn Duk-geun and 1st Vice Minister Jang Young-jin (photos in this order). The ceremony was attended by Korean Intellectual Property Office (KIPO) Commissioner Kim Yong-rae, Deputy Minister for Trade and Investment Moon Dong-min, and t date2022-05-13
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Industry
424th Korea Trade Commission gives final conclusion on anti-dumping duty expiry review
The Ministry of Trade, Industry and Energy (MOTIE) held the 424th Korea Trade Commission (hereinafter “the Commission”) meeting on May 12 and gave the final conclusion of anti-dumping duty expiry review on butyl glycol ether from the U.S. and France. At the meeting, Chairperson Chang Seung-wha announced the Commission’s decision to suggest to the Economy and Finance Minister an extension of a 5-year 20.1-25.0 percent anti-dumping duty in consideration of possible dumping recur date2022-05-13
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Trade/Investment
Korea's ICT exports hit all-time highs in April, expanding 16.9%
The Ministry of Trade, Industry and Energy announced on May 12 that Korea’s exports of information and communications technology (ICT) products in April advanced 16.9 percent to USD 19.9 billion, hitting record highs in both monthly and accumulated value. Imports expanded 12.4 percent to $12.1 billion, and the trade balance stood at a surplus of $7.8 billion despite external uncertainties, including the Russia-Ukraine situation and China’s lockdowns. Outbound shipments of all major date2022-05-13
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Trade/Investment
Trade Minister discusses investment with Thermo Fisher Scientific for global vaccine hub
Trade Minister Yeo held a videoconference on May 9 with Thermo Fisher Scientific, a U.S. supplier of scientific instrumentation, consumables, and software services, to discuss investment prospects of establishing a life science materials production plant in Korea amid the company’s plans to expand its vaccine materials infrastructure. Thermo Fisher Scientific is a global producer of both raw and subsidiary life science materials with approximately 100,000 personnel across 60 countries. It date2022-05-11
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Trade/Investment
Trade Minister attends Trade Ministers’ Meeting to discuss Ukraine support
Trade Minister Yeo attended the virtual Trade Ministers’ Meeting convened by UK Secretary of State for International Trade Anne Marie Trevelyan on May 4 to discuss support for the people and economy of Ukraine. With various other major countries’ trade leaders, Minister Yeo relayed Korea’s efforts in step with the international community to support Ukraine and sought further measures for solidarity and cooperation. The videoconference was attended by trade rep date2022-05-06
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Trade/Investment
Trade Minister attends Trade Ministers’ Meeting to discuss Ukraine support
Trade Minister Yeo Han-koo attended the virtual Trade Ministers’ Meeting convened by the UK Secretary of State for International Trade Anne Marie Trevelyan on May 4 to discuss support for the people and economy of Ukraine. This meeting was held to strengthen solidarity and cooperation of the international community with respect to economic recovery assistance for Ukraine, and was proposed and held by the UK government. The U.S., Germany, France, Australia, and Japan were among the partici date2022-05-06
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Trade/Investment
Trade Minister holds Emergency Trade Assessment Meeting
The Ministry of Trade, Industry and Energy (MOTIE)’s Trade Minister Yeo Han-koo held an “Emergency Trade Assessment Meeting” on May 2 at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul to examine trade and response measures amid ongoing external risks and two consecutive months of trade deficit. Minister Yeo delivered opening remarks, and led discussions on how the Russia-Ukraine situation, China’s zero-COVID lockdowns, Indonesia’s palm oil exp date2022-05-04