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Energy
Energy Vice Minister visits ESS facilities for emergency safety inspection
Energy Vice Minister Park Ki-young visited the Daeseon Solar Power Plant located in Wonju-si, Gangwon Province on January 25 to promote the inspection of safety systems and prevention of safety accidents regarding ESS equipment and facilities, in view of the recent fires. During the visit, Minister Park received an update and briefing of ESS safety management status and related challenges on-site before touring the ESS facilities and encouraged site personnel to keep up their hard work. date2022-01-26
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Industry
The 4th Korea-China Ministerial Dialogue on Industrial Cooperation
Trade, Industry, and Energy Minister Moon Sung-wook presided a meeting with China’s Industry and Information Technology Minister Xiao Yaqing at the Sejong Government Complex on January 25 to discuss furthering of measures for mutual cooperation. Minister Moon noted how Korea and China, on the strong foothold of FTA, both recorded historic trade achievements in 2021 even in the face of prolonged COVID-19 pandemic and ensuing global economic challenges. He stated that this meeting will play date2022-01-26
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Industry
Vice Minister attends 1st Balanced National Development Day Ceremony
Trade, Industry and Energy 1st Vice Minister Park Jin-kyu attended the 1st Balanced National Development Day Ceremony held at Sejong City Hall on January 25. The event was held to honor the Balanced National Development Day, which has been designated to be on January 29th of every year according to the Special Act on Balanced National Development and its revised enforcement decree. The ceremony commenced with a progress report of balanced national development, then followed by video viewing, date2022-01-26
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Industry
Cabinet passes National High-Tech Strategic Industries Special Act
Trade, Industry and Energy Minister Moon Sung-wook announced at the 5th Cabinet meeting held on Janaury 25 the passing of the legislative bill for the National High-Tech Strategic Industries Special Act. The Special Act aims to nurture and protect Korea’s high-tech strategic industries for building national and economic security as well as gaining high-tech competitiveness, and its details are as follows: 1) Form a National High-Tech Strategic Industries Committee un date2022-01-25
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FTA/Economic Cooperation
Korea and GCC sign joint statement for resuming FTA negotiations
Trade Minister Yeo Han-koo and the Gulf Cooperation Council Secretary General Nayef Falah M. Al-Hajraf signed a joint statement on January 19 at the Secretariat General of the Gulf Cooperation Council in Riyadh, under which Korea and GCC will resume talks to settle a formal FTA deal, which had been on hold since last negotiations in 2009. Minister Yeo noted the significance of this official declaration in view of global trade, which has currently been dampened from the COVID-19 pandemic as well date2022-01-21
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Energy
MOTIE holds Energy Facilities Safety Inspection Meeting
Energy Vice Minister Park Ki-young held an online “Energy Facilities Safety Inspection Meeting” at the Government Complex Seoul on January 19 for the prevention of safety accidents during high risk seasons. Minister Park addressed the need to preemptively identify risk factors through special inspections on energy production and supply facilities, requesting speedy maintenance on faulty equipment. Noting the recent electrocution accident and ESS fire, he further led discussion date2022-01-21
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FTA/Economic Cooperation
Korea and Saudi Arabia hold 3rd Vision 2030 Committee Meeting
Trade, Industry, and Energy Minister Moon Sung-wook co-hosted the 3rd Korea-Saudi Vision 2030 Committee Meeting in Riyadh with Saudi Investment Minister Khalid al-Falih on January 18 to discuss major achievements and future cooperation. Several major accomplishments were noted during the meeting, one of which is the MOU for a USD 940 million joint casting-forging plant within the King Salman International Maritime Industries Complex in Ras Al-Khair, Saudi Arabia. Construction is to kick off thi date2022-01-20
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FTA/Economic Cooperation
Korea and Saudi Arabia hold 3rd Vision 2030 Committee Meeting
Trade, Industry, and Energy Minister Moon Sung-wook co-hosted the 3rd Korea-Saudi Vision 2030 Committee Meeting in Riyadh with Saudi Investment Minister Khalid al-Falih on January 18 to discuss major achievements and future cooperation. The Korea-Saudi Vision 2030 is a joint vision of the two countries in line with Saudi Vision 2030, a blueprint for realizing sustainable growth and new economic drivers while reducing Saudi Arabia’s dependence on its oil income. In j date2022-01-20
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Industry
Korea's automobile exports reach $46.5 billion in 2021
The Ministry of Trade, Industry and Energy announced on December 18 that Korea’s automobile export value for 2021 increased 24.2% to USD 46.5 billion, and export volume increased by 8.6% to 2.1 million units. In terms of automobile production and domestic sales, the industry saw declines of 1.3 percent and 8.5 percent, respectively. The export value maintained previous year-level growth despite prolonged COVID-19 pandemic difficulties. Hybrid cars exports (up by 71.0%) were the st date2022-01-19
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Industry
MOTIE visits Agency for Defense Development
Trade, Industry and Energy 1st Vice Minister Park Jin-kyu visited the Agency for Defense Development (ADD) in Daejeon on January 17, 2022 to promote cooperation among ADD, MOTIE, and the Defense Acquisition Program Administration (DAPA) for space industry development. With regard to space industry development, Minister Park addressed that it is critical to foster a virtuous cycle ecosystem for launching and demonstrating satellites made up of Korea’s domestic materials, parts, and equipme date2022-01-19