Ministry of Trade, Industry and Energy

Korea's automobile export value grows 9.1% in February

The Ministry of Trade, Industry and Energy announced on March 16 that Korea’s automobile industry in February increased in exports and production, while domestic sales sank compared to the same period of previous year. Total auto output in February rose 1.2 percent to 263,959 units. Despite prolonged automotive semiconductor shortages, efforts on part of finished carmakers and completion of production facilities have driven production, domestic sales and exports to recover pre-COVID perfo date2022-03-16

ICT exports achieve 23.7% growth to $18.9 billion in February

The Ministry of Trade, Industry, and Energy announced on March 15 that outbound shipments of Korea’s information and communications technology (ICT) goods in February reached an all-time high of USD 18.9 billion, recording a year-on-year growth of 23.7 percent. Imports of ICT products climbed 23.9 percent to $11.4 billion, and the trade surplus in this sector stands at an estimated $7.5 billion. Exports of all major items experienced growth except for mobile phones. Outbound shipments o date2022-03-15

Trade Minister to visit U.S. in time for Korea-U.S. FTA 10th Anniversary

Trade Minister Yeo Han-koo and a parliamentary delegation will visit the U.S. on March 14-18 (local time) in commemoration of the Korea-U.S. FTA 10th Anniversary, with plans to meet with various U.S. government officials, lawmakers, and entrepreneurs. The Korea-U.S. FTA is deemed to have mutually benefited both sides in terms of trade and investment growth, and is seen to have been the core foundation on which the two nations’ economic cooperation strengthened over the last decade. Korea date2022-03-14

Trade Minister attends 10th Korea-U.S. FTA Anniversary Seminar

Trade Minister Yeo Han-koo attended the Korea-U.S. FTA 10th Anniversary Seminar held at Korea International Trade Association (KITA) in Seoul on March 11 to assess the bilateral FTA outcomes and to discuss future goals. In his congratulatory remarks, Minister Yeo noted the need to prepare for the coming decade of new trade issues encompassing supply chain, new technology, digital, and climate change within the existing Korea-U.S. FTA framework. Recognizing the rapidly changing global date2022-03-14

1st Vice Minister holds 21st Industrial Security TF Meeting

Trade, Industry and Energy 1st Vice Minister Park Jin-kyu held the 21st Industrial Security TF Meeting at the Korea Trade Insurance Corporation (K-SURE) headquarters in Seoul, to assess difficulties facing Korean businesses amidst the Russia-Ukraine crisis and to discuss viable countermeasures.   In his opening remarks, the Vice Minister stated that as “Russia-Ukraine situation is becoming more protracted and severe and major countries’ sanctions and risk factors are also incr date2022-03-14

Trade Minister holds Public-Private Russia Trade and Investment Countermeasures Meeting

Trade Minister Yeo Han-koo held an emergency Public-Private Russia Trade and Investment Countermeasures Meeting at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on March 3 to address the Russian government’s announcement of 48 “unfriendly” countries list and related repercussions.   Minister Yeo gave an opening message stating that “Korea, as a responsible member of the international community, has decided to partake in the sanctions against Russia, as date2022-03-11

Trade Minister holds Korea-US talks on sanctions against Russia and related trade issues

Trade Minister Yeo Han-koo held talks with United States Deputy Secretary of Commerce Don Graves and Trade Representative (USTR) Katherine Tai in Washington D.C. on Mar 3 and Mar 4, respectively, to discuss Korea-US sanctions against Russia, the Indo-Pacific Economic Framework (IPEF), Section 232 steel tariffs, and related trade policy coordination issues.  date2022-03-11

Industrial Digital Transformation (DX) Task Force is launched

  Trade, Industry, and Energy Minister Moon Sung-wook announced on March 7 the launching of the “Industrial Digital Transformation (DX) Task Force” for a coordinated push to effectuate a digital transition across industry sectors. The aim of this move is to swiftly roll out the details settled under the “Special Act to Accelerate Industrial Digital Transformation” passed by the national assembly last December, set for enforcement on July 5, in order to accelerate t date2022-03-11

Minister Moon attends Technical University of Korea (TUKOREA) Vision Declaration Ceremony

Trade, Industry, and Energy Minister Moon Sung-wook attended the vision declaration ceremony of Technical University of Korea (TUKOREA) in Siheung City, Gyeonggi-do on March 4.   Formerly called Korea Polytechnic University, TUKOREA celebrated the launching of its new title at the declaration ceremony, where Minister Moon delivered a congratulatory message. Emphasizing the importance of nurturing tech-talented youth in achieving green and digital industry transformation, he expressed anti date2022-03-08

MOTIE holds 4th public-private joint offshore wind power TF meeting

Trade, Industry and Energy 2nd Vice Minister Park Ki-young held the 4th public-private joint offshore wind power TF meeting at the New and Renewable Energy Village Convention Hall in Buan-gun of North Jeolla Province on March 3 to inspect the 2GW project progress.   The Energy Minister delivered an opening message emphasizing that “offshore wind power is essential in achieving carbon neutrality and NDC goals”, and called for active participation of relevant institutions in man date2022-03-08