Ministry of Trade, Industry and Energy

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

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

Minister Moon attends 2022 Korea Space Forum

Trade, Industry, and Energy Minister Moon Sung-wook attended the 2022 Korea Space Forum hosted by Korea Aerospace Industries Association (KAI) and the Korean Society for Aeronautical & Space Sciences (KSAS) at the Marriott Hotel in Seoul on January 14.   Minister Moon delivered a congratulatory message, noting that despite the high entry barrier of capital and technology posed by the aerospace industry, it is a long-term and stable source of income and offers quality job creation op date2022-01-17

MOTIE holds trade supply chain inspection meeting

Trade, Industry and Energy Minister Moon Sung-wook held a trade supply chain inspection meeting at the Korea Chamber of Commerce and Industry (KCCI), leading discussions on measures to promote exports and to resolve supply chain risk factors.   Noting that Korea’s exports hit an all-time high in 2021, Minister Moon facilitated talks and sought effective ways to mitigate recent supply chain concerns while maintaining robust exports momentum. Following discussions dealt with 2022 trad date2022-01-14

Corporate investment stimulus meeting for raw and subsidiary vaccine production materials

First Vice Industry Minister Park Jin-kyu attended a meeting held at KOTRA in Seoul on January 13 for stimulating corporate investment in vaccine production and supply of raw and subsidiary materials.    The meeting was convened for the purpose of providing government-led solutions to difficulties faced by domestic companies, as well as to promote corporate investment and exports. Additional issues discussed included government support granted to raw and subsidiary materials comp date2022-01-14

MOTIE holds Korea-India talks for bilateral cooperation

Trade Minister Yeo Han-koo held talks with India’s Commerce and Industry Minister Shri Piyush Goyal at the Taj Mahal Hotel in New Delhi on January 11, 2022.  During the meeting, the Ministers agreed to hold further talks for an upgrade of the two countries’ Comprehensive Economic Partnership Agreement (CEPA), which was initially enforced in January 2010.  Other issues of bilateral cooperation were also addressed by the two countries, including climate change, digital trad date2022-01-14

Energy Vice Minister visits wintertime power supply-demand management site

Energy Vice Minister Park Ki-young visited Korea Electric Power Corporation (KEPCO)’s central power control center located in South Jeolla Province on January 11 to inspect wintertime power supply and demand management.    After being briefed on the winter season power supply and demand situation by Korea Power Exchange CEO Jung Dong Hee and Control Center Director Shim Hyun-bo, the Energy Minister delivered an encouraging message to employees on their hard work.   date2022-01-13

2022 Global Top Specialty MPE Enterprise Awards Ceremony

Trade, Industry, and Energy Minister Moon Sungwook held an awards ceremony on January 10 at the Four Seasons Hotel in Seoul for awarding 21 materials, parts, and equipment (MPE) enterprises under the theme of “Global Top Specialty MPE Enterprises! Going Global! Into the Future!”   At the event, Minister Moon delivered a congratulatory message projecting Korea’s vision for building up highly promising domestic MPE companies to lead the core strategic technology secto date2022-01-13

ICT exports achieve all-time high in 2021

The Ministry of Trade, Industry and Energy announced on January 12 that shipments of Korea’s information and communications technology (ICT) products in 2021 hit an all-time high of USD 227.6 billion, up 24.0 percent from 2020.   This is the highest ICT exports recorded since beginning aggregation in 1996.   Imports went up 19.9 percent to $13.5 billion, and the trade balance stood at a surplus of $9.3 billion.   Exports of all four ICT product types increased. & date2022-01-12

MOTIE holds meeting for global supply chain cooperation

Trade Minister Yeo Han-koo held a meeting with representatives from 10 resource-rich partner nations to discuss global supply chain cooperation at the Lotte Hotel Seoul on January 7, 2022. The 10 nations are Indonesia, Malaysia, Vietnam, the Philippines, Kazakhstan, Kyrgyzstan, the United Arab Emirates, Mexico, Brazil and Chile.   Noting the recent urea shortage, Trade Minister Yeo expressed hopes that this meeting would be the first step towards building solidarity and partnership in are date2022-01-12