Ministry of Trade, Industry and 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

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

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

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