Ministry of Trade, Industry and Energy

Minister Sung and Turkmen Finance Minister vow to step up cooperation in industry and energy

Trade, Industry and Energy Minister Sung Yun-mo (left) and Turkmenistan Finance and Economy Minister Batyr Bazarov signed a memorandum of understanding (MOU) on expanding cooperation in standardization at a Korea-Turkmenistan MOU signing ceremony held in Ashgabat on April 16 (local time).In addition to the above signed MOU, five more MOUs were inked between the two countries to improve ties in various areas of industry and energy, including transportation infrastructure, synthetic textiles, and date2019-04-16

Trade Minister Yoo meets with US Senator Rob Portman in Seoul

Trade Minister Yoo Myung-hee (second from the left) met with US Senator Rob Portman (second from the right) to discuss various economic and trade issues between the two countries in Seoul on April 16. date2019-04-16

The ROK government welcomes WTO ruling over Korea’s restrictions on Japanese food imports

The Government of the Republic of Korea appreciates and welcomes the April 11 decision by the Appellate Body of the World Trade Organization that Korea’s restrictions on Japanese food imports are consistent with the WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement). To read the findings of the WTO Appellate Body:https://www.wto.org/english/news_e/news19_e/495abr_e.htm date2019-04-12

Trade Minister Yoo meets with UK Ambassador to Korea Simon Smith

Trade Minister Yoo Myung-hee (left) met with UK Ambassador to Korea Simon Smith at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on April 11.The two officials discussed the current status of Brexit as well as trade issues between the two countries. date2019-04-11

Foreign direct investment pledged to Korea total $3.2 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 11 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year decreased 35.7 percent year-on-year to USD 3.2 billion. The FDIs that actually arrived in Korea over the same period declined 15.9 percent to $2.6 billion.Key factors that contributed to the decrease of FDI commitments include a slowdown in global investment flows, a strong base effect, and tax reductions for foreign investors that expired at date2019-04-11

Korea, EU trade chiefs co-chair 8th FTA Trade Committee Meeting in Seoul

Trade Minister Yoo Myung-hee (second from the left) and European Commissioner for Trade Cecilia Malmström (right) co-chaired the eighth meeting of the Korea-EU Free Trade Agreement (FTA) Trade Committee in Seoul on April 9.On the occasion of this ministerial meeting, the two sides reviewed the implementation of the FTA, discussed bilateral trade issues, and explored ways to respond to global protectionism.The Korean officials and their EU counterparts discussed how to improve mutual market date2019-04-09

Minister Sung encourages greater cooperation between Korean and Chinese businesses

Trade, Industry and Energy Minister Sung Yun-mo delivered a speech at a dinner organized during the eighth Korea-Guangdong Economic and Trade Development Forum that took place in Seoul on April 4.During his remarks, Minister Sung encouraged greater cooperation between Korean and Chinese businesses. More than 200 corporate leaders were present at the dinner.Minister Sung also had a meeting with China’s Guangdong Province Governor Ma Xingrui where both officials agreed to expand investment a date2019-04-04

8th Korea-Guangdong Economic and Trade Development Forum takes place in Seoul

Trade Minister Yoo Myung-hee (third from the left) gave congratulatory remarks at the eighth Korea-Guangdong Economic and Trade Development Forum, which was held in Seoul on April 4 to discuss ways to cooperate in the age of the Fourth Industrial Revolution.During her speech, Trade Minister Yoo highlighted that Korea and the Chinese province of Guangdong need to expedite cooperation as first movers rather than as fast followers.The event was attended by more than 250 participants from government date2019-04-04

Trade Minister Yoo discusses expanding economic ties with China’s Guangdong Governor

Trade Minister Yoo Myung-hee (left) had a meeting with China’s Guangdong Province Governor Ma Xingrui in Seoul on April 4.During the meeting, Minister Yoo and Governor Ma discussed ways to improve bilateral economic ties, including expanding investment between the two sides.The meeting was attended by government officials and business leaders from both countries. date2019-04-04

2nd Korea-Saudi Arabia Vision 2030 Committee Meeting takes place in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) and Saudi Arabia’s Economy and Planning Minister Mohammed Al-Tuwaijri signed an agreed minute at the second Korea-Saudi Vision 2030 Committee Meeting held in Seoul on April 3.During the meeting, the two countries discussed nearly 40 cooperation projects in five different areas and their implementation plans. These five areas are manufacturing and energy, digital and smart infrastructure, capability enhancement, public healthcare and li date2019-04-03