Ministry of Trade, Industry and Energy

Minister Paik urges resolution of labor dispute at GM Korea

Trade, Industry and Energy Minister Paik Ungyu (left) met with General Motors Korea’s President Kaher Kazem to urge management to settle the dispute with employees at GM Korea’s plant in Bupyeong on April 6.During his visit to GM Korea, which was arranged amid the escalating tension between the company and its workers, Minister Paik also encouraged the labor union to reach an agreement.Minister Paik added that the Ministry will monitor negotiations between the two parties and mediate date2018-04-06

FDI pledges to Korea jump to 2nd highest for Q1

The Ministry of Trade, Industry and Energy announced on April 4 that foreign direct investment (FDI) pledged to Korea in the first quarter of 2018 jumped 28.1 percent year-on-year to USD 4.9 billion.This second highest figure ever for the first quarter indicates that foreign investors find Korea an attractive destination for investment.FDI arrivals in the first quarter contracted 2.9 percent year-on-year to $2.9 billion, which exceeded an average quarterly amount of $2.7 billion for the pas date2018-04-04

Korea, Turkey to cooperate on eco-industrial parks

Trade, Industry and Energy Vice Minister Lee Inho (left) signed a memorandum of understanding (MOU) with Turkey’s Undersecretary of the Ministry of Science, Industry and Technology Veysel Yayan for strategic cooperation in eco-industrial parks at a signing ceremony at COEX in Seoul on April 2.After signing the MOU, Vice Minister Lee and Undersecretary Yayan exchanged ideas for environmentally-friendly industrial cooperation between the two countries.Vice Minister Lee introduced to the Turk date2018-04-02

Korea’s exports post record high for March

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports posted a record high for March exports, surpassing USD 50 billion.The value of overall outbound shipments in March rose 6.1 percent year-on-year to $51.6 billion, increasing for the 17th consecutive month. This growth is attributable to increased trade, strong performance of the information technology industry, and higher prices for oil and other major Korean export items.Average daily exports advanced 8.3 date2018-04-02

Retail sales advance 14.0% in February

The Ministry of Trade, Industry and Energy announced on March 29 that overall retail sales in February increased 14.0 percent from a year earlier.Sales of in-store retailers also grew 15.1 percent from a year ago thanks to higher demand for holiday gift sets. They made up 74.7 percent of the total retail sales.Online retail sales in February saw a 12.1 percent year-on-year growth, which is slightly lower than the average monthly year-on-year growth rate of 13.9 percent in 2017. This was due to t date2018-03-29

Minister Paik attends signing ceremony for Korea-UAE Economic Cooperation in Abu Dhabi

Trade, Industry and Energy Minister Paik Ungyu (second from left) attended the memorandum of understanding and contract signing ceremony for economic cooperation between Korea and the United Arab Emirates (U.A.E.) that was held in Abu Dhabi on March 26 (U.A.E. time). During the ceremony, Korea Electric Power Corporation Vice President Kim Shi-ho (left) and Barakah One Company CEO Nasser Al Nasseri (second from right) signed the Charter for Joint Business Cooperation as an effort to expand date2018-03-27

Korea, UAE seek to enhance economic cooperation

The Ministry of Trade, Industry and Energy announced on March 27 that Trade, Industry and Energy Minister Paik Ungyu attended the memorandum of understanding and contract signing ceremony for economic cooperation between Korea and the United Arab Emirates (U.A.E.) that was held in Abu Dhabi on March 26 (U.A.E. time).During the ceremony, the Korea Electric Power Corporation and the U.A.E.’s Barakah One Company signed the Charter for Joint Business Cooperation.The two countries regarded the date2018-03-27

Korea, US reach agreement on trade deal and steel tariff exemption

Trade Minister Kim Hyun-chong announced on March 26 that Korea and the U.S. reached an agreement on amending their six-year old free trade agreement (Korea-U.S. FTA) and on exempting Korea from U.S. steel tariffs. He made the comment during a press briefing held at the government complex in Seoul.Trade Minister Kim said both sides reached an agreement in principle on FTA amendments. He stressed to the press that there will be no further opening of agricultural markets and no changes to the tarif date2018-03-26

Korea, U.S. reach revised free trade agreement in principle

Seoul, Korea - The Ministry of Trade, Industry and Energy announced on March 26 that the Republic of Korea and the United States reached an agreement in principle to the revision of the Korea-U.S. Free Trade Agreement. The agreement reached between the two sides has removed the uncertainty that could result from long-term negotiations. Both sides will finalize the details of a draft agreement before proceeding with their respective domestic procedures. The two countries also agreed to exempt t date2018-03-26

Korea, China, Japan hold 13th round of FTA talks in Seoul

Deputy Minister of Trade and Investment Kim Young-sam (center) of the Ministry of Trade, Industry and Energy, China’s Vice Minister Wang Shouwen (left) of the Ministry of Commerce, and Japan’s Deputy Minister Kazuyuki Yamazaki (right) of the Ministry of Foreign Affairs posed for a photo at the 13th round of Korea-China-Japan FTA negotiations in Seoul on March 23.During the meeting, the three ministers discussed ways to advance negotiations on topics such as goods, services, and inves date2018-03-23