Ministry of Trade, Industry and Energy

Minister Paik meets Abu Dhabi Executive Affairs Authority Chairman

Trade, Industry and Energy Minister Paik Ungyu (right) greeted Abu Dhabi Executive Affairs Authority Chairman Khaldoon Khalifa Al Mubarak at a hotel in downtown Seoul on January 9.   During their breakfast meeting, Minister Paik and Chairman Al Mubarak discussed cooperation between the governments of Korea and the United Arab Emirates (UAE) for the successful completion and operation of the Barakah nuclear power plant, which is under construction by a Korean consortium. They exchanged vie date2018-01-10

Retail sales rise by 9.4 % in November 2017

The Ministry of Trade, Industry and Energy announced on December 29 that Korea’s retail sales rose by 9.4 percent to 10.7 trillion won in November on a double-digit growth in e-commerce revenues and strong performance of brick-and-mortar retailers. Web-based sales, which account for more than a third of the total retail sales, jumped 16.7 percent from a year earlier, while in-store revenues expanded 5.4 percent, the fastest pace recorded since January. Sales in all seven major product date2018-01-08

Korea, US kick off talks to amend Korea-US FTA

Director General for Trade Policy Bureau Yoo Myung-hee (right) of the Ministry of Trade, Industry and Energy (MOTIE) discussed amendments of the Korea-U.S. Free Trade Agreement (KORUS FTA) with Assistant U.S. Trade Representative for Japan, Korea and APEC Michael Beeman (left) in Washington D.C. on January 5, 2018.     Officials of the MOTIE and the U.S. Trade Representative (USTR) met in the Office of the USTR for the first round of negotiations on amendments of the KORUS FTA. The date2018-01-06

Follow-up FTA talks with China

Deputy Minister for Trade Kang Sung-chun spoke at a public hearing on the follow-up negotiations for the Korea-China Free Trade Agreement (FTA) at the COEX in Southern Seoul on January 5, 2018.   The Ministry of Trade, Industry and Energy hosted the public hearing to gather opinions from interested parties and experts ahead of starting negotiations to expand the Korea-China FTA to include trade in services and investments. The public hearing is one of the domestic procedures required unde date2018-01-05

Ministry holds public hearing on follow-up negotiations for Korea-China FTA

The Ministry of Trade, Industry and Energy announced that it will host a public hearing on January 5 about the negotiations to expand the Korea-China Free Trade Agreement to include trade in services and investments.The public hearing will be held at the COEX in Southern Seoul to gather opinions from interested parties and experts as such move is required under Article 7 of the “Act on the Conclusion Procedure and Implementation of Commercial Treaties” ahead of the negotiations.When date2018-01-05

Korea’s exports surge by 15.8% to record $573.9 billion in 2017

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports surged by 15.8 percent to a record $573.9 billion in 2017 from a year earlier. Exports of goods expanded at a double-digit rate for the first time in six years since 2011, surpassing the previous record of $572.7 billion set in 2014, despite the fact that there were 1.5 fewer working days compared to the said year. The average daily export reached an all-time high of $2.1 billion. With imports expandin date2018-01-05

FDI inflows hit record high of $22.9 billion in 2017

The Ministry of Trade, Industry and Energy announced on January 3 that foreign direct investment (FDI) pledged to Korea in 2017 advanced 7.7 percent year-on-year to a record USD 22.9 billion.The upward trend in FDI was maintained by achieving more than $20 billion for three years in a row.FDI arrivals in 2017 also increased 20.9 percent to $12.8 billion, indicating that despite global and domestic economic uncertainties, foreign investors are confident in the Korean economy.While newly pledged F date2018-01-03

Minister Paik meets with China’s Commerce Minister

Trade, Industry and Energy Minister Paik Ungyu (left) posed for a photo with China’s Minister of Commerce Zhong Shan at a hotel in Beijing on December 15. During the meeting, Minister Paik and Minister Zhong discussed stronger economic cooperation and issues in bilateral trade including negotiations on liberalization of trade in services and investment under the Korea-China Free Trade Agreement (FTA). The two ministers agreed to hold the first meeting for the negotiations by February next date2017-12-15

ICT exports jump 25.9% to $18.6 billion in November

The Ministry of Trade, Industry and Energy announced on December 14 that exports of information and communication technology (ICT) goods jumped 25.9 percent to USD 18.6 billion, the second highest on record, in November from a year earlier on strong demand for semiconductors.     Exports of ICT goods increased at double-digit rates for 12 consecutive months, and reached a record-high for each respective month for 10 straight months.    Imports surged 17.1 percent yea date2017-12-14

Ministry announces 8th Basic Plan for Electricity Supply and Demand

The Ministry of Trade, Industry and Energy announced on December 14 a draft of the 8th Basic Plan for Long-term Electricity Supply and Demand.    Under the new biennial plan, which reflects environmental and safety factors in addition to stable power supply and economic efficiency, Korea will produce more power from renewable energy sources and natural gas, while gradually reducing its reliance on coal and nuclear power.    The Basic Plan for Long-term Electricity Supply date2017-12-14