Ministry of Trade, Industry and Energy

Minister attends 14th Nuclear Safety and Promotion Day

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended the 14th Nuclear Safety and Promotion Day ceremony on December 26 in Seoul and awarded government commendations and visited the companies’ recruitment booths. The event was attended by approximately 300 industry representatives and awardees including Vice Minister Lee Chang Yune of the Ministry of Science and ICT and KHNP President and CEO Whang Joo-ho. date2024-12-27

Trade Minister chairs foreign investment policy consultation meeting

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the foreign investment policy consultation meeting on December 26 at the Korea Trade Insurance Corporation (K-SURE) in Seoul with 16 local governments’ foreign investment promotion officers. The meeting was held under an aim to foster organic cooperation between the central and local government bodies to carry forward Korea’s current foreign investment momentum, while also marshalling related organizations’ capabilities to overcome pressing challenges amid persisting geo-economic tensions and global trade uncertainties. At the meeting, attendees discussed foreign investment attraction policies for 2025, recent trade trends and key issues, and local governments’ policy directions and suggestions. date2024-12-27

Trade Minister chairs foreign investment policy consultation meeting with local governments

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the foreign investment policy consultation meeting today at the Korea Trade Insurance Corporation (K-SURE) in Seoul with 16 local governments’ foreign investment promotion officers. The meeting was held under an aim to foster organic cooperation between the central and local government bodies to carry forward Korea’s current foreign investment momentum, while also marshalling related organizations’ capabilities to overcome pressing challenges amid persisting geo-economic tensions and global trade uncertainties. At the meeting, attendees discussed foreign investment attraction policies for 2025, recent trade trends and key issues, and local governments’ policy directions and suggestions. Trade Minister Cheong noted that this year’s foreign direct investment (FDI) pledges to Korea surpassed an all-time high USD 33 billion despite internal and external uncertainties, highlighting that more foreign investment can be drawn to boost Korea’s national and local economies through combining the central government’s preemptive response capacity and local governments’ local-specific foreign investment promotion strategies. Local government representatives at the meeting agreed on the importance of effective trade countermeasures and foreign investment attraction, expressing commitment to making multifaceted efforts to overcome the domestic and external crises while working closely with the central government through information sharing and consultations on countermeasures. The key points discussed today will be incorporated into establishing the foreign investment policy directions for 2025 and the Government will be giving full measure to increase incentives, improve regulations, and build a business support system so that foreign investment flowing into Korea can go towards strengthening industrial competitiveness and stimulating local economies. The Ministry of Trade, Industry and Energy (MOTIE) plans to convene policy consultation meetings with local government bodies on foreign investment and trade issues on at least a semiannual basis to enhance communication between the central and local governments.   date2024-12-26

Korea’s retail industry rises 8.0% in November

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s retail industry grew 8.0 percent year-on-year for the month of November 2024, with offline and online sales advancing 3.9 and 11.8 percent, respectively. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. By offline retail channel, hypermarket sales increased 5.7 percent, with demand for home dining and kimchi-making driving sales of food products (up 10.2 percent), while home/living (down 2.1 percent) and non-food categories (down 3.7 percent) fell. Department store sales improved 1.4 percent on the backs of food products (up 3.8 percent) and foreign designer labels (up 7.8 percent), while fashion categories like miscellaneous goods (down 3.5 percent) and women’s suits (down 7.1 percent) continued to drop. Convenience store sales saw growth across both food (up 5.9 percent) and non-food products (up 4.1 percent), increasing 5.1 percent overall. SSM operators enjoyed sales growth of 6.8 percent centering on demand for food products (up 7.5 percent) thanks to the home dining trend and kimchi-making, but non-food products (down 0.6 percent) maintained their downward slope. Online retail sales surged 11.8 percent overall as food products (up 19.1 percent) and service/other (up 70.7 percent) achieved steady growth on the backs of robust demand for processed food products, convenience foods, food delivery services, travel packages, and e-coupons. Meanwhile, home appliances/electronics (down 9.9 percent), fashion/clothing (down 9.1 percent), and sports (down 10.7 percent) experienced declines due to impact from overseas direct purchases (ODP).   date2024-12-23

Korea and Australia sign Green EPA for stronger cooperation in clean energy & supply chains

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea entered into a Green Economy Partnership Arrangement (Green EPA) with Australia’s Department of Climate Change, Energy, the Environment and Water (DCCEEW), Department of Foreign Affairs and Trade (DFAT), and Department of Industry Science and Resources (DISR) on December 20 with aim to widen trade and investment in clean economy sectors and to bolster energy security and supply chain cooperation.  The bilateral Green EPA is a comprehensive cooperation platform assessed to have upgraded Korea-Australia collaboration in relevant areas, based on which the two countries’ businesses can anticipate more far-ranging and concrete cooperation. With Australia playing a key role in the Asia-Pacific region’s clean hydrogen supply chain, the Green EPA lays down the groundwork for bilateral cooperation in establishing a stable hydrogen supply system. Moreover, as Australia has recently completed necessary procedures required to conduct cross-border CO2 transport activities in accordance with related international agreements and is actively taking steps in utilizing its depleted gas fields for CO2 storage, the two countries can also look forward to invigorating tangible cooperation in carbon capture, utilization and storage (CCUS) based on the forged arrangement.  In addition, it is assessed that the Green EPA will contribute to diversifying the energy supply chain and bolster Korea and Australia’s energy security while expanding cooperation in clean energy and low-carbon technology development, propelling the two countries’ sustainable economic growth forward by catalyzing trade and investment as well as the creation of jobs. MOTIE Minister Dukgeun Ahn viewed that the Korea-Australia Green EPA is a comprehensive and strategic cooperative system surpassing their existing level of cooperation, adding that cooperation with Australia’s three government departments will not only boost clean energy industries and supply chains but also open doors to new opportunities for Korean companies in securing technologies and overseas market entry. Australia’s DCCEEW Minister Chris Bowen remarked in view of the two countries’ shared Net Zero 2050 target that Korea and Australia will be able to deepen and expand the scope of bilateral cooperation in hydrogen and clean minerals, which will further drive new employment and export opportunities in the region.   date2024-12-23

Minister Ahn visits Samsung Display's Asan plant

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea visited the Samsung Display plant in Asan on December 20 and toured the OLED panel production site and discussed OLED exports promotion policies with business leaders. date2024-12-20

Trade Minister visits biosimilars production site

Minister for Trade Inkyo Cheong visited Celltrion in Incheon, Korea, on December 20 and toured the biosimilars production site and discussed bio export expansion measures with business leaders. date2024-12-20

Korea-Middle East Trade and Industry Cooperation Forum

Deputy Minister for Trade Park Jong-won of the Republic of Korea chaired the Korea-Middle East Trade and Industry Cooperation Forum on December 19 in Seoul with the participation of over 150 attendees composed of related companies, institutions, and diplomatic delegations from eight Middle Eastern countries including the United Arab Emirates (UAE), Oman, and Bahrain. date2024-12-20

Minister Ahn Attends Foreign Investment Strategy Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired a foreign investment strategy meeting on December 19 in Seoul with representatives of the foreign chambers of commerce in Korea and foreign-invested companies. date2024-12-20

Korea-Nepal TIPF MOU signing ceremony

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Nepal Trade and Investment Promotion Framework (TIPF) MOU signing ceremony on December 19 in Seoul at KCCI in Seoul with Nepalese Minister of Industry, Commerce and Supplies Damodar Bhandari. date2024-12-20