Ministry of Trade, Industry and Energy

Vice Minister Woo hosts 'trade policy forum'

Trade, Industry and Energy Vice Minister Woo Taehee (second from right) held a 'trade policy forum' in Seoul on January 11 to discuss in advance some of the pending trade issues facing each industry and possibly construct potential countermeasures. Some of the key industry leaders including Kim Yong-geun, president and CEO of the Korea Automobile Manufacturers Association; Song Jae-bin, vice chairman of the Korea Iron and Steel Association; and Lim Seung-yoon, vice chairman of the Korea Petroch date2017-01-11

Minister Joo reports 2017 policy direction to Acting President Hwang Kyo-ahn

Trade, Industry and Energy Minister Joo Hyunghwan (second from left, second row) reported his ministry’s policy direction for 2017 to  Hwang Kyo-ahn (front row), Acting President of Korea, at the Government Complex in Seoul on January 5.  Minister Joo pledged to put his policy focus on recovering the export growth and consolidating the foundation for a healthy economy by creating new growth engines. The session was attended by representatives from economy-related government age date2017-01-05

FDI in Korea hits fresh record high in 2016

The Ministry of Trade, Industry and Energy announced on Tuesday that the foreign direct investment (FDI) newly pledged in 2016 reached a record high of USD 21.3 billion, showing a 1.9 percent rise from $20.91 billion a year ago.   This figure marked the largest amount of FDI pledged in history for a four-quarter-period, surpassing the earlier record of $20.91 billion set in 2015. The amount of new FDI into the country has now surpassed the $20 billion mark for two years in a row, accordin date2017-01-05

Minister Joo hosts finance and investment meeting for new energy projects

Trade, Industry and Energy Minister Joo Hyunghwan (second from right) held a finance and investment meeting for new energy businesses in Seoul on January 4 with Cho Hwan-eik, CEO of Korea Electric Power Corp.; Park Sang-woo, CEO of Korea Land and Housing Corp.; Kang Nam-hoon, president of Korea Energy Agency; and other major industry leaders. Minister Joo announced that Korea will invest nearly 14 trillion won in new energy projects this year, up 25 percent from the previous year, and urged bot date2017-01-04

Korean exports jump 6.4 percent in December

The Ministry of Trade, Industry and Energy announced on Sunday that South Korean exports rose by 6.4 percent to USD 45.1 billion in December last year compared to the same period a year ago, while on-year imports rose by 7.3 percent to $38.1 billion. Accordingly, the trade balance in December stood at a $7 billion surplus, remaining in the positive for the 59th consecutive month.With the help of the positive growth of exports in November and December in a row, quarterly exports turned to po date2017-01-04

Korea to invest 14 trillion won into new energy projects

The Ministry of Trade, Industry and Energy announced on January 4 that it expects Korea will invest nearly 14 trillion won into emerging energy industries, primarily driven by an increase in investments by the private sector.   Trade, Industry and Energy Minister Joo Hyunghwan hosted a meeting between himself, the financial sector, public sector, as well as other suppliers and business leaders, in order to share investment plans and introduce some of the new businesses that are currently date2017-01-04

Korea to unify charging method of electric cars

The Ministry of Trade, Industry and Energy announced on December 29 that it plans to standardize the charging mechanism for electric vehicles in Korea. The Korean Agency for Technology and Standards (KATS) recognizes the need to integrate the charging methods of electric cars -- especially given the country’s growing market for EVs -- and believes now is the most suitable time to begin making those changes for the long run. There are currently five major charging standards recognized by date2016-12-29

Minister Joo holds second public-private talk on Korea-U.S. trade issues

Trade, Industry and Energy Minister Joo Hyunghwan (second from left) on December 28 hosted a second meeting between government and private experts that convened last month in order to deal with potential U.S. protectionist measures amid the incoming Trump administration. Minister Joo and roughly 40 other business leaders and heads of research institutes including Kim In-ho, chairman and CEO of Korea International Trade Association; Lee Dong-geun, executive vice chairman of Korea Chamber of Comm date2016-12-28

Minister Joo attends investment forum on renewable energy business

Trade, Industry and Energy Minister Joo Hyunghwan(center) attended the ``New and Renewable Energy Business Investment Forum'' in Seoul on December 27, 2016.  Minister Joo emphasized the importance of expanding investment in renewable energy businesses in view of their enhanced stability. On the same day, he signed a memorandum of understanding (MOU) for financial investment in the Yeonggwang wind power station and Daesan’s hydrogen fuel cells.   The forum was attended by more t date2016-12-27

Vice Minister Jeong meets with Japanese business leaders in Korea

Trade, Industry and Energy Vice Minister Jeong Marn-ki (center) attended the Seoul Japan Club Leaders’ Meeting in Seoul on December 23, 2016.  The vice minister outlined his ministry’s policies for ensuring a stable economy and called for more active participation to maintain the rising trend of foreign investment. He encouraged investors to have confidence in the fundamentals of the Korean economy, stressing that the country plans to implement sound economic policies on a cons date2016-12-26