Ministry of Trade, Industry and Energy

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

Korean and Chinese ministers discuss stronger industrial cooperation

Trade, Industry and Energy Minister Paik Ungyu (right) met China’s Minister of Industry and Information Technology Miao Wei in Beijing on December 14. During the meeting, the two ministers exchanged views on strengthening bilateral industrial cooperation in new business areas, especially in preparation for the Fourth Industrial Revolution. The Ministry of Trade, Industry and Energy and the Chinese Ministry of Industry and Information Technology signed a memorandum of understanding on stra date2017-12-14

Automobile exports grow 3.4% on strong sales of eco-friendly cars in November

The Ministry of Trade, Industry and Energy announced on December 12 that exports of automobiles grew 3.4 percent to $4.1 billion on strong sales of eco-friendly cars and large vehicles in November.    Meanwhile, production and domestic sales by number of vehicles contracted 8 percent and 1.2 percent, respectively.   Automobile exports by value climbed in November although the number of vehicles shipped abroad declined 8 percent to 237,083.    Korean carmakers expor date2017-12-12

Minister Paik presides public-private meeting on industrial innovation

Trade, Industry and Energy Minister Paik Ungyu (right) spoke at the meeting with business leaders and policy experts to discuss industrial innovation at a hotel in southern Seoul on December 6.  Minister Paik presided the meeting, which was designed to address responses to changes in the global industries such as the Fourth Industrial Revolution as well as innovative industrial growths. At the meeting, the Minister delivered opening remarks and discussed the direction of the government&rsq date2017-12-06

Ministry hosts 54th Trade Day ceremony

Trade, Industry and Energy Minister Paik Ungyu (second from right in the front row) and Trade Minister Kim Hyun-chong (right in the front row) attended the 54th Trade Day ceremony at the COEX in southern Seoul on December 5.  The Ministry and the Korea International Trade Association (KITA) hosted the Trade Day ceremony to celebrate the recovery of trade and encourage businesses that have contributed to growths in exports and the Korean industries’ expansion to overseas markets. Six date2017-12-05