Ministry of Trade, Industry and Energy

Trade minister meets Iraq’s Deputy Oil Minister

Trade Minister Kim Hyun-chong (left) posed for a photo with Iraq’s Deputy Oil Minister Fayadh Hassan Nima during their meeting at a hotel in downtown Seoul on October 23.  At the meeting, the Korean Trade Minister and the Iraqi Deputy Oil Minister exchanged views on the development of the two countries’ energy industries.    date2017-10-23

20th round of RCEP negotiations to start in Incheon on Oct. 24

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 23 that the 20th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) will take place in Songdo, Incheon between October 24 and 28.     The RCEP is a proposed free trade agreement (FTA) among 16 nations in the Asia Pacific region including Korea, Japan, China, and 10 member states of the Association of Southeast Asian Nations (ASEAN).     Around 800 officials from date2017-10-23

Trade Minister discusses cooperation with MIGA CEO

Trade Minister Kim Hyun-chong (left) held a meeting with Multilateral Investment Guarantee Agency (MIGA) CEO Keiko Honda at the COEX in southern Seoul on October 19. During the meeting joined by Korea Trade Insurance Corporation Chairman Moon Jae-do, the Trade Minister and the MIGA CEO discussed ways to cooperate for Korean companies’ participation in overseas development projects.    date2017-10-19

Ministry hosts luncheon with ambassadors of Southeast Asian nations

Deputy Minister for Trade Negotiations Lee Sang-jin (third from left) of the Ministry of Trade, Industry and Energy spoke in a luncheon with ambassadors of Southeast Asian countries to Korea in downtown Seoul on October 19.  The luncheon was arranged for discussion on the Regional Comprehensive Economic Partnership (RCEP), the mega FTA under negotiations involving 16 countries in the Asia Pacific region including Korea and 10 member states of the Association of Southeast Asian Nations (ASE date2017-10-19

Auto production, sales grow at double-digit rates in September

The Ministry of Trade, Industry and Energy announced on October 18 that automobile production, domestic sales, and exports grew at double-digit rates in September.   Five domestic automotive makers, Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung Motor, produced a total of 356,749 vehicles – up 38.3 percent from a year earlier on higher domestic sales and exports. Production was also boosted by two more working days in September this year compared to the sa date2017-10-18

Minister Paik meets with IEA Executive Director

Trade, Industry and Energy Minister Paik (right) posed for a photo with International Energy Agency (IEA) Executive Director Fatih Birol during their meeting at the Korea Technology Center in Seoul on October 17.  At the meeting, Minister Paik and Executive Director Birol exchanged their views on the global energy markets and changing market environment as well as the Korean government’s new energy policy directions.  The IEA head visited Korea to attend the World Knowledge For date2017-10-17

ICT exports soar 32.6% to record high of $19.3 billion in September

The Ministry of Trade, Industry and Energy announced on October 16 that exports of information and communication technology goods soared 32.6 percent to an all-time high of $19.3 billion in September from a year ago, breaking the previous record set just a month earlier.    Korea’s ICT exports grew at the fastest pace in 89 months since April 2010 and at a double-digit rate for 10 consecutive months.    Imports of ICT goods surged 23.8 percent year-on-year to $9.1 b date2017-10-16

FDI in Korea grows 9.1% to $8 billion in first 9 months of 2017

The Ministry of Trade, Industry and Energy announced on October 11 that foreign direct investment (FDI) arriving in Korea returned to growth in the first nine months of 2017, rising by 9.1 percent to $8 billion from a year ago.   Although new FDI commitments to Korea contracted 9.7 percent year-on-year to $13.6 billion, the amounts of both FDI arrivals and newly pledged FDI are the third highest on record since the government started tracking them in 1962.   The Ministry evaluates date2017-10-11

Minister Paik discusses exports of nuclear reactors with industries

Trade, Industry and Energy Minister Paik Ungyu (second from right) spoke at the “nuclear reactor export strategy consultative meeting” in downtown Seoul on October 10.  Minister Paik presided the meeting with nuclear industry representatives and discussed the market environment for nuclear reactor exports, strategies for potential markets, and measures to reduce financial risks associated with overseas sales of reactors.  The Minister said in his opening remarks that the date2017-10-10

Ministry to support nuclear reactor exports

The Ministry of Trade, Industry and Energy announced on October 10 that the Ministry will strongly support the domestic industries’ bid to export nuclear reactors.    On October 10, Trade, Industry and Energy Minister Paik Ungyu presided a “nuclear export strategy consultative meeting” with industry representatives in downtown Seoul to discuss the international market environment for reactor sales, strategies for potential markets, and measures to reduce financial date2017-10-10