Ministry of Trade, Industry and Energy

Vice Minister Lee attends inaugural meeting of LNG Bunkering Industry Association

Trade, Industry and Energy Vice Minister Lee Kwan-sup attended the inaugural meeting of the LNG Bunkering Industry Association with other industry leaders including Lee Seung-hoon, CEO of Korea Gas Corporation and representatives from 21 member companies in shipbuilding, energy, shipping, and other related sectors in Seoul on July 15. In his opening remarks, Vice Minister Lee asked the association to play a leading role in helping Korea’s shipbuilding and shipping industries become gl date2016-07-15

Korea-Colombia FTA set to go into effect

The Ministry of Trade, Industry and Energy announced that the Korea-Colombia FTA will go into effect at midnight on July 15, 2016 and Colombian tariffs on 4,390 Korean  products will be removed and 2,797 items will see lowered tariffs.    In addition, Colombia, not a signatory to the Government Procurement Agreement (GPA), agreed to open the government procurement, granting Korea access to the USD 42.6 billion (48.3  trillion  won ) market. The Korean government pla date2016-07-14

Minister Joo holds talks with former Chilean president

 Trade, Industry and Energy Minister Joo Hyunghwan (left) met former Chilean President Eduardo Frei in Seoul on July 12 to exchange views  on how to further promote economic cooperation between the two countries by seeking improvements in such areas as the bilateral trade pact, the Pacific Alliance, and the Trans-Pacific Partnership.     date2016-07-12

Korea, Saudi Arabia to host investment and cooperation committee meeting in 2nd half

Trade, Industry and Energy Minister Joo Hyunghwan met with his Saudi counterpart Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, in Seoul on July 1, 2016 to discuss issues of the global petroleum market and ways to expand economic and business cooperation between the two countries.   During the meeting, Minister Joo stressed the importance of Saudi Arabia for the country’s economic development and trade growth. Saudi Arabia is the largest oil suppl date2016-07-12

Minister Joo speaks at G20 Trade Ministers’ Meeting

  Trade, Industry and Energy Minister Joo Hyunghwan spoke at the G20 Trade Ministers’ Meeting at the Shangri-La Hotel, Shanghai, on July 10. At the meeting, Minister  stressed the G20 member countries need to work closer to boost trade despite growing protectionism.   date2016-07-11

Vice Minister Woo congratulates ground-breaking for eco-friendly energy town

date2016-07-07

Korea to invest 42 trillion won in new energy businesses by 2020

The Ministry of Trade, Industry and Energy announced that the government will invest a total of 42 trillion won (USD 36.6 billion) into the new energy sector by 2020 as part of efforts to expand the environmentally friendly power supply system in the country.    Under the plan, the government will not only invest 33 trillion won into renewable energy sector but 4.5 trillion won into energy storage system (ESS), 2.5 trillion won into smart meter and 2 trillion won into environmentally f date2016-07-06

Korea to invest 42 trillion won in new energy businesses by 2020

date2016-07-05

Vice Minister Lee hosts discussion session with shipbuilding industry

        date2016-07-04

Korea's foreign direct investment hits record high of $10.52 billion in 1st half

The Ministry of Trade, Industry and Energy on July 4 announced that foreign direct investment newly pledged in the first six months of this year has reached a record high of USD 10.52 billion.   This is the largest amount of FDI committed in history for a six-month period, and an 18.6 percent jump from $8.87 billion a year ago, which bodes well for Korea's annual FDI attraction goal to reach $20 billion. Also, this is the first time that pledged FDI has exceeded $10 billion date2016-07-04