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Industry
Minister Ahn makes first official visit to auto yard after taking post
Minister of Trade, Industry and Energy Dukgeun Ahn visited Pyeongtaek Port, which has been Korea's largest port for auto exports for over 14 years (as of 2023). During his first official outing, he talked with exporters to get a better understanding of their challenges before boarding the GlOVIS SKY to see the cars to be exported. He also went a nearby coffee truck and personally served the coffee to on-site employees as a gesture of encouragement. During the visit, Minister Ahn emphasized the date2024-01-05
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Trade/Investment
FDI pledges to Korea in 2023 reach an all-time high of $32.7 billion
The Ministry of Trade, Industry and Energy announced on January 3 that the annual foreign direct investment (FDI) pledges reached a new high in 2023 at USD 32.7 billion, marking a 7.5 percent growth from the previous year. The FDIs that actually arrived in Korea over the same period grew by 3.4 percent growth from the previous year to $18.8 billion, also setting a new record. Korea achieved these records despite the poor global FDI performance in 2023 thanks to heavy investments in high tech in date2024-01-05
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Industry
Minister Chooses Airport Cargo as His First Site Visit for 2024
Trade, Industry and Energy Minister Bang Moon Kyu went to Korean Air’s Cargo Terminal 1 of Incheon International Airport as his first official site visit for 2024. Minister Bang was briefed on the current status of export logistics and operational challenges by Jeon Hyoung-wook, Vice President of Incheon International Airport Corporation, and Yoo Jong-seok, Vice President of Korean Air, before moving on to inspect the loading platform where export goods such as semiconductor devices are date2024-01-02
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Trade/Investment
Korea's exports grow 5.1% in December
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 1 that Korea’s export value for the month of December advanced 5.1 percent year-on-year to this year’s monthly highest of USD 57.7 billion. Imports shrank 10.8 percent to $53.2 billion, and the trade balance stood at a surplus of $4.5 billion. By item, semiconductor exports leaped 21.8 percent and grew for the second consecutive month, reaching the highest for this year at $11.0 billion and continuing the recove date2024-01-02
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FTA/Economic Cooperation
Korea advances and diversifies trade network
Amid the global rise of protectionism, supply chain disruptions and other rapid shifts in the global trade environment, the Ministry of Trade, Industry and Energy (MOTIE) has been active in advancing and diversifying the trade network for expanding the export market and stabilizing the supply chain. To note, MOTIE strengthened Korea’s economic security by concluding three agreements in the Supply Chain, Clean Economy and Fair Economy Pillars in just one year and a half following the launc date2023-12-28
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FTA/Economic Cooperation
Korea and GCC conclude FTA deal
Minister for Trade Dukgeun Ahn and Gulf Cooperation Council (GCC) Secretary General Jassim Mohammed Al-Budaiwi concluded and signed the joint statement for the Korea-GCC Free Trade Agreement (FTA) on December 28 in Seoul. The Korea-GCC FTA is Korea’s 25th FTA (by concluded order), and the second FTA with an Arab country following the Korea-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) concluded in October. Trade Minister Ahn assessed that “alongsid date2023-12-28
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Industry
“K-Shipbuilding Super Gap Tech Alliance” sets sail
The Ministry of Trade, Industry and Energy (MOTIE) hosted the launching ceremony of the “K-Shipbuilding Super Gap Tech Alliance” on December 27 at the Conrad Seoul Hotel, held jointly with the Korea Evaluation Institute of Industrial Technology (KEIT) and Korea Offshore & Shipbuilding Association (KOSHIPA). The Alliance is part of a follow-up measure to the “K-Shipbuilding Strategy for Next-Generation Market Dominance” that MOTIE announced in November, composed date2023-12-27
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Industry
Korea's retail industry grows 8.7% in November
The Ministry of Trade, Industry and Energy (MOTIE) announced December 26 that Korea’s retail sales for November advanced 8.7 percent year-on-year. Offline sales achieved a 4.5 percent growth, thanks to various discount and promotion events and the majority of items showed growth, with the exception of home appliances/culture and foreign designer labels. All types of retail channels expanded in sales. Online sales hiked 12.7 percent owing to numerous global discount events and continued c date2023-12-26
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Trade/Investment
Korea Trade Commission gives final decision on anti-dumping investigations on coated printing paper
The Korea Trade Commission under the Ministry of Trade, Industry and Energy (MOTIE) held the 443rd Trade Commission meeting on December 21 and announced its final decision to impose anti-dumping duties (8.22-16.23%) on coated printing paper imported from Japan, China and Finland for an extension of five years after holding stakeholders’ meetings, public hearings and local inspections in response to two Korean paper manufacturers’ request for a retrial since the anti-dumping date2023-12-22
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Industry
Government to nurture Free Economic Zones to serve as advanced global business base
The Korean government plans to create an Advanced Global Business Base for attracting KRW 100 trillion worth of domestic and overseas investment and creating 0.45 million job openings over the next 10 years. With these goals in view, the Government reviewed and deliberated on the draft for the 3rd Free Economic Zone (FEZ) Basic Plan during the 138th FEZ Committee meeting on December 21. The FEZ Basic Plan is a legal plan of the highest status established every five years for presenting the basi date2023-12-22