Ministry of Trade, Industry and Energy

Minister Ahn attends 178th CEO Breakfast Meeting at KITA

Trade, Industry and Energy Minister Dukgeun Ahn attended the 178th CEO Breakfast Meeting at Korea International Trade Association (KITA) on March 29 in Seoul and spoke on the $700 billion export target and the New Industrial Policy 2.0.. date2024-03-29

MOTIE to power Korea's economic growth through investment and export drive

Trade, Industry and Energy Minister Dukgeun Ahn attended the 178th CEO Breakfast Meeting at Korea International Trade Association (KITA) on March 29 and vowed that the Ministry of Trade, Industry and Enery (MOTIE) will take full charge of export and investment to lead Korea’s economic growth this year.   During his lecture, he noted last year’s global trade volume decline amid high interest rates, the Russia-Ukraine war, and other geopolitical and geoeconomic crises, stating that even in these difficult conditions, Korea’s exports managed to snap the losing streak in October and contributed to the country’s relatively high economic growth, and forecast that the strong performance of major items like semiconductors, information and communications devices, and ships is expected to continue on an upward trajectory throughout the second quarter as well.   Moreover, he highlighted the need for increased investment in Korea’s top 10 manufacturing sectors to freshly vitalize the economy to build on the export growth momentum, articulating the following three goals: all-time high export target of USD 700 billion, facility investment of KRW 110 for the top 10 manufacturing sectors, and the foreign investment target of $35 billion.   The minister added that in order to achieve these goals, MOTIE plans to push the following five measures: designation of 20 major export items to create a new export drive; penetrating the Global South and other new markets; providing exporting firms with an unprecedented 360 trillion won in trade financing and 1 trillion won in overseas marketing support; activating the regulatory sandbox to improve the investment environment of new industries; and revising outdated regulations.   date2024-03-29

Korea celebrates 20 years of FTAs

Minister for Trade Inkyo Cheong attended, on March 28 at the Westin Josun Seoul, the celebration of Korea’s upcoming 20th anniversary of the country’s first Free Trade Agreement (FTA), the Korea-Chile FTA, which entered into force on April 1, 2004.   The event was held under the theme of “Korea’s Strategy in the Global Trade Landscape” to look back on the 20 years of FTAs and discuss future directions. Trade Minister Cheong awarded 20 companies and institutions the MOTIE Minister’s commendation for their contribution to expanding exports and market presence overseas.   Attending the ceremony were ambassador groups to Korea of Korea’s 37 FTA partner countries, as well as representatives of related institutions and exporting companies, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Agro-Fisheries & Food Trade Corporation (aT). date2024-03-29

Looking back on 20 years of FTAs to seek future trade strategy with global experts

The Ministry of Trade, Industry and Energy (MOTIE) celebrated, on March 28 at the Westin Josun Seoul, Korea’s upcoming 20th anniversary of the country’s first Free Trade Agreement (FTA), the Korea-Chile FTA, which entered into force on April 1, 2004. The event was held under the theme of “Korea’s Strategy in the Global Trade Landscape” to look back on the 20 years of FTAs and discuss future directions.   Attending the ceremony were ambassador groups to Korea of Korea’s 37 FTA partner countries, as well as representatives of related institutions and exporting companies, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Agro-Fisheries & Food Trade Corporation (aT).   In his commemorative address, Minister for Trade Inkyo Cheong underscored that “Cooperation based on the spirit of free trade and solidarity is key to responding to the present global trade challenges, and we must recover the rules-based international order.” Noting that the trade network Korea has established through FTAs amount to 85 percent of the total global GDP, he assessed that this trade network is an important policy means for responding to external uncertainties and risks.   Experts from around the world gathered on this occasion to discuss the future direction of Korea in view of the changing global trade landscape, including International Institute for Management Development (IMD) Professor Richard Baldwin, Japan’s Research Institute of Economy, Trade and Industry (RIETI) Chairman Shujiro Urata, and Korea Institute for International Economic Policy (KIEP) President Lee Si-wook.   KITA, KOTRA, and aT presented success cases of FTA utilization and outcomes gained over the last two decades, and 20 companies and institutions were awarded the MOTIE Minister’s commendation for their contribution to expanding exports and market presence overseas. date2024-03-29

Ministers make joint visit to Changwon Industrial Complex

Trade, Industry and Energy Minister Dukgeun Ahn and the Culture, Sports and Tourism Minister Yu In-chon visited the Changwon Industrial Complex on March 28 to meet with tenant business representatives, young workers, and cultural artists and seek ways to integrate cultural life into the industrial complex.   The talks were also attended by Land, Infrastructure and Transport Ministry officials, governor of South Gyeongsang Province and the mayor of Changwon City. date2024-03-29

Korea's industrial complexes to be enriched with cultural life for appeal to younger workforce

Trade, Industry and Energy Minister Dukgeun Ahn and Culture, Sports and Tourism Minister Yu In-chon visited the Changwon Industrial Complex on March 28 to meet with tenant business representatives, young workers, and cultural artists and seek ways to integrate cultural life into the industrial complex.   The talks were also attended by Land, Infrastructure and Transport Ministry officials, governor of South Gyeongsang Province and the mayor of Changwon City.   The talks were held as part of a follow-up measure to the order instructed by President Yoon through the 14th public forum on enriching the industrial complexes with cultural life and making them more appealing to youth.   Industrial complexes have led Korea’s industrialization and economic growth at the helm over the last six decades. However, their lack of cultural lifestyle infrastructure is growing more prominent as they age and younger workers are inclined to avoid applying for jobs in these complexes, while companies also face manpower shortages. For example, the Changwon Industrial Complex enjoyed an all-time high of KRW 60 trillion in production value last year, but employment remained at 1,813 new recruits.   Accordingly, the Government is designing several measures to blend cultural life into industrial complexes, such as expanding cultural life infrastructure, increasing support for cultural life programs, promoting cooperation between relevant ministries and local authorities from the planning stages of industrial complex development to foster cultural life facilities, and assisting cultural life related tenant businesses’ entry into industrial complexes.   Minister Ahn remarked that the Government will increase pan-ministerial efforts to incorporate cultural life into industrial complexes. date2024-03-29

Valeo Mobility Korea’s production facility completion ceremony

Deputy Minister for International Trade and Investment Choi Woo-seok attended the completion ceremony of Valeo Mobility Korea’s production facility for manufacturing self-driving vehicle parts on March 28 in the Daegu National Industrial Complex.   The event was attended by approximately 70 representatives of related institutions and companies, including the mayor of Daegu and Hyundai Motor. date2024-03-29

Trade Minister visits Thermo Fisher Scientific Korea

Minister for Trade Inkyo Cheong met Thermo Fisher Scientific SVP Mark Smedley on March 28 at Thermo Fisher Scientific Korea in Seoul and received a briefing on company management issues and discussed prospects of investment in establishing a raw and subsidiary biomaterials production facility in Korea, as well as battery and chip cooperation. date2024-03-29

Korea and Thailand declare negotiation launch for bilateral EPA

Deputy Minister for FTA Negotiations Roh Keon-ki met Thailand’s Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai on March 28 in Bangkok to declare the launch of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA). date2024-03-29

Trade Minister meets Cambodia’s Acting Minister of Commerce

Minister for Trade Inkyo Cheong met with Cambodia’s Acting Minister of Commerce and Secretary of State Kem Sithan on March 27 in Phnom Penh, Cambodia, to discuss measures to strengthen bilateral cooperation in trade, investment, development, and carbon neutrality. date2024-03-29