Ministry of Trade, Industry and Energy

Korea and Japan accelerate business exchange following presidential visit

With the revival of “shuttle diplomacy” between Korea and Japan after a 12-year hiatus, coupled with the full resolution of export control issues which lingered for four years, there has been significant acceleration in the exchanges and collaborations among business leaders from both countries. This boost in interactions aims to execute measures agreed upon during the summit and expand mutual business cooperation. Representatives from the Japan Association of Corporate Executives, date2023-08-03

Korea's July exports record trade surplus for 2nd successive month

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on August 1 that Korea’s exports in July declined 16.5 percent year-on-year to USD 50.3 billion and imports fell 25.4 percent to $48.7 billion, resulting in a trade surplus of $1.6 billion. July exports were negatively impacted by the slowdown of the semiconductor industry, petrochemicals and petroleum products’ unit price falls from oil price falls, and the high base effect from last year’s date2023-08-01

Korea to double new energy industry exports by 2030

The Republic of Korea’s Ministry of Trade, Industry and Energy Minister Lee Chang-yang held a roundtable meeting on the new energy industry export strategy at the Korea Chamber of Commerce and Industry (KCCI) on July 27 with representatives from the industry, finance, academia, and related agencies. The meeting was designed to utilize recent opportunities for overseas expansion, such as cooperation on small modular reactors (SMRs), building clean hydrogen supply chains, and reconstruction date2023-07-31

Korea seeking to become Asia Pacific offshore wind power hub

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE)’s Energy Industry Deputy Minister Cheon Young-gil chaired the Offshore Wind Power Supply Chain Conference on July 27 at Korea Productivity Center (KPC) to seek measures to promote Korean companies’ products and technologies in the global offshore wind power market. The conference was held in view of recent policy environment changes, including leading global offshore wind power companies’ decision to date2023-07-31

Korea and Africa discuss measures to expand economic cooperation

The Republic of Korea’s Minister for Trade Dukgeun Ahn met with African Continental Free Trade Area (AfCFTA) Secretariat Secretary-General Wamkele Mene on July 26 during the latter’s visit to Seoul and discussed measures to expand Korea-Africa economic cooperation. Assessing the launching of AFCFTA as positive in that it strengthened the basis for intraregional trade, Trade Minister Ahn explained that the Korean government is pushing various trade agreements through the Economic Par date2023-07-28

Korea announces plans to create KRW 8 trillion plus CVC fund by 2025

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang and 42 domestic corporate venture capitals (CVC) met on July 24 at Lotte Hotel Seoul to launch a CVC alliance and unveiled plans for a joint public-private initiative to accumulate over KRW 8 trillion in a CVC fund by 2025. CVCs – venture capital funds where large and medium-sized corporations are the primary shareholders – are active forces of economic dynamism in countries like the U.S. More than 200 date2023-07-28

Korea's retail industry grows 5.7% in H1 2023

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 26 that Korea’s retail sales in June achieved an overall growth of 6.6 percent, year-on-year. Offline and online sales both expanded, by 4.2 percent and 9.1 percent, respectively. Growing online sales for home appliances/culture, living/home overtook those of offline, but sales of food products and service/other increased, resulting in positive growth overall. The Ministry releases monthly reta date2023-07-27

Korea aims to attract global talent for advanced industries' competitiveness

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang held the High-Tech Industries’ Global Talent Conference on July 26 where he met with highly skilled foreigners either taking their master's and doctorate programs in Korea or working in Korea’s advanced industry sectors like batteries and semiconductors, and gathered their experience and challenges. What these foreign workers and students share in common is that they made the decision to live in Korea t date2023-07-27