Ministry of Trade, Industry and Energy

MOTIE to develop 11th Electric Power Supply Basic Plan

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) held the 4th Electric Power Policy Deliberation Committee Meeting and gave a briefing on the 11th Electric Power Supply Basic Plan. Beginning in July, the 11th Electric Power Supply Basic Plan Working Group plans to utilize scientific methods to produce precise forecasts on long-term power demand in accordance with recent changes so as to develop an energy mix that harmoniously incorporates policy goals, such as stabi date2023-07-19

4th RCEP joint committee meeting to discuss Secretariat installation

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 18 that the fourth joint committee meeting of the Regional Comprehensive Economic Partnership (RCEP) will be held from July 18-19 in Surabaya, Indonesia. The joint committee meeting will be chaired by Co-Chairs Indonesia and Australia, with the participation of approximately 80 delegation members from 10 ASEAN countries, 15 RCEP member countries including Korea, China, Japan, Australia and New Zealand date2023-07-18

Korea's auto exports hit record-breaking $35.7 billion in H1 2023

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on July 17 that Korea’s automobile exports for the first half (H1) of 2023 reached a total of USD 35.7 billion (up 46.6 percent year-on-year), surpassing the previous all-time high record ($25.2 billion in H1 2014) by over $10 billion. Eco-friendly vehicles, namely battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell electric vehicles (FCEVs) and hybrid electric vehicles date2023-07-17

Korea and Poland sign 33 MOUs in advanced and manufacturing industries

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 14 that it held the Korea-Poland Business Forum that day on the occasion of President Yoon Suk-yeol’s visit to Poland. Attended by 350 representatives of Korean and Polish economic organizations, large corporations, middle-market companies and small and medium-sized enterprises (SMEs), the forum was held to advance bilateral cooperation and obtain tangible outcomes in battery, high-tech industri date2023-07-17

Korea & Japan forge path with export control cooperation framework

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Japan’s Ministry of Economy, Trade and Industry (METI) held a director-level policy dialogue on export control via video call on July 7, following Japan’s decision to put Korea back on its whitelist of preferential trading partners. The two countries agreed that mutual trust in the field of export control has been fully restored, and signed a Memorandum of Cooperation (MOC) on export control as a framew date2023-07-14

Korea kicks off Project Team for innovative SMRs

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) jointly held a launching ceremony for the 'Innovative Small Modular Reactor (SMR) Technology Development Project Team (“Project Team”) at the Lotte City Hotel in Daejeon on July 10. The event was attended by over 100 industrial and academic experts including MOTIE Vice Minister Kang Kyung-sung, MSIT Minister Lee Jong-ho, Kim Young-sik and Choi Hyung-du of the Peopl date2023-07-14

Korea and Poland seal TIPF MOU for stronger bilateral cooperation

The Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced on July 14 that MOTIE and Poland’s Ministry of Economic Development and Technology entered the Trade and Investment Promotion Framework (TIPF) memorandum of understanding (MOU) on July 13 in Warsaw. Based on this MOU, the two countries plan to expand their industrial cooperation base over a comprehensive scope that will spur joint business projects across trade, investment and supply chains, and also im date2023-07-14

Korea's ICT exports reach $16.1 billion in June

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on July 13 that Korea's exports and imports of information and communications technology (ICT) goods for June amounted to USD 16.1 billion (down 22.1 percent year-on-year) and $11.5 billion (down 12.3 percent), respectively. The trade balance stood at a surplus of $4.6 billion. ICT exports fell as a result of prolonged slowdown of global demand for ICT, the sluggish semiconductor industry, and the high base ef date2023-07-13