Ministry of Trade, Industry and Energy

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

Korea and Australia discuss investment cooperation in LNG and hydrogen

The Republic of Korea’s Trade, Industry and Energy Minister Lee Chang-yang met with Australia’s Climate Change and Energy Minister Chris Bowen on July 25 in Seoul and discussed measures to strengthen carbon related cooperation, including the securing of critical minerals and liquefied natural gas (LNG), clean hydrogen, green steel, and carbon capture and storage (CCS). Minister Lee mentioned that Korean companies are facing management uncertainties and concerns with regard to Austra date2023-07-27

Korea launches Industrial Artificial Intelligence (AI) Alliance

The Republic of Korea’s Trade, Industry and Energy 1st Vice Minister Jang Young-jin held the Industrial Artificial Intelligence (AI) Alliance launching ceremony on July 25 at the Seoul Dragon City Hotel with the participation of Hyundai Motor, LG Electronics, Samsung SDS and other major companies representing Korea’s core industries and digital transformation (DX) suppliers. This Alliance is the expanded and realigned version of the Industrial Digital Transformation (DX) Solidarity date2023-07-26