Ministry of Trade, Industry and Energy

Korea and Qatar agree to expand investment cooperation

Trade, Industry and Energy Minister Lee Chang-yang held a High-Level Strategic Consultation Committee meeting with Qatari Minister of Commerce and Industry H.E. Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani in Seoul on June 15. The meeting was held for the first time in four years since 2019. The high-level visit to Korea was attended by Qatar’s Sovereign Wealth Fund (ranked 9th globally) for the first time, creating an opportunity to expand the bilateral cooperation from ind date2023-06-19

Korea's auto exports record $6.2 billion in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 15 that Korea’s automobile exports for May reached a total of USD 6.2 billion, recording a historic high for May monthly exports and entering the $6 billion thresholds for the third consecutive month. Eco-friendly cars, which are higher in unit price, recorded $2.1 billion (up 64.3 percent) in exports for May, driving up the entire automobile exports. Normalization of automotive semiconductors and other parts supply la date2023-06-19

Korea to host 4th IPEF negotiating round in Busan

Trade, Industry and Energy Ministry’s Deputy Minister for FTA Negotiations Roh Keon-ki will head the Korean delegation in the fourth negotiating round of the Indo-Pacific Economic Framework for Prosperity (IPEF) from July 9-15, 2023, at the Busan Exhibition and Convention Center (BEXCO). Delegations of thirteen other countries will be attending the negotiation round: the U.S., Japan, Australia, New Zealand, Singapore, Thailand, Vietnam, Brunei, Malaysia, the Philippines, Indonesia, I date2023-06-16

MOTIE announces K-Design Innovation Strategy

Trade, Industry and Energy Minister Lee Chang-yang chaired the 8th Industrial Strategy Roundtable and presented the K-Design Innovation Strategy and facilitated discussions on measures to promote Korea’s design industry with industry representatives and relevant persons, in accordance with President Yoon Suk-yeol’s call to strengthen design competitiveness and foster an environment where top design artists and firms can further develop. The K-Design Innovation Strategy consists of f date2023-06-15

Korea's ICT exports reach $14.5 billion in May

The Ministry of Trade, Industry and Energy announced on June 14 that Korea's exports and imports of information and communications technology (ICT) goods for May recorded USD 14.5 billion (down 28.5 percent year-on-year) and $11.2 billion (down 11.2 percent), respectively. Trade balance stood at a surplus of $3.3 billion. ICT exports fell as a result of delayed recovery of global demand for ICT, the sluggish semiconductor industry, and the high base effect from last year’s all-time high M date2023-06-15

Korea and Japan launch joint R&D project in fine chemical industry

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the Korea-Japan joint technology R&D project launching ceremony on June 14 in Seoul for strengthening both countries’ fine chemical technology competitiveness as bilateral economic and private sector exchanges are gaining momentum on the occasion of the Tokyo summit meeting in March. In the planning stages of this project, the Korea Evaluation Institute of Industrial Technology (KEIT) conducted a technology demand su date2023-06-14

Korea becomes first country to join DEPA as non-founding member

Minister for Trade Dukgeun Ahn announced on June 9 on the occasion of the Organization for Economic Co-operation and Development (OECD) Ministerial Council Meeting (MCM) that Korea has officially acceded to the Digital Economy Partnership Agreement (DEPA) as a first non-founding member, signifying the expansion of the global digital trade network for securing digital economy competitiveness. DEPA is the world’s first multilateral digital trade agreement (came into effect in January 2021) date2023-06-12

Korea and France hold 19th Industrial Cooperation Committee meeting

Trade, Industry and Energy Ministry’s Director-General for International Trade Policy Yoon Chang-hyun presided the 19th Korea-France Industrial Cooperation Committee meeting on June 8 to discuss green industries, supply chain, and advanced industries’ R&D in light of France’s green industry bill. During the meeting, the Ministry’s delegation emphasized that France’s new subsidy standards for electric vehicles tied to low-carbon should not contain discriminatory date2023-06-12