Ministry of Trade, Industry and Energy

Korea to push energy efficiency innovation campaign nationwide

Trade, Industry and Energy Minister Lee Chang-yang chaired a consultation session on April 19 at the Government Complex Seoul on measures for central and regional energy efficiency innovation. The session was held to discuss measures for effectively spreading the energy conservation efforts nationwide through a cooperative system among local governments following the pan-ministerial energy efficiency innovation consultation meeting held on March 14. During the session, Minister Lee announced t date2023-04-24

Korea to nurture tech-competitive MPE companies

The Ministry of Trade, Industry and Energy (MOTIE) held the eleventh MPE (materials, parts and equipment) Industry Competitiveness Committee meeting on April 18 and announced the Ministry’s plan to nurture MPE firms into global companies with top-notch technological competitiveness and to expand core MPE areas and related strategic technologies. The globalization strategy has been established to enable Korea’s MPE industries to respond to the rapidly changing global high-tech indust date2023-04-21

Korea sends economic delegation to Central Europe to bolster cooperation

Trade, Industry and Energy 1st Vice Minister Jang Young-jin is visiting Hungary, Poland and Slovakia through April 17-20 as the head of an economic delegation to discuss measures for expanding trade and economic cooperation between Korea and the three Central European nations. The economic delegation will hold business roundtables in Hungary and Poland to discuss bilateral investment and trade expansion measures with companies and interested parties, as well as EU trade policies. In Slovakia, t date2023-04-18

Korea and Kazakhstan discuss critical minerals & economic cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Roman Sklyar, First Deputy Prime Minister of the Republic of Kazakhstan, on April 14 at the Lotte Hotel Seoul and discussed critical minerals, economic cooperation and plant bid project, and requested support for World Expo 2030 Busan. Both sides agreed that it was significant for bilateral trade to have reached USD 6.5 billion despite internal and external difficulties in 2022, which was also the 30th anniversary of the establishment date2023-04-18

Korea's auto exports reach record-breaking $6.5 billion in March

The Ministry of Trade, Industry and Energy announced on April 17 that Korea’s automobile production, domestic sales and exports by unit in March gained year-on-year by 35.6 percent, 19.6 percent and 48.0 percent, respectively. By value, exports of finished cars rose 64.1 percent to a record-breaking USD 6.5 billion, while those of car parts inched down 5.3 percent. Production volume surpassed 0.4 million units for the first time in six years, thanks to normalization of car parts supply c date2023-04-18

MOTIE and Boeing discuss measures to expand cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with chief executive officer of Boeing Defense, Space & Security (BDS) Theodore Colbert III on April 13 at the Four Seasons Hotel Seoul to discuss measures to expand cooperation between Korea and Boeing. The talks were held for the purpose of expanding Korea-Being cooperation in the future amid the post-COVID realignment of global supply chains and rising national defense budgets worldwide. Delegations from the Ministry of Trade, Indus date2023-04-17

Korea's ICT exports recover $15 billion thresholds in March

The Ministry of Trade, Industry and Energy announced on April 13 that Korea's exports and imports of information and communications technology (ICT) goods in March recorded USD 15.8 billion (down 32.2 percent year-on-year) and $11.9 billion (down 7.9 percent), respectively. Trade balance stood at a surplus of $4.0 billion. ICT exports contracted for the ninth consecutive month as the global economic downturn and semiconductor industry slowdown continued, but export value recovered $15.0 billion date2023-04-14

Minister Lee attends Korea-Portugal Business Forum

Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-Portugal Business Forum held on April 12 at the Four Seasons Hotel Seoul and met with Portuguese Prime Minister António Costa and other relevant economic organizations’ and companies’ representatives. The forum was co-hosted by the Korea Chamber of Commerce and Industry (KCCI), Embassy of Portugal in South Korea, and the Portuguese Trade & Investment Agency AICEP to expand Korea-Portugal business cooper date2023-04-13