Ministry of Trade, Industry and Energy

436th Korea Trade Commission gives final determination on anti-dumping investigations

The Ministry of Trade, Industry, and Energy (MOTIE) held the 436th Korea Trade Commission meeting on July 21 and announced the final determination to extend the imposing of anti-dumping duties (2.30-11.04%) on Vietnamese and Indian ferro silico manganese for another five years. The Commission determined that lifting of anti-dumping duties on Vietnamese and Indian ferro silico manganese may result in continued dumping and recur damage on domestic industries. Meanwhile, the Commission determined date2023-05-16

Minister Lee discusses measures to bolster shipbuilding industry with shipyard CEOs

Trade, Industry and Energy Minister Lee Chang-yang and Financial Services Commission (FSC) Chairman Kim Joo-hyun held a conference with the CEOs of large and mid-sized shipbuilders and parts manufacturers on May 10 at the Hotel Hyundai Ulsan and announced measures to expand financial support for Korea’s shipbuilding industry. This conference was held on the occasion of the first anniversary of President Yoon Suk-yeol taking office to gather industry opinions, assess Government policies an date2023-05-15

Korea to formulate & amend 1,971 KS in line with digital transition

The Korean Agency for Technology and Standards (KATS), an organization affiliated with the Ministry of Trade, Industry and Energy (MOTIE), held the Industrial Standards Council (“Council”) meeting on May 10 at the JW Marriott Seoul, announcing that 11 ministries will formulate and amend 1,971 Korean Industrial Standards (KS) through 43 technology council meetings this year. The Council is composed of 52 experts from relevant industry, academia, R&D and consumer groups and is the date2023-05-12

Korea and Hungary discuss measures to strengthen trade & industrial cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Speaker of the National Assembly of Hungary László Kövér on May 8 in Seoul to discuss measures for expanding trade, investment, industrial technology, nuclear energy cooperation, as well as the EU’s Foreign Subsidies Regulation (FSR) and Battery Regulation. Trade between Korea and the EU continues to increase despite the global economic slowdown, reaching an unprecedented USD 7 billion last year. Noting date2023-05-11

MOTIE to participate in the 3rd round of IPEF negotiations

Trade, Industry and Energy Ministry’s Deputy Minister for FTA Negotiations Roh Keon-ki is heading the Korean delegation in the third round of negotiations of the Indo-Pacific Economic Framework for Prosperity (IPEF) held through May 8-15 in Singapore. This round of negotiations is regarded as an important stepping stone in making tangible progress on the four IPEF Pillars (trade, supply chain, clean economy, fair economy). For supply chain (Pillar II), the discussions on resiliency, prod date2023-05-10

Trade Minister chairs bioeconomy conference to discuss BEPA

Minister for Trade Dukgeun Ahn chaired a conference on May 3 at K-SURE in Seoul for Government-industry discussions on trade assistance measures for Korea’s biochemical and bioenergy sectors, with a view to nurture Korea into a global bioeconomy powerhouse. Representatives of nine bioeconomy firms and relevant associations attended the conference, including CJ CheilJedang, Samyang Innochem, SK EcoPrime and Korea Biotechnology Industry Organization. Trade Minister Ahn started by stating t date2023-05-09

Trade Minister chairs 1st Global Business Council meeting

Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment. The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies. Geopolitical tensions, as well as supply chain crises caused by the COVID-19 pandemic, are spurring major date2023-05-09

MOTIE & Daejeon enter investment MOU with Merck Life Science

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 3 that MOTIE, Daejeon Metropolitan City and Merck Life Science (“Merck”) signed an investment cooperation memorandum of understanding (MOU) for plans to establish a new bioprocessing unit in Korea for the Asia-Pacific region. According to the MOU, Merck will consider establishing a plant in Daejeon for producing biomedical raw and subsidiary materials for the Asia-Pacific region’s pharmaceutical and bio compan date2023-05-08