Ministry of Trade, Industry and Energy

MOTIE announces U.S.' proposed rule for CHIPS Incentives Program

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 21 the U.S. Department of Commerce (DOC)’s release of the proposed rule for guardrails included in the CHIPS Incentives Program under the CHIPS and Science Act (Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022), limiting recipients of funding from investing in the expansion of semiconductor production capacity in “foreign countries of concern (China, North Korea, Russia, Iran)”. date2023-03-24

Trade Minister attends Korea-Africa Trade & Industry Cooperation Forum 2023

Minister for Trade Dukgeun Ahn attended the Korea-Africa Trade and Industry Cooperation Forum 2023 (hereinafter “Forum”) on March 20 at the Plaza Hotel Seoul, hosted by the Ministry of Trade, Industry and Energy (MOTIE) and organized by the Korea Plant Industries Association (KOPIA). The Forum was held to seek measures to expand Korea-Africa trade and investment in response to a new trade environment, and have representatives of the Government, institutions and companies gathered in date2023-03-22

Korea's auto exports hit all-time highs in February

The Ministry of Trade, Industry and Energy announced on March 20 that Korea’s automobile industry in February achieved double digit growth in production, domestic sales and exports year-on-year. The monthly export value for February hit an all-time high of USD 5.6 billion. Car parts also rose 13.3 percent in export value to $2.0 billion as shipments increased to North America and the EU. Automobiles and car parts combined ($7.6 billion) now make up the largest chunk of Korea’s expor date2023-03-21

Korea and UAE seal 6 agreements & MOUs in defense, energy & new industries

Minister for Trade Dukgeun Ahn attended the “Korea-UAE Business Roundtable” and memorandum of understanding (MOU) signing ceremony held at the InterContinental Abu Dhabi on March 16 as follow-up to the January economic summit diplomacy outcomes. On the occasion of Trade Minister Ahn’s visit to the United Arab Emirates (UAE), the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) held the Korea-UAE business consultation sessio date2023-03-21

Korea and UAE follow up on summit diplomacy outcomes

Minister for Trade Dukgeun Ahn visited the United Arab Emirates (UAE) through March 15-16 to advance economic diplomacy between the two countries, activating the Korea-UAE economic cooperation channel and dispatching the “shuttle group” as part of carrying out the economic summit diplomacy follow-up measures through creating a new Middle East boom for economic vitalization. On the first day of arrival, Trade Minister Ahn met with UAE Minister of State for Foreign Trade Thani bin Ahm date2023-03-20

Korea and Netherlands sign 7 MOUs for industrial & energy cooperation

Minister for Trade Dukgeun Ahn met with Liesje Schreinemacher, the Dutch Minister for Foreign Trade and Development Cooperation, and attended the memorandum of understanding (MOU) signing ceremony where the two countries signed seven MOUs on eco-friendly mobility and renewable energy cooperation. The ceremony was held on occasion of Dutch Minister Schreinemacher’s visit to Korea (March 13-15) as trade delegation head and as follow-up to the Korea-Netherlands summit talks held last Novembe date2023-03-17

MOTIE announces outcome of 9th Korea-Japan export control policy dialogue

The Ministry of Trade, Industry and Energy (MOTIE) held the 9th Korea-Japan Export Control Policy Dialogue with Japan’s Ministry of Economy, Trade and Industry (METI) on March 14-16 following the bilateral agreement announcement (March 6) on restoring the trade regulatory status. During the policy dialogue, the two countries exchanged views on their export control systems, enforcement, follow-up measures and export control’s effectiveness. Based on these exchanges, Japan decided to date2023-03-16

Minister holds Pan-Ministerial Energy Efficiency Innovation Consultative Meeting

Trade, Industry and Energy Minister Lee Chang-yang held the Pan-Ministerial Energy Efficiency Innovation Consultative Meeting on March 14 at the Government Complex Seoul with 13 other ministries related to energy efficiency and conservation. The Korean government is recently focusing policy efforts on fundamentally reducing burden on companies and households caused by the protracted energy crisis, rising energy costs and high inflation. The consultative meeting was held to gather pan-ministeri date2023-03-16