Ministry of Trade, Industry and Energy

1st Vice Minister chairs Fabless Semiconductor Companies’ Export & Investment Review Meeting

Trade, Industry and Energy 1st Vice Minister Jang Young-jin chaired the Fabless Semiconductor Companies’ Export & Investment Review Meeting on May 2 at the Korea Chamber of Commerce and Industry (KCCI) and led discussions on export and investment prospects for Korea’s semiconductor industry and gathered industry opinions from attending representatives of relevant associations, R&D institutions and firms. The semiconductor industry representatives forecast that demand for ser date2023-05-08

Trade Minister chairs 33rd Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn chaired the 33rd Trade Promotion Committee (the “Committee”) meeting on May 1 at the Government Complex Sejong and led discussions on plans for the third round of official negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF), ninth official Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation round outcomes, Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting preparations and progress on int date2023-05-04

Korea to strengthen cash grants for FDI in strategic high-tech areas

The Ministry of Trade, Industry and Energy (MOTIE) held the 110th Foreign Investment Committee meeting to deliberate and vote on amendments concerning cash grant management and reported the Foreign Investment Ombudsman grievance settlement achievements. Cash grants for foreign investment in semiconductors, secondary batteries and displays and such areas included under the “National High-Tech Strategic Industries Special Act” will be increased up to 50 percent of investment, and the date2023-05-03

Korea's exports decline 14.2% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 1 that Korea’s exports in April declined 14.2 percent year-on-year to USD 49.6 billion and imports fell 13.3 percent to $52.2 billion, resulting in a trade balance of $2.6 billion deficit, which has been continuously improving since January. April exports suffered from protracted global economic downturn, semiconductor industry slowdown, less operating days and the high base effect from last year’s April exports hav date2023-05-02

Minister Lee and Secretary Raimondo hold 1st Korea-U.S. SCCD

Minister of Trade, Industry and Energy Lee Chang-yang and United States Secretary of Commerce Gina Raimondo held the first Korea-U.S. Supply Chain and Commercial Dialogue (“SCCD”) on April 27 in Washington DC and issued a joint statement. The joint statement is as below.   United States Secretary of Commerce Gina Raimondo and Republic of Korea Minister of Trade, Industry, and Energy Chang-Yang Lee ('the Participants') signed a Memorandum of Understanding to launch the United date2023-05-02

Minister Lee and Secretary Granholm Commit to Strengthening Clean Energy Cooperation

The Republic of Korea (ROK) Minister of Trade, Industry and Energy Lee Chang-Yang and the United States (U.S.) Secretary of Energy Jennifer M. Granholm met for the ROK-U.S. Ministerial Energy Policy Dialogue (EPD) to strengthen bilateral cooperation on clean energy, climate, and energy security.  The meeting promoted bilateral collaboration across the three pillars of EPD–policies and planning; technologies and research; and commercialization and deployment– in support of the date2023-04-29

Korea and U.S. to launch special student exchange programs in high-tech areas

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 27 that South Korean President Yoon Suk-yeol and U.S. President Joe Biden agreed to launch a large-scale youth exchange between the two countries in high-tech and science technology. According to the Korea-U.S. leaders’ joint statement issued on April 26, the two countries agreed to pouring USD 30 million each (total $60 million) into launching a special exchange program for 2,023 Korean students and 2,023 U.S. students date2023-04-28

Korea's retail industry grows 6.4% in March

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 25 that Korea’s retail sales in March achieved an overall growth of 6.4 percent, year-on-year. Offline and online sales both expanded, by 6.6 percent and 6.1 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four &ld date2023-04-27