Ministry of Trade, Industry and Energy

MOTIE announces foreign investment promotion measures for 2023

Minister for Trade Dukgeun Ahn presided the “Roundtable Meeting for Foreign Business Community in Korea” on February 23 at the Lotte Hotel Seoul and announced the Ministry’s foreign investment promotion policy for 2023, which aims to attract more foreign direct investment (FDI) with focus on high-tech industries. The roundtable was held in attendance of a total of 25 persons, consisting of representatives from major countries' Chambers of Commerce in Korea, foreign-invested co date2023-02-27

Korea announces pan-ministerial strategy for export growth

The Ministry of Trade, Industry and Energy announced on February 23 that President Yoon Suk-yeol presided the 4th Exports Strategy Meeting, during which Korea’s pan-ministerial strategy for export expansion for 2023 was confirmed. The Korean government set the nation’s 2023 export target value at USD 685.0 billion (exports totaled approximately $683.9 billion in 2022). In spite of difficult export conditions due to the global economic downturn, the Government’s concerns over p date2023-02-24

Korea holds Drone Show Korea 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 22 that Drone Show Korea 2023 will be held through February 23-25 at Busan Exhibition and Convention Center (BEXCO) and Deputy Minister for the Office of Industrial Policy Joo Young-joon is attending the opening ceremony to visit the exhibition booths and encourage participants. Marking its seventh show this year, Drone Show Korea was first launched in 2016 and is the nation’s largest drone exhibition, co-hosted by B date2023-02-23

MOTIE to host public hearing for EPAs with Mongolia & Georgia

The Ministry of Trade, Industry and Energy (MOTIE) will be hosting the public hearing for Korea-Mongolia Economic Partnership Agreement (EPA) and Korea-Georgia EPA at 2PM (KST) on March 9 in conference hall C1 of the Textile Center where various interested parties and industry experts will gather for topic presentations and discussions on the EPAs’ progress and prospects. Details of the public hearing are also available at www.gwanbo.go.kr and www.fta.go.kr as well. Mongolia and Georgia date2023-02-22

MOTIE attends 3rd RCEP Joint Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 21 that the 3rd Joint Committee meeting of the Regional Comprehensive Economic Partnership (RCEP), which is in its second year of coming into force, is held through February 20-22 via videoconferencing in the attendance of 40 persons consisting of its 15 member states’ delegation and the ASEAN Secretariat, with delegation heads of Co-Chairs Indonesia and Australia leading discussions on RCEP Secretariat management, ec date2023-02-22

Korea's auto output, domestic sales & exports all increase in January

The Ministry of Trade, Industry and Energy announced on February 20 that Korea’s automobile industry in January increased in all of production, domestic sales and exports year-on-year. In spite of lower number of operating days from the Seollal holidays, Korea’s auto output in January rose 13.2 percent to approximately 0.3 million units, thanks to improved conditions for supply of semiconductors. Hyundai Motor and Kia each saw production rise 18.8 percent and 5.3 percent, respect date2023-02-21

Korea's economic delegation promotes World Expo 2030 Busan in Austria & Croatia

Minister for Trade Dukgeun Ahn is leading Korea’s public-private joint economic delegation to Austria and Croatia through February 15-17 for bilateral talks on expanding cooperation in economy and trade, and to draw support for Korea’s bid to host World Expo 2030 in Busan. As Europe is home to the largest number of Bureau International des Expositions (BIE) member states, the economic delegation will visit a total of 13 countries across the continent to promote World Expo 2030 Busan date2023-02-17

MOTIE launches public-private committee for Korea-Middle East economic cooperation

Trade, Industry and Energy Minister Lee held a meeting on February 16 with relevant ministries, institutions and private sector companies launching the Public-Private Joint Committee for Korea-Middle East Economic Cooperation (hereinafter “Committee”) at the Lotte Hotel Seoul. In his opening message, Minister Lee stated that amid recent difficult external and internal economic conditions, Korea successfully secured 58 B2B memorandums of understanding (MOUs) and agreements with Saudi date2023-02-16