Ministry of Trade, Industry and Energy

Minister attends UAE Investment Promotion Follow-Up Meeting

Trade, Industry and Energy Minister Lee Chang-yang attended the UAE Investment Promotion Follow-Up Assessment Meeting on January 31 at the Korea International Trade Association (KITA), which was presided by President Yoon Suk-yeol and held to seek prompt implementation measures for follow-up on the economic summit diplomacy outcomes gained on occasion of Korea’s first state visit (January 14-17) to the United Arab Emirates (UAE) since the establishment of Korea-UAE diplomatic relations in date2023-02-02

Trade Minister holds 31st Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn held the 31st Trade Promotion Committee meeting on January 30 at the Korea Chamber of Commerce and Industry (KCCI) to discuss major trade policy tasks amidst the rapidly changing global trade environment, in the attendance of officials of relevant ministries. Trade Minister Ahn stated that “as concerns for global recession this year are rising, the global economy is up against the risk of multiple crises, namely energy security, protectionism and supply chai date2023-02-01

Korea's exports decline 16.6% in January

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January fell 16.6 percent year-on-year to USD 46.3 billion. Imports also shrank 2.6 percent to $59.0 billion. Trade balance stood at a deficit of $12.7 billion. The exports decline is attributed to high inflation, high interest rates and other negative factors currently affecting the global economy, as well as a high base effect from previous year’s record-breaking January exports. Semiconduc date2023-02-01

Korea's auto export value grows 16.4% in 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 30 that Korea’s annual automobile export value for 2022 increased 16.4 percent to USD 54.1 billion, and export volume gained by 13.3 percent to 2.3 million units. In terms of automobile production and domestic sales, the industry saw an 8.5 percent increase and 2.4 percent decline, respectively. Exports growth is attributed to rising demand for domestic brands for their high quality, as well as relatively competitive date2023-01-30

Trade Minister attends Korea-Cambodia Business & Investment Forum

Minister for Trade Dukgeun Ahn attended the Korea-Cambodia Business and Investment Forum held at COEX on January 27 and gave a congratulatory message. He noted that the opening of markets has established the foundation for a broader scope of trade for both countries across various areas like automobiles, machinery and agro-fishery products in comparison with the Korea-ASEAN FTA and Regional Comprehensive Economic Partnership (RCEP). The event was held in the attendance of Pan Sorasak, the Minis date2023-01-27

MOTIE kicks Industrial Transformation into high gear

The Ministry of Trade, Industry and Energy (MOTIE) held the first Industrial Transformation Forum meeting with its six private-sector subcommittees' chairpersons and representatives of relevant institutions on January 26 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the need and specific measures for industrial transformation. Forum attendees pointed out that the majority of Korea’s exports and production has centered on 10 areas over the last decade, including semicondu date2023-01-27

Korea and UAE agree to strengthen public-private economic cooperation

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin held the working group meeting of Korea-Middle East public-private joint committee for economic cooperation on January 25 at the Korea International Trade Association (KITA) in the attendance of relevant ministries, public institutions and private sector companies. The meeting consisted of two programs, the first of which focused on follow-up and implementation measures of the 16 MOUs signed between the two governme date2023-01-26

Trade Minister attends trade ministerial sessions at Davos

Minister for Trade Dukgeun Ahn attended the World Economic Forum (WEF) 2023 held in Davos, Switzerland, as of January 18, where he partook in various sessions discussing key issues with many other countries’ government and business leaders. Trade Minister Ahn attended the “The Case for Trade”, “Busting Business Barriers” and Trade and Investment Leadership Breakfast sessions to discuss measures for restoring the global trade system and investment. He attended &ldq date2023-01-20