Ministry of Trade, Industry and Energy

Minister Lee and Airbus D&S CEO discuss aerospace industry cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Airbus Defense and Space (D&S) CEO Michael Schoellhorn on November 16 at the Government Complex Seoul to discuss measures to strengthen the aerospace and defense industry. Airbus D&S is a division of Airbus SE, the European multinational aerospace corporation, and this meeting was convened on the occasion of the Airbus D&S chief’s visit to South Korea for local management affairs. Discussions centered on cooperation date2022-11-17

Korea and Indonesia hold Business Roundtable on sidelines of G20

Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-Indonesia Business Roundtable on November 14, held on the sidelines of the G20 summit convened in Bali, Indonesia, where 10 memorandums of understanding (MOUs) were signed by public and private parties of the two countries. The roundtable was co-hosted by the Federation of Korean Industries (FKI) and Indonesian Chamber of Commerce and Industry (KADIN), and attended by 40 officials and business representatives. It was the firs date2022-11-16

Korea attracts more investment with groundbreaking of ASML chip cluster

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 15 that construction for Dutch semiconductor equipment maker ASML’s new headquarters in South Korea’s Hwaseong is to begin, bringing greater investment from four major chip equipment producers (Applied Materials, ASML, Lam Research, Tokyo Electron) that take up more than 60 percent of the global market, which will substantially contribute to enhancing Korea’s technological competitiveness. The groundbreak date2022-11-15

Korea's ICT exports decline 10.3% in October

The Ministry of Trade, Industry and Energy announced on November 14 that exports of Korea’s information and communications technology (ICT) products dropped 10.3 percent to USD 17.9 billion in October. Imports gained 13.6 percent to $13.8 billion, and the trade balance stood at a surplus of $4.1 billion. Exports of semiconductors, displays, computers and peripherals declined due to global economic slowdown, while mobile phones advanced along with strong demand for high value-added parts. date2022-11-14

Korea and Saudi Arabia to strengthen Vision 2030 Committee cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Saudi Arabia’s Investment Minister Khalid Al-Falih on November 10 on the occasion of the latter’s visit to South Korea, to discuss investment and economic cooperation expansion measures. The Ministers concurred that the Korea-Saudi Vision 2030 Committee has contributed greatly to the two countries’ industrial diversification and economic cooperation, such as laying Saudi’s shipbuilding industry foundations, bols date2022-11-14

Korea's auto exports value grows 28.5% in October

The Ministry of Trade, Industry and Energy announced on November 11 that Korea’s October automobile production, domestic sales and exports all recorded double-digit growth of 24.2 percent, 15.2 percent and 30.2 percent, respectively. Automobile exports in value increased 28.5 percent to USD 4.9 billion. Despite the identical number of operating days as those of previous year, automobile output in October climbed 24.2 percent to 327,486 units on the backs of a base effect from automotive date2022-11-11

MOTIE holds 6th Korea-Shandong Economic and Commercial Cooperation Exchange

Trade, Industry and Energy Minister Lee Chang-yang attended the sixth meeting of the Korea-Shandong Economic and Commercial Cooperation Exchange (hereinafter “Exchange”) on November 9, held via videoconferencing. Launched in 2016, the Exchange is an annual event where Korea and the Shandong province discuss economic cooperation and seek ways to support the stabilization of Korean companies located in the province. Approximately 120 persons attended this year’s Exchange. Prior date2022-11-11

Government announces new policies to boost hydrogen industry

South Korea’s Prime Minister Han Duck-soo presided the fifth meeting of the Hydrogen Economy Commission (hereinafter “Commission”) on November 9 at the Lotte Hotel Seoul to announce the new hydrogen economy policy directions under Korea’s new regime in order to kick the industry’s growth into high gear. This Commission meeting is the first of its kind since the new administration’s inauguration, which appointed its second-generation civilian members succeedin date2022-11-10