Ministry of Trade, Industry and Energy

Korea signs nuclear reactor MOU & LOI with Poland

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 31 that it signed an MOU with the Polish Ministry of State Assets, and a letter of intent (LOI) was also signed between Korea Hydro & Nuclear Power (KHNP) and Poland's ZE PAK (private energy company) and PGE (state-owned public power company). ZE PAK, PGE and KHNP will appraise the feasibility of an APR-1400 (Advanced Power Reactor 1400 MW electricity) project in Patnow, central Poland. The MOU signed by the two countr date2022-11-01

Korea's retail industry gains 7.5% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 31 that Korea’s retail sales in September recorded a year-on-year growth of 7.5 percent. Both physical and online retailers gained in sales, up 6.0 percent and 9.1 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four &l date2022-10-31

Minister attends 15th Semiconductor Day

Trade, Industry and Energy Minister Lee Chang-yang attended the 15th Semiconductor Day ceremony on October 27 held at COEX in Seoul to award medals and orders of merit to 83 persons for their contribution to domestic chip industry advancement. Semiconductor Day was first started in 2008 to commemorate October 29, 1994, the day when South Korea’s chip exports reached USD 10 billion. This year's ceremony was attended by approximately 400 persons, including representatives from relevant acad date2022-10-28

9th International Conference held in Busan

The Ministry of Trade, Industry and Energy (MOTIE) announced that the World EXPO 2030 Busan Advisory Committee (hereinafter “Committee”), the city of Busan and the Korea Chamber of Commerce and Industry (KCCI) will host the 9th International Conference (hereinafter “Conference”) on October 27 at KCCI under the theme of “Transforming our world, navigating toward a better future.” Approximately 100 persons will attend the Conference, including key figures regar date2022-10-27

Trade Minister visits EU to discuss trade and economic cooperation

Trade Minister Ahn Duk-geun visited Hungary, Lithuania and the Czech Republic through October 24-28 as presidential envoy to discuss trade and economic cooperation, and requested support for World EXPO 2030 Busan. Minister Ahn met with Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó on October 24 and expressed gratitude for Hungary being the first European country to officially announce its support for Korea hosting World EXPO 2030. He relayed the dif date2022-10-26

MOTIE holds conference for energy sector to discuss IRA

The Ministry of Trade, Industry and Energy (MOTIE) held a conference on October 25 at the Korea Chamber of Commerce and Industry (KCCI) for energy sectors with regard to the U.S.' Inflation Reduction Act (IRA), to discuss its impact and the countermeasures to be considered for companies in nuclear power, renewable energy, hydrogen and clean energy industries. Having entered into force on August 16, the IRA is a law for solar power, wind power, hydrogen, nuclear energy, EVs, batteries and such c date2022-10-25

Korea and GCC hold 6th round of talks for FTA

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 21 that the 6th round of Korea-GCC FTA negotiations will take place through October 24-28 in Seoul. Led by MOTIE’s chief negotiator Kwon Hye-jin, Korea’s delegation is composed of officials from the Ministry of Economy and Finance (MOEF), the Ministry of Agriculture, Food and Rural Affairs (MAFRA), the Financial Services Commission (FSC) among other relevant government bodies. The GCC (Gulf Cooperation Council) date2022-10-24

Korea and Oman discuss trade and energy infrastructure cooperation

Trade Minister Ahn Duk-geun met with Khalifa bin ali Al Harthy, Undersecretary for Diplomatic Affairs at Oman's Ministry of Foreign Affairs, on October 20 and discussed investment, energy infrastructure, renewable energy, green hydrogen cooperation and requested Oman’s support for World Expo Busan 2030. Despite the pandemic impact, Korea-Oman trade is recently growing, recording USD 4.5 billion this year as of September, a historic high in five years. With respect to LNG, Oman is Ko date2022-10-21