Ministry of Trade, Industry and Energy

Korean delegation visits U.S. to negotiate IRA amendment

Minister for Trade Dukgeun Ahn will be visiting Washington D.C. through December 5-9 (local time) as member of South Korea’s delegation to negotiate the Inflation Reduction Act (IRA) with key figures of the Biden administration and U.S. Congress. The delegation is composed of Government officials and National Assembly members, including the Trade, Industry and Energy Ministry’s Small and Medium Venture Business Committee Chairman Yoon Kwan-seok. The delegation will be discussing IR date2022-12-06

Korea launches World Expo 2030 Busan promotion in Paris

The Government of the Republic of Korea held a variety of activities in Paris, France, through November 28-29 to promote Korea’s bid to host World EXPO 2030 in Busan, on the occasion of attending the 171st Bureau International des Expositions (BIE). Korea carried out promotion activities on the Seine River by floating a cruise ship named “2030 Expo Busan Space” with an 8 m-tall “Boogi” on the deck next to Pont d'Iéna ('Jena Bridge'). “Boogi” is s date2022-12-05

Korea and EU discuss major trade issues

Minister for Trade Dukgeun Ahn met with European Commissioner for Trade Valdis Dombrovskis on November 30 in Brussels, Belgium, to hold ministerial talks and the 10th Korea-EU FTA Trade Commission (hereinafter 'Commission') meeting. In Korea-EU ministerial talks, the two sides exchanged views on the U.S.’ Inflation Reduction Act (IRA) and WTO reform among other major global trade issues. As both sides have serious concerns over IRA’s discriminatory rules on EV tax credits, and prop date2022-12-02

Korea's exports decline 14.0% in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korean exports in November decreased 14.0 percent year-on-year to USD 51.9 billion. Imports rose 2.7 percent to $58.9 billion and the trade balance stood at a deficit of $7.0 billion. Exports were hit by global economic slump, major countries’ interest rate hikes and the prolonged Russia-Ukraine war, which in turn are lowering imports around the world. Slowdown in exports growth is currently a common factor among coun date2022-12-01

Minister holds public-private conference on IRA response measures

Trade, Industry and Energy Minister Lee Chang-yang convened a public-private joint conference on November 29 at the Korea Chamber of Commerce and Industry (KCCI) and facilitated discussions on the U.S.’ Inflation Reduction Act (IRA) to gather opinions and consider response measures. This public-private conference was held to assess the overall situation prior to IRA enforcement beginning January 2023, so that the Government and industries can seek countermeasures together. Attendees inclu date2022-11-30

Korea’s retail industry grows 7.3% in October

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 29 that Korea’s retail sales in October gained a year-on-year growth of 7.3 percent. Both physical and online retailers grew in sales, up 6.4 percent and 8.2 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 “s date2022-11-29

Korea and Canada hold ministerial talks on industry cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne on November 25 at the Government Complex Seoul and discussed cooperation in core industries and measures for trade and investment expansion. Noting the upgrade of the two countries’ ties to a comprehensive strategic partnership on the occasion of the Korea-Canada summit meeting held in September, the two industry chiefs agreed to build date2022-11-29

Minister holds 3rd Nuclear Exports Strategy Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) held the 3rd Nuclear Exports Strategy Committee (hereinafter “Committee”) meeting on November 23 in Seoul. Headed by MOTIE’s Minister Lee Chang-yang and composed of 30 members from relevant ministries, financial institutions, public corporations and private sectors, the Committee was launched in August this year to function as a nuclear exports control tower for entering overseas markets and building competitiveness. In his opening remarks, Minister Lee stated that the signing of the letter of intent (LOI) and memorandum of understanding (MOU) on October 31 with Poland for its nuclear reactor project was the turning point for Korea’s nuclear reactor exports since winning the United Arab Emirates (UAE) Barakah Power Plant in 2009. He emphasized that public and private sectors must join hands to make sure they finalize the Polish project win, and further achieve their goal of exporting 10 power plants. First, Minister Lee mentioned that public and private sectors must work together for a seamless follow-up process subsequent to the Poland nuclear cooperation deal. To Korea Hydro & Nuclear Power (KHNP), he requested that they collaborate with the top companies of each field to draw up the nuclear power plant development plan that is most optimized for Poland. Relevant ministries are to cooperate with the Polish government via establishing local safety regulations and training up specialized manpower to enable Poland to swiftly introduce Korea’s nuclear power facilities. As for uncertainties and risk factors including recent financial market concerns, the Minister requested that a public-private financial cooperation system be established for safe procurement of funds.   Second, with regard to exports of nuclear power plant materials and equipment, the Minister stressed that second and third success cases of nuclear reactor exports must succeed the El Dabaa nuclear power plant project. Recently, countries with nuclear power plants are expanding investments in materials and equipment, such as renovation of old plants and installation of safety facilities. Exporting materials and equipment is important in itself, but it can also be a good stepping stone to new project opportunities. In this sense, Minister Lee called for a creative bid strategy that raises Korea’s win probability, based on a comprehensive assessment of bid trends, competition and business model.   This third meeting had three items on the agenda: 1) follow-up measures for Poland nuclear power plant cooperation, 2) exports of nuclear power plant materials and equipment, and 3) integrated support for nuclear power plant exports to the Czech Republic and Poland. One, discussions regarding the Poland power plant project centered on the APR1400-based upcoming development schedule and future plans. MOTIE urged that relevant ministries promptly begin assessment of financial procurement and nuclear reactor licensing process. Second, Committee members discussed business environment and viable strategies with respect to Romania and other countries, where major materials and equipment project bids are opening. KHNP is planning to place 20 orders on materials and equipment tied to the El Daaba project within this year and open a project office in January 2023. MOTIE will take into consideration the recent progress, such as the LOI with Poland, in the process of designing supplementary measures for supporting nuclear power plant exports to the Czech Republic and Poland. This will involve a detailed planning in defense, energy and infrastructure for the joint projects Korea has engaged in with these two countries. MOTIE also will step up its efforts in seeking new joint projects in view of the broader cooperation prospects with the Czech Republic, as final bid award is now only a year away.   With the Nuclear E date2022-11-28