Ministry of Trade, Industry and Energy

MOTIE signs "KEEP 30" MOU for energy efficiency partnership

Trade, Industry and Energy Minister Lee Chang-yang signed the “Korea Energy Efficiency Partnership (KEEP) 30” MOU on October 19 with 30 largest energy consuming companies’ representatives, including Samsung Electronics CEO Rhee In-yong and Hyundai Steel CEO Ahn Dong-il. The KEEP MOU signing is another commitment in a series of energy saving, following the “10 resolutions for the public sector energy diet” announced on October 6. Industrial energy consumption takes date2022-10-21

Korea and Philippines to bolster supply chain and nuclear energy cooperation

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin met with Ceferino S. Rodolfo, Philippines’ Undersecretary for the Industry Development Group (IDG) of the Department of Trade and Industry on October 18 on the occasion of his visit to Korea and discussed raw materials supply chain and nuclear energy cooperation, and held the second meeting of Korea-Philippines Joint Commission for Trade and Economic Cooperation (hereinafter “Commission”). Both sid date2022-10-20

MOTIE announces MPE industry policies

Trade, Industry and Energy Minister Lee Chang-yang held the 10th Materials, Parts and Equipment (MPE) Competitiveness Committee (hereinafter “Committee”) Meeting at the Government Complex Seoul on October 18 to discuss and confirm MPE policy directions under South Korea’s new regime. A first under the Yoon administration, the meeting was held against the backdrop of prolonged Russia-Ukraine war and intensifying U.S.-China technology hegemony race among other internal and exter date2022-10-19

Korea and Saudi Arabia to strengthen cooperation in new industries

Trade, Industry and Energy Minister Lee Chang-yang met with Saudi Arabia’s Investment Minister Khalid Al-Falih to discuss bilateral industrial cooperation, investment and future directions for the Korea-Saudi Vision 2030 Committee (hereinafter “Committee”). The two Ministers assessed that the Committee has played a pivotal role in the advancement of their mutually supplementary economic cooperation, which they concurred should be further upgraded on the basis of the 60th anniv date2022-10-18

Korea's ICT trade achieves $7.9 billion surplus in September

The Ministry of Trade, Industry and Energy announced on October 14 that outbound shipments of Korea’s information and communications technology (ICT) goods for September recorded USD 20.9 billion, taking up 36.3 percent of Korea’s total exports. Imports increased 13.7 percent to $12.9 billion, and the trade balance stood at a surplus of $7.9 billion. Among the major items, deteriorating global economic conditions dragged down exports of chips, displays and computers and peripherals date2022-10-14

Korea's automobile export value grows 34.7% in September

The Ministry of Trade, Industry and Energy announced on October 14 that automobile production, domestic sales and exports all posted double-digit growths of 34.1 percent, 23.1 percent and 27.5 percent, respectively. The growth is attributable to improved automobile semiconductor supply situation, higher number of operating days in comparison, and continued overseas demand for domestic cars. Automobile production in September rose 34.1 percent to 307,721 units, growing for five consecutive mont date2022-10-14

Korea and Australia hold talks on critical minerals and supply chain

Trade Minister Ahn Duk-geun held talks with Australia’s Trade and Tourism Minister Don Farrell on October 13 on the occasion of the latter's visit to Korea, and discussed ROK-Australia’s critical minerals cooperation expansion measures, WTO reform and bi-, multi-lateral trade issues, and requested Australia’s support for World EXPO 2030 Busan. The bilateral talks are the first to be held after Korea and Australia’s relations were upgraded to a comprehensive and strategic date2022-10-14

MOTIE announces Eco-Friendly Biofuel Development Measures

Trade, Industry and Energy Minister Lee Chang-yang held a conference on October 13 at the Korea Press Center in Seoul with industry representatives to sign a “mutual growth MOU” and announced the Ministry’s plan for developing and expanding effective use of eco-friendly biofuel. The plan was drafted and prepared against the backdrop of growing market prospects for eco-friendly biofuel as an effective means to respond to climate change, through extensive communication and cons date2022-10-14