Ministry of Trade, Industry and Energy

MOTIE hosts Global Bio & Pharma Plaza 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 12 that it will be hosting the Global Bio & Pharma Plaza 2022 (GBPP 2022) at Lotte Hotel World in Seoul together with the Korea Trade-Investment Promotion Agency (KOTRA) and Korea Pharmaceutical Traders Association on October 12-13. Approximately 80 buyers will be participating from 21 countries, including the U.S., India, Thailand, Indonesia and Brazil, for the trade fair and market strategy briefing sessions. South K date2022-10-12

MOTIE holds Public-Private Joint Task Force meeting on IRA

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin presided the Public-Private Joint Task Force meeting on U.S. Inflation Reduction Act (IRA) on October 11 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and discussed countermeasures against impact on the automobile, battery and energy industries.The meeting was attended by various relevant companies and organizations, including Hyundai Motor, Samsung SDI and Korea Automobile Manufacturers Association ( date2022-10-11

Trade Minister attends IPEF Strategy Symposium

Trade Minister Ahn Duk-geun attended the IPEF Strategy Symposium on October 6, held under the theme of “Supply Chain Realignment Era, the Meaning of Indo-Pacific Economic Framework for Prosperity (IPEF) and Role of Korea.” At the symposium, the Trade Minister gave a congratulatory message, followed by keynote speeches by Adam Posen, President of the Peterson Institute for International Economics (PIIE), and Deborah Elms, Executive Director of Asian Trade Center. Presentations were date2022-10-07

Minister holds “Public Institutions’ Energy Diet Resolution 10”

Trade, Industry and Energy Minister Lee Chang-yang held the “Public Institutions’ Energy Diet Resolution 10” on October 6 at the Seoul Energy Dream Center, in which 16 major institutions’ representatives attended to announce the energy saving policies and implementation plans going forward. The representatives recited and signed the resolution stating goals of 1) achieving minimum 10 percent energy saving 2) practicing the five principles of winter season energy saving a date2022-10-07

Trade Minister holds 2nd Exports Assessment Meeting

Trade Minister Ahn Duk-geun presided the second meeting for joint public-private exports assessment with relevant institutions' and industries’ representatives on October 6 at the Korea International Trade Association (KITA) to announce the launching of Exports Situation Room (ESR) and discuss trade issues. The ESR aims to establish communication hotlines across SMEs and support them tackle obstacles and regulatory difficulties in exports and imports procedures. Each SME’s exports date2022-10-06

FDI pledged to Korea in Q3 surpass $20 billion

The Ministry of Trade, Industry, and Energy announced on October 5 that foreign direct investments (FDIs) pledged to Korea in the third quarter of this year jumped 18.2 percent year-on-year to USD 21.5 billion, the first time to enter the 20 billion thresholds. The FDIs arrivals in Korea over the same period contracted 6.7 percent to $11.2 billion. In spite of investment uncertainties like global inflation and interest rate hikes, investment pledges to Korea for the third quarter surpassed $20 date2022-10-05

Korea and Germany hold 2nd meeting on industrial cooperation

The Ministry of Trade, Industry and Energy's Deputy Minister for the Office of Industrial Policy Joo Young-joon attended the “2nd ROK-Germany Meeting of the Industry Working Group of MOTIE and BWMK (Germany’s Ministry for Economic Affairs and Climate Action)” held on September 30 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the U.S.’ Inflation Reduction Act (IRA), supply chain crisis and decarbonization strategies with German counterparts, including BWM date2022-10-05

Korea's exports grow 2.8% in September

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports in September increased 2.8 percent to USD 57.5 billion, a historic high for the month of September. Korea’s exports have risen for 23 consecutive months since November 2020 amid the Russia-Ukraine war and sluggish global economy. The growth, albeit having receded to single-digit growth since June, is meaningful as it was achieved despite the high base effect of last year’s record-breaki date2022-10-04