Ministry of Trade, Industry and Energy

Government delegation team to hold IRA talks in Washington D.C.

The Ministry of Trade, Industry and Energy (MOTIE) announced that the Government delegation team will be holding talks through August 29-31 in Washington D.C. regarding the Inflation Reduction Act (IRA) signed in mid-August. The delegation will convey South Korea’s concerns on the amended EV subsidies law to the U.S. Trade Representative, Department of the Treasury, Department of Commerce and Congress members in order to seek countermeasures. The schedule will also include a conference w date2022-08-31

Trade Minister convenes emergency Trade Committee regarding IRA

Trade Minister Ahn Duk-geun presided an emergency meeting of the Korea Trade Committee on August 30 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures in response to the recently passed U.S.’ Inflation Reduction Act (IRA). With respect to IRA, the Ministry has been actively communicating with the U.S. through industrial and ministerial channels so as to prevent Korea’s domestic EV industry bleeding from unfair competition in the U.S. market, including high- and date2022-08-30

Korea's retail industry gains 9.7% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 30 that Korea’s retail industry saw sales growth of 9.7 percent in July. Both offline and online sales posted growth, up 12.1 percent and 7.3 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 'super supermarket' (SSM) date2022-08-30

World Expo 2030 Busan Advisory Committee holds 2nd meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced that the second meeting of World Expo 2030 Busan Advisory Committee (hereinafter “Committee”) was held at the Four Seasons Hotel on August 26, co-presided by Prime Minister Han Duck-soo and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won.  MOTIE gave a briefing of the dossier and Committee members held a vote to confirm the dossier for official submission. Top experts worked together date2022-08-29

Minister attends radioactive waste disposal facilities groundbreaking ceremony

Trade, Industry and Energy Minister Lee Chang-yang attended the groundbreaking ceremony of second stage near-surface disposal facilities for low- and intermediate-level radioactive waste on August 26 to encourage safe construction management, and visited the Wolsong nuclear reactor and dry storage facility. The second stage near-surface disposal facilities are the nation’s first low-level radioactive waste disposal infrastructure, with the capacity to handle 1,250,000 drums of waste. Con date2022-08-29

Korea attends 2nd RCEP Joint Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 25 the launching of the 2nd Regional Comprehensive Economic Partnership (RCEP) Joint Committee Meeting, which was attended by approximately 40 persons from 14 member states via videoconferencing. The Korean government delegation is led by Lee Kyung-sik, MOTIE’s Director General for FTA Negotiations and includes officials of the Ministry of Economy and Finance (MOEF) and Korea Customs Service (KCS). This meeting is th date2022-08-26

MOTIE holds Industry Conference in response to CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang held the Semiconductors, Cars and Batteries Industry Conference (hereinafter “Conference”) in Seoul on August 25 to seek public-private joint countermeasures in response to the U.S.’ recently passed CHIPS Act (Creating Helpful Incentives to Produce Semiconductors for America Act) and the Inflation Reduction Act. The CHIPS Act enables maximum 25 percent investment tax credits to companies making new investments in U.S. semicond date2022-08-25

Trade Minister holds meeting for public-private joint exports cooperation

Trade Minister Ahn Duk-geun held a meeting on August 24 to assess South Korea’s exports situation amid the rising exchange rate and concerns of exports slowdown, and discussed recent global economic changes and countermeasures for second-half exports vitalization. Minister Ahn remarked that exports’ continuous rise for 21 consecutive months leading up to July was somewhat offset by the greater surge of energy imports, resulting in a trade deficit. As of June, exports growth shrank t date2022-08-25