Ministry of Trade, Industry and Energy

Korea and Saudi Arabia hold talks on energy supply chain cooperation

Trade, Industry and Energy Minister Lee Chang-yang held a videoconference with Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on November 2 at the latter’s request and discussed bilateral cooperation in energy sectors. The two countries shared the emphasis on the need for communication and cooperation between them, as crude oil supplier and consumer, to seek out oil market stabilization measures. Noting that Saudi Arabia is Korea’s major source of crude oil and the two date2022-11-04

Korea and India hold 9th round of CEPA upgrading negotiations

The Ministry of Trade, Industry and Energy (MOTIE) announced that the 9th round of Korea-India negotiations for an upgraded Comprehensive Economic Partnership Agreement (CEPA) are to be held on November 3-4 in Seoul. The Korean delegation is headed by Director General for FTA Policy Yang Gi-uk, while India’s is headed by Joint Secretary at Department of Commerce Anant Swarup. Relevant ministries including the Ministry of Economy and Finance (MOEF) and the Ministry of Agriculture, Food and date2022-11-03

MOTIE hosts Invest Korea Week 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 2 that it was hosting Invest Korea Week (IKW) 2022 with co-organizers Korea Trade-Investment Promotion Agency (KOTRA) and Korea International Broadcasting Foundation (KIBF) at Grand InterContinental Seoul Parnas over a period of three days from November 2 to November 4. IKW aims to share Korea’s attractive investment environment and all-time high FDI achievements in 2022, which are all the more meaningful amid the cu date2022-11-03

MOTIE holds 30th Trade Promotion Committee & 4th IRA Countermeasures TF

Dukgeun Ahn, Minister for Trade, presided the 30th Trade Promotion Committee on November 2 at the Korea Chamber of Commerce and Industry (KCCI) and spoke in his opening message on Korea’s progress in climate change response and industrial competitiveness with respect to legal and systemic enforcement. He emphasized that it is crucial for the Government and companies to take utmost care in responding to other countries’ policies so they do not end up facing limitations or discriminat date2022-11-02

Korea's exports fall 5.7% in October

The Ministry of Trade, Industry and Energy announced on November 1 that Korean exports in October decreased 5.7 percent year-on-year to USD 52.5 billion. Imports rose 9.9 percent to $59.2 billion and the trade balance stood at a deficit of $6.7 billion. The fall in exports was affected by unfavorable external conditions such as the global economic downturn, protracted Russia-Ukraine war and major countries’ austerity measures. China’s reduced imports and semiconductor price falls, c date2022-11-01

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