Ministry of Trade, Industry and Energy

Korea's ICT exports hit all-time highs for both June and H1

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 14 that South Korea’s information and communications technology (ICT) industry exported a record amount of goods for both the month of June and for first half (H1) of 2022. For June, Korea’s ICT exports amounted to USD 20.7 billion (up 7.3 percent year-on-year), making it the highest exporting June in history. Imports stand at $13.1 (13.05) billion (up 23.3 percent), recording $7.7 (7.65) billion in trade surplus. date2022-07-14

Korea and China hold FTA follow-up negotiations on service and investment

The Ministry of Trade, Industry and Energy (MOTIE) held Korea-China FTA service and investment follow-up negotiations at chief delegate-level on July 13 via teleconferencing. MOTIE’s chief FTA negotiator Lee Kyung-sik led the Korean delegation, and Director-General Yu Benlin of China’s Department of International Trade and Economic Affairs led the Chinese delegation, adding up to 20 attendees in total. The two countries have held nine negotiation rounds and meetings since March in date2022-07-13

1st Multilateral Trade Strategy Assessment Meeting

Trade Minister Ahn Duk-geun held the 1st Multilateral Trade Strategy Assessment Meeting on July 12 at the Government Complex Sejong with relevant ministries and delegation of the Permanent Mission of the Republic of Korea in Geneva (hereinafter 'Mission').  The Multilateral Trade Strategy Assessment Meeting has been launched to bolster the “one team, one voice” strategy of the South Korean government in terms of multilateral trade. In the past, trade issues were dealt through date2022-07-13

MOTIE presents work report under new regime

The Ministry of Trade, Industry and Energy (MOTIE) presented the Ministry’s work report to President Yoon Suk-yeol on July 12, a five-year set of three-fold strategies containing 11 major project tasks. The three-fold strategies are in bold as follows. One, the Ministry will pursue a major industrial shift through growth-oriented strategy. The growth-oriented industrial strategy is built on four key aims. The first aim is to stimulate private investment through regulatory improvement, date2022-07-12

6th round of Korea-Ecuador SECA negotiations

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 11 that the 6th round of Korea-Ecuador Strategic Economic Complementation Agreement (SECA) negotiations will be taking place through July 11-21 in Seoul. Both countries agreed in March this year to officially resume negotiations, and the 6th round follows a six-year hiatus since the 5th round in 2016. The 6th round will cover negotiations across all departments, encompassing products, services, investment, digital, procuremen date2022-07-12

World Expo 2030 Bid Committee to give full measure

The South Korean government held the first World Expo 2030 Bid Committee (hereinafter “Committee”) meeting at the Korea Chamber of Commerce and Industry (KCCI) on July 8, which was co-presided by Prime Minister Han Duck-soo and Co-Chairman Chey Tae-won. The private-led bid committee and Government-led bid committee have been merged so as to combine all efforts for the single aim of winning Busan the bid for host city of World Expo 2030. Comprising 14 of Government Ministe date2022-07-11

Trade Minister holds 15th Trade Advisory Committee Meeting

Trade Minister Ahn Duk-geun held the 15th Trade Advisory Committee (hereinafter “Committee”) Meeting at the Lotte Hotel Seoul on July 7, the first meeting of its kind under South Korea's new regime. The above Committee is a consultation body focused on communication with corporations and consists of approximately 30 experts from industries and academia, serving as one of the main public-private collaborative channels. This meeting was held to discuss matters related to trade policy date2022-07-11

Korea reclaims world no.1 shipyard title in 4 years

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 6 that South Korea’s shipbuilding industry achieved 1st place in terms of shipbuilding orders for the first half of 2022, winning 45.5 percent (9.79 million CGT) out of a total of 21.53 million CGT, the entire volume of shipbuilding orders worldwide for that period. In so doing, Korea has reclaimed top spot for H1 after previously claiminig it in 2018. When excluding delayed demand effect of 2021, H1 2022 results are the date2022-07-08