Ministry of Trade, Industry and Energy

Korea and Australia hold 31st Joint Committee on Energy and Mineral Resources

The Ministry of Trade, Industry and Energy (MOTIE) co-hosted the 31st Korea-Australia Joint Committee on Energy and Mineral Resources (hereinafter “JCEM”) with Australia’s Department of Climate Change, Environment, Energy and Water, (DCCEEW) and Department of Industry, Science and Resources (DISR) at the Lotte Hotel Seoul on August 22. JCEM is the official communication channel run since the 1980s on energy and mineral resources issues between Korea and Australia. The 31st mee date2022-08-23

Minister holds conference with top 3 shipbuilder CEOs

Trade, Industry and Energy Minister Lee Chang-yang held a conference with the CEOs of top three domestic shipbuilders on August 19 to discuss key issues and future goals for Korea’s shipyard. The three shipbuilders represented at the conference are Korea Shipbuilding & Offshore Engineering (KSOE), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI). One major issue raised by the CEOs was the difficulty of finding quality human resources to take on p date2022-08-19

MOTIE kicks off Nuclear Energy Exports Strategy Committee

Trade, Industry and Energy Minister Lee Chang-yang kicked off the public-private joint Nuclear Energy Exports Strategy Committee (hereinafter “Committee”) and presided its first meeting on August 18. The Committee is composed of approximately 30 distinguished specialists, consisting of Deputy Minister-level officials from nine other relevant ministries, as well as public institution professionals and private industry-academia experts. Some major tasks for this Committee will be th date2022-08-18

Minister Lee holds Promising Industries Exporters Conference

Trade, Industry and Energy Minister Lee Chang-yang visited the Osong Life Science National Complex on August 16 to assess tenant companies’ trade status and to discuss measures for invigorating exports. Coming against the backdrop of surging prices of energy and raw materials, the Russia-Ukraine war, trade balance challenges, global economic slowdowns, supply chain uncertainties and interest rate hikes, Minister Lee’s visit aims to seek measures to further vitalize South Korea&rsquo date2022-08-17

Korea's auto exports value grows 25.3% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 16 that Korea’s automobile output, outbound shipments and exports value increased 9.1 percent, 23.1 percent, and 25.3 percent, respectively, while domestic sales contracted by 3.0 percent. Amid persisting global supply chain uncertainties, the temporary abatement of the parts supply crisis has led to increases in both production and exports of finished cars. Meanwhile, domestic sales of Korean brands have remained larg date2022-08-16

Korea maintains No.1 Shipyard position in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 10 that South Korea maintained its dominant position in global shipbuilding (following 1st place for first half of 2022), winning 55 percent (19 vessels amounting to 1.16 million CGT) of world’s total orders in July. In July, bid orders for a total of 72 vessels amounting to 2.11 million CGT ($5.3 billion) were opened in the July global market. The types of vessels consisted of 17 container ships (small-to-medium), 16 date2022-08-11

Korea's ICT exports shrink 0.7% in July, but still achieve trade surplus

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 11 that exports of Korea’s information and communications technology (ICT) goods decreased 0.7 percent to USD 19.3 billion in July.Imports gained 16.8 percent to $13.2 billion, but ICT trade still achieved a trade surplus of $6.1 billion despite less operating days (one less) in comparison with those of 2021. Average daily ICT exports advanced to a record-breaking $820 million. ICT exports performance of small and mid date2022-08-11

Minister Lee holds conference for nuclear energy ecosystem revitalization

Trade, Industry and Energy Minister Lee Chang-yang visited Changwon in South Gyeongsang Province on August 10 to hold a Nuclear Energy Industry Business Conference (hereinafter “Conference”) and to give an update on progress thus far following the previous conference held on June 22. The Conference involved an MOU signing ceremony between Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and nuclear energy industry’s equipment and materials manufacturers for the goal date2022-08-11