Ministry of Trade, Industry and Energy

Trade Minister holds 28th Trade Promotion Committee meeting

Trade Minister Ahn Duk-geun held the 28th Trade Promotion Committee meeting on July 5 at the Government Complex Sejong in the presence of eight relevant ministries to discuss the new regime’s new trade directions, Indo-Pacific Economic Framework (IPEF) implementation and climate change impact on trade and necessary countermeasures. In his opening remarks, Minister Ahn stated that his focus over the past three weeks had been on the 12th WTO Ministerial Conference (MC12), Korea-EU Trade Min date2022-07-06

Korea's new energy policies are announced

The Government held the 30th Cabinet meeting presided by President Yoon Suk-yeol on July 5 with participation of relevant ministries and laid out new energy policy goals and directions through a deliberation and resolution process. Amid the global push for carbon neutral, escalation of Russia-Ukraine conflict and global energy supply chain uncertainties, energy security and attaining carbon neutral goals are now more critical than ever. In response to these changes, it is imperative that new e date2022-07-05

"Special Act to Accelerate Industrial Digital Transformation" is enforced

The Ministry of Trade, Industry and Energy (MOTIE) announced plans to kick the Special Act to Accelerate Industrial Digital Transformation into high gear beginning July 5. The Act was legislated in January this year. This Act is meaningful in that it incorporates the utilization and protection principles concerning industrial data, rationale for comprehensive governmental support, inter-ministerial collaboration mechanism as well as in that it lays the legal grounds for pursuing industrial digi date2022-07-04

Korea's exports gain 15.6% in first half of 2022

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in the first half of 2022 increased 15.6 percent, reaching USD 350.3 billion. Imports went up 26.2 percent to $360.6 billion, resulting in a trade deficit of $10.3 billion. For the month of June, Korea’s exports amounted to $57.7 billion, expanding 5.4 percent from last year. Imports jumped 19.4 percent to $60.2 billion. The trade balance stood at a deficit of $2.5 billion. Exports hit the highest date2022-07-01

Minister Lee visits Poland to further nuclear and energy cooperation

Trade, Industry and Energy Minister Lee Chang-yang visited Poland on June 30 to discuss nuclear power, defense and high-tech bilateral collaboration with Anna Moskwa, Minister of Climate and Environment and Ryszard Terlecki, the Parliamentary Caucus Head of the Law and Justice party. Minister Lee’s Poland visit is on the heels of President Yoon’s June 29 visit and promotion of South Korea’s nuclear power development capacity. Minister Lee’s visit was accompanied by the D date2022-07-01

Korea and Czech Republic hold talks on nuclear energy cooperation

Trade, Industry and Energy Minister Lee Chang-yang visited the Czech Republic on June 28, his first overseas visit since taking office on occasion of the “Korean Nuclear & High-Tech Day 2022,” and held talks with his counterpart Jozef Síkela, the Czech Industry and Trade Minister on bilateral cooperation in nuclear energy and other various areas. The Czech Republic launched a tender in March of this year of its nuclear power plant project, which aims for completion by 20 date2022-06-29

Korea's retail sales gain 10.1% in May

The Ministry of Trade, Industry and Energy announced on June 28 that Korea’s overall retail sales in May saw a year-on-year growth of 10.1 percent. Both offline and online sales surged, up 9.3 percent and 11.0 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&rdqu date2022-06-29

Korea and Spain sign Industrial Technology and International Cooperation MOU

The Ministry of Trade, Industry and Energy (MOTIE) signed the Korea-Spain Industrial Technology and International Cooperation MOU with Spain’s Ministry for Science and Innovation (MICIN) on June 24 in Madrid, Spain. On occasion of this MOU, South Korea and Spain decided to deepen cooperation in areas like future automobiles and high-tech industries. This entails establishing bilateral R&D programs in addition to Eureka projects, and expanding the existing cooperation in nanomaterials date2022-06-27