Ministry of Trade, Industry and Energy

MOTIE to disclose and receive public opinion on Korea-Ecuador SECA draft

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 17 that the ministry will disclose on the Korean government's Free Trade Agreement (FTA) website (www.fta.go.kr) both the Korean and English draft versions of the Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) from December 18, 2023, to January 6, 2024, on which the ministry will also receive public opinion. Public opinions are to be received in accordance with MOTIE’s rules on procedural regulations f date2023-12-18

Korea and Saudi Arabia follow up on economic summit diplomacy outcomes for cooperation in EVs and bio

Trade, Industry and Energy Minister Bang Moon Kyu met with Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef on December 15 in Seoul to review Korea-Saudi economic summit diplomacy outcomes and discuss follow-up measures. Minister Alkhorayef is the first Saudi high-level official to visit Korea following the state visit made by President Yoon Suk Yeol in October. During the talks between the two industry ministers, Minister Bang affirmed that the implemen date2023-12-18

MOTIE announces vision and strategy for advanced robotics industry as new growth engine

Trade, Industry and Energy Minister Bang Moon Kyu chaired the Advanced Robotics Industrial Strategy Meeting on December 14 at Mando NEXT M in Pangyo and presented the “Advanced Robotics Industry Vision and Strategy” that aims to heighten the industry’s productivity, respond to demographic changes and nurture the robotics industry into the nation’s new growth engine. For the advanced robotics industry, the scope of downstream industries is not limited to traditional manuf date2023-12-15

Korea's accumulated auto exports hit record-breaking $64.5 bln in November

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 14 that Korea’s automobile export value for January-November this year in accumulation reached a record-breaking USD 64.5 billion, and the annual automobile export value for 2023 is anticipated to surpass $70 billion for the first time in auto export history. November export value for automobiles also recorded a monthly all-time high of $6.53 billion, surpassing the previous all-time high of $6.50 billion in March th date2023-12-15

Korea's ICT exports grow 7.6% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 14 that Korea's exports and imports of information and communications technology (ICT) goods for November recorded USD 17.9 billion (up 7.6 percent year-on-year) and $11.4 billion (down 10.9 percent), respectively. The trade balance stood at a surplus of $6.4 billion. ICT exports snapped the losing streak after 17 months of decline as semiconductor exports posted growth for the first time in 16 months. By item, semiconduc date2023-12-15

Total of 19 MOUs sealed at Korea-Netherlands Business Forum for cooperation in advanced industries and more

Minister for Trade Dukgeun Ahn and the Netherlands' Minister of Economic Affairs and Climate Policy Micky Adriaansens attended the Korea-Netherlands Business Forum on December 13, co-hosted by the Korea International Trade Association (KITA), the Dutch Foreign Affairs Ministry and VNO-NCW, the Dutch employers' federation. This was the first large-scale business forum held by the two countries, attended by approximately 200 business representatives to discuss measures for widening bilateral coope date2023-12-14

Minister Bang discusses Korea's chip industry future with young business leaders

Trade, Industry and Energy Minister Bang Moon Kyu visited the Samsung Electronics Pyeongtaek Campus on December 14 to chair a conference discussing industry issues and challenges with young business leaders and inspected the semiconductor production facilities. The conference was attended by representatives of Samsung Electronics, FRD, GigaLane, OPENEDGES Technology, Mobilint, Rebellions and other fabless semiconductor companies and MPE (materials, parts, equipment) businesses leading the expa date2023-12-14

Korea and Netherlands to bolster supply chain cooperation on key items

The Ministry of Trade, Industry and Energy (MOTIE) signed a memorandum of understanding (MOU) for supply chain cooperation on key items with the Netherlands on the occasion of President Yoon Suk Yeol’s state visit through December 11-14. The two countries plan to launch monitoring collaboration for joint response to the realignment of global supply chains concerning semiconductors and other advanced industries, for which a key item supply chain dialogue channel will be installed at the d date2023-12-14