Ministry of Trade, Industry and Energy

Korea and Chile hold 8th official negotiating round for upgrading bilateral FTA

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 29 that Korea will begin the eighth official negotiating round for upgrading the Free Trade Agreement (FTA) with Chile, its very first FTA partner, through November 29 to December 1 in Seoul. Negotiations for the Korea-Chile FTA were first launched in December 1999 and the agreement entered into force on April 1 in 2004, contributing to both countries’ economic growth and increasing the bilateral trade volume five-fo date2023-11-29

Korea to initiate support for advancement of the critical minerals recycling sector

The Korean government plans to actively foster the recycling industry for extracting critical minerals from waste materials, including discarded electric vehicles and batteries, to ensure the stability of Korea’s supply chain in view of its considerable dependence on imports for most critical minerals. Held in Seoul, Critical Mineral Recycling Forum 2023 was sponsored by the Ministry of Trade, Industry and Energy (MOTIE) and organized by Korea Mine Rehabilitation and Mineral Resources Cor date2023-11-29

Korea and UAE declare mutual support for CFE and Net Zero Nuclear Initiatives

The Ministry of Trade, Industry and Energy (MOTIE) and the Emirates Nuclear Energy Corporation (ENEC) of the United Arab Emirates (UAE) held a videoconference on November 24 to express mutual support for Korea’s Carbon-Free Energy (CFE) Initiative and ENEC’s Net Zero Nuclear Initiative. The declaration of mutual support is significant in that it upholds the global status of the Carbon Free Initiative and emphasizes the importance of nuclear energy as a means for achieving carbon neu date2023-11-28

Korea and Indonesia discuss measures to strengthen cooperation across all energy areas

The Ministry of Trade, Industry and Energy (MOTIE) and Indonesia’s Ministry of Energy and Mineral Resources held the 14th Korea-Indonesia Energy Forum on November 28 and agreed to bolster bilateral cooperation on the supply chain of critical minerals. The two countries have plans to launch on November 29 a Korea-Indonesia Critical Minerals Joint R&D Center through collaboration between the Korea Institute of Geoscience and Mineral Resources (KIGAM) and Indonesia’s Bandung Insti date2023-11-28

MOTIE and MOEF co-host MDB Project Plaza 2023

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Economy and Finance (MOEF) are co-hosting Multilateral Development Bank (MDB) Project Plaza 2023 from November 28-29 at the JW Marriott Seoul. MDB Project Plaza is an event for promoting Korean firms to MDBs and other countries’ project clients to support Korean firms’ bid winning in the MDB procurement market estimated around USD 40 billion as of 2022. During the MDB Project Forum held on the first day of MDB P date2023-11-28

Korea's retail industry grows 6.4% in October

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 28 that Korea’s retail sales for October gained an overall growth of 6.4 percent year-on-year. Offline sales posted a slower 0.5 percent growth as more and more purchases of daily necessities are shifting to online, and sales of hypermarkets and department stores decreased. Online sales jumped 12.6 percent as bulk economy-size purchases grew and items related to outdoor autumn season activities and travel packages a date2023-11-28

"Korea One Team" making final pitch for World Expo 2030 Busan

Prime Minister Han Duck-soo is leading Korea’s last efforts for making the final pitch for World Expo 2030 Busan with only hours remaining until the vote is held to select the winner of the bid to host World Expo 2030. Composed of high-level government officials, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won and other major business magnates, the Korean delegation (“Korea One Team”) in Paris will be putting in the utmost effort for promoting Busan as the date2023-11-28

Korean delegation departs to Paris for final vote on World Expo 2030 host winner

The Korean delegation for the 173rd General Assembly of the Bureau International des Expositions (BIE), led by Prime Minister Han Duck-soo, departed for Paris on November 26 to participate in the final election of the winner to host World Expo 2030. Trade, Industry and Energy Minister Bang Moon Kyu, Foreign Affairs Vice Minister Oh Youngju, and the Prime Minister’s Chief of Staff Park Seung-keun are accompanying the Prime Minister. During the 173rd BIE General Assembly on November 28, th date2023-11-27