Ministry of Trade, Industry and Energy

Korea's ICT exports fall 4.5% in October

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 14 that Korea's exports and imports of information and communications technology (ICT) goods for October recorded USD 17.1 billion (down 4.5 percent year-on-year) and $12.6 billion (down 8.3 percent), respectively. The trade balance stood at a surplus of $4.4 billion. The ICT export decline rate recorded the lowest year-on-year as the unit price of memory chips rose and their export value posted growth for the first time i date2023-11-16

137th FEZ Committee reviews plans for new district additions

The Korean government held the 137th Free Economic Zone Committee meeting on November 13, chaired by Trade, Industry and Energy Minister Bang Moon Kyu, to review new district proposals and changes in development plans aimed at expanding key strategic industries and associated sectors. The Ulsan Free Economic Zone submitted an application to the Committee for three additional districts, in response to the need to surpass the growth limitations of current industries and foster new growth sectors date2023-11-15

MOTIE and European Commission hold joint information session on CBAM

The Ministry of Trade, Industry and Energy (MOTIE) and the European Commission held a joint information session on the EU’s Carbon Border Adjustment Mechanism (CBAM) on November 15 at the Korea Chamber of Commerce and Industry (KCCI), which was first proposed by MOTIE’s Trade Minister Dukgeun Ahn last December as a form of outreach and accepted by the EU. Gerassimos Thomas, Director General of the Directorate-General for Taxation and Customs Union at the European Commission, gave a date2023-11-15

MOTIE announces K-Shipbuilding Strategy for Next-Generation Market Dominance

The Ministry of Trade, Industry and Energy (MOTIE) announced the “K-Shipbuilding Strategy for Next-Generation Market Dominance” on November 15 at the emergency economy ministerial meeting and the exports and investment promotion meeting. The strategy aims to reflect on-site opinions and preemptively respond to internal and external challenges for Korea to take the lead in the next-generation shipbuilding market through a public-private joint strategy on creating future grow date2023-11-15

Korea to roll out clean hydrogen certification system

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 14 that the proposal for an amendment to the Hydrogen Economy Promotion and Hydrogen Safety Management Act (“Hydrogen Act”) has passed the 47th Cabinet meeting’s deliberation and resolution process. The Korean government has thus far been making efforts to establish a clean hydrogen certification system in view of relevant trends in other major countries and domestic conditions. The Cabinet approval of th date2023-11-15

Korea enhances standards partnership with ASEAN for effective Korea-ASEAN Solidarity Initiative execution

With aim to successfully execute the “Korea-ASEAN Solidarity Initiative” from last year's Korea-ASEAN Summit, Korea will be strengthening its standards collaboration with ASEAN, its second-largest trade partner and the world's fifth-largest economic entity. The Korean Agency for Technology and Standards (KATS), under the Ministry of Trade, Industry and Energy (MOTIE), hosted a joint research workshop for improving standards cooperation between Korea and ASEAN on November 13. This ev date2023-11-14

Battery Alliance submits bill proposing integrated management system for used batteries

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 14 that the Battery Alliance has submitted a draft proposal on an integrated management system for the used battery industry and its supporting legislative bill. The Battery Alliance is composed of 24 members, including Hyundai Motor, three battery producers, companies in the reuse, remanufacturing and recycling industry, insurance firms and car disposal companies. First, the proposal redefines used batteries not as &ldqu date2023-11-14

Commemorating 70 Years of the ROK-U.S. Alliance ; Looking Ahead to a Carbon-Free Energy Alliance

Commemorating 70 Years of the ROK-U.S. Alliance ; Looking Ahead to a Carbon-Free Energy Alliance -Ministry of Trade, Industry, and Energy holds the “ROK-U.S. Clean Energy Conference” to emphasize cooperation in the deployment of carbon free energy- -Discussions on carbon management, battery recycling and innovative energy technologies such as hydrogen and CCUS will ensue- The Ministry of Trade, Industry, and Energy led by Minister Bang Moon Kyu organized the “Korea-U.S. Cl date2023-11-13