Ministry of Trade, Industry and Energy

Korea and Saudi agree to widen scope of clean hydrogen cooperation

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 22 that on the occasion of the Korea-Saudi summit meeting in Riyadh, a number of energy institutions, companies and MOTIE entered two agreements and five memorandums of understanding (MOU) with Saudi counterparts. First, MOTIE’s Minister Bang Moon Kyu and Saudi Energy Minister Prince Abdulaziz bin Salman signed the “Korea-Saudi Hydrogen Oasis Cooperation Initiative” MOU on behalf of the two countries&rsquo date2023-10-24

Korea and Saudi Arabia hold trade show on occasion of President Yoon's state visit

The Ministry of Trade, Industry and Energy (MOTIE) hosted the Korea-Saudi Trade Show (organized by the Korea Trade-Investment Promotion Agency (KOTRA)) on October 22 at the Riyadh Fairmont Hotel in Saudi Arabia on the occasion of President Yoon Suk Yeol’s state visit, where approximately 30 middle-market firms and SMEs, along with 78 Saudi buyers and client companies, held a total of 190 plus one-on-one business meetings in major bilateral cooperation areas like plant, construction, eco-fr date2023-10-23

Korean delegation to participate in WTO's SOM ahead of MC13

The Trade, Industry and Energy Ministry’s Director General for Multilateral Trade and Legal Affairs will be heading the Korean delegation attending the World Trade Organization (WTO) Senior Officials Meeting (SOM) held through October 23-24 in Geneva in preparation for the upcoming ministerial meetings (MC13) in Abu Dhabi in February next year. On the first day of SOM on October 23, attendees will discuss various issues that require the WTO headquarters’ guidance and direction for s date2023-10-23

Korea and GCC to kick off 8th official negotiating round for FTA

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 22 that Korea and the six Middle Eastern countries of the Gulf Cooperation Council (GCC) are holding the eighth round of official negotiations for the Korea-GCC free trade agreement (FTA) through October 23-27 in Seoul. The Korean delegation is headed by MOTIE’s Director General for FTA Negotiations Chang Sung-gil and composed of approximately 30 relevant ministries’ officials, including those from the Ministry date2023-10-23

MOTIE holds 15th Smart Start Bio Investor Briefing

The Ministry of Trade, Industry and Energy (MOTIE) held the 15th Smart Start Bio Investor Briefing on October 19 in Seoul together with the Korea Biotechnology Industry Organization and New Industry Organization for Investment to support the stable growth of top bio companies and help resolve their financial challenges. Bio is an area that requires continued investment since much time and cost go into the entire process from development to licensing and production. Korea Exchange (KRX) personne date2023-10-19

Korea to kick-start Carbon-Free Energy Initiative

Korean President Yoon Suk Yeol, during his keynote speech at the United Nations General Assembly on September 20 (local time), proposed the launching of a Carbon Free (CF) Alliance as an open platform for resolving the climate gap between advanced and developing nations and for the global spread of carbon-free energy. Accordingly, the inaugural assembly of the CF Alliance was held on October 12, composed of major Korean companies. On October 19, Korean Prime Minister Han Duck-soo chaired the m date2023-10-19

Korean and U.S. firms to jointly develop advanced air radar system

Trade, Industry and Energy Vice Minister Youngjin Jang attended the ceremony for the signing of the memorandum of understanding (MOU) between Korea's defense firm Huneed Technologies and U.S.-based General Atomics Aeronautical Systems Inc. (GA-ASI) on October 18 in Seoul on the joint development of a radar system for unmanned air vehicles. As per the MOU, the two companies will be jointly developing a high-altitude, ultrahigh-resolution and wide-swath radar system for surveillance patrol of unm date2023-10-18

Korea's auto exports grow 35.8% by Q3

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 18 that Korea’s automobile export value for September reached USD 5.2 billion (up 9.5 percent year-on-year). The accumulated value of automobile exports from January to September in 2023 reached $52.1 billion (up 35.8 percent), an all-time high for the three quarters. The export value of eco-friendly vehicles accumulated from January to September hit $18 billion, already surpassing the $16.1 billion exported in total date2023-10-18