Ministry of Trade, Industry and Energy

Korea aims to rank among global top 3 ESS powerhouses

Trade, Industry and Energy Vice Minister Kang Kyungsung visited the LS ELECTRIC Global R&D Campus in Anyang-si, Gyeonggi-do, on October 31 amid the growing emphasis on the role of energy storage systems (ESS) in accordance with the increasing use of renewable energy. At LS ELECTRIC, Vice Minister Kang first toured the manufacturing site for the company’s newly developed power conversion system (PCS), which is a core component for ESS and exported to the U.S., and encouraged the employ date2023-11-02

Korea and Germany strengthen cooperation in clean hydrogen

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the Korea-Germany Hydrogen Conference held through October 31-November 1 at the EL Tower in Seoul for expanding the scope of bilateral cooperation in hydrogen policies, industries and technology. Co-organized by Germany’s Fraunhofer Society for the Advancement of Applied Research and H2KOREA, the conference was attended by approximately 100 experts of both countries’ governments, hydrogen-related corporations and academia, including Germany’s Udo Philipp, State Secretary for the Federal Ministry of Economic Affairs and Climate Action and Jens Brandenburg, Parliamentary State Secretary for the Federal Ministry of Education and Research. Participants shared information on industrial and technological trends of hydrogen policies, hydrogen production, distribution and utilization, as well as measures for cooperation across the hydrogen ecosystem. In his congratulatory message at the opening ceremony, Vice Minister Kang stated that “Korea and Germany are similar in terms of their manufacturing-centered industrial structures and high reliance on energy imports, and in this respect, the importance of clean hydrogen is great.” He highlighted that in view of Korea’s competitiveness in hydrogen utilization (FCEVs, fuel cells) and Germany’s advanced technology in hydrogen production and storage (electrolysis, liquefaction), the two countries should strengthen bilateral cooperation and continue to closely collaborate for expanding the global trade of clean hydrogen. date2023-11-02

Korea and Germany to strengthen cooperation in advanced industries & carbon neutrality

Minister for Trade Dukgeun Ahn met Udo Philipp, State Secretary for Germany’s Federal Ministry of Economic Affairs and Climate Action, on October 30 at the Lotte Hotel Seoul to discuss bilateral cooperation measures in advanced industries and achieving carbon neutrality, and asked support for World Expo 2030 Busan. Noting the 140th anniversary of diplomatic relations between Korea and Germany, Trade Minister Ahn assessed that Korea and Germany, through the free trade agreement, developed date2023-11-02

MOTIE launches Trade and Technology Security Forum

Minister for Trade Dukgeun Ahn presided the first meeting of the Trade and Technology Security Forum, which was launched on October 31 at the Westin Josun Seoul and composed of 13 top experts of relevant academia and industries. As economic security issues are increasingly becoming more and more of a daily concern amid the rising geo-economic risks and supply chain uncertainties, there is a growing need to seek out a strategy for assessing the external and internal situation and minimizing trad date2023-11-02

Korea's exports grow 5.1% in October

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 1 that Korea’s export value for the month of October grew 5.1 percent year-on-year to USD 55.1 billion, a first in 13 months. Imports shrank 9.7 percent to $53.5 billion, and the trade balance stood at a surplus of $1.6 billion, posting growth for the fifth consecutive month since June this year. The daily average export value ($2.6 billion) for October, considering the number of operating days, again broke the previ date2023-11-02

Rare earth permanent magnets for EV motors to be home grown

  Trade, Industry and Energy Vice Minister Youngjin Jang attended the completion ceremony of Sunglim Advanced Industrial’s Hyunpoong Plant on October 27. The plant will pioneer the first-ever domestic production of neodymium-based rare earth permanent magnets. The Hyunpoong Plant will be producing approximately 1,000 metric tons of rare earth permanent magnets on an annual basis (sufficient for app. 500,000 electric vehicles), which is expected to reduce reliance on other countries date2023-11-01

Korea and Chile solidify cooperation in hydrogen, renewable energy & critical minerals

Trade, Industry and Energy Minister Bang Moon Kyu visited Chile from October 29-November 1 as a Special Presidential Envoy to strengthen economic cooperation with Latin American nations in view of their recently rising strategic importance in terms of critical minerals supply chain and other issues. The visit was accompanied by an economic delegation composed of 39 representatives of public and private organizations and companies, including Korea Trade-Investment Promotion Agency (KOT date2023-11-01

Korea's retail industry advances 9.5% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that Korea’s retail sales for September gained an overall growth of 9.5 percent year-on-year. Offline sales increased by 7.2 percent, as the Chuseok holidays boosted demand across all retail channels, with hypermarkets (up 10.0 percent) and “super supermarket (SSM)” operators (up 11.3 percent) at the helm. Online sales leaped 12.0 percent, with sales of food products (up 32.0 percent) growing on the ba date2023-11-01