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Ministry of Trade, Industry and Energy (MOTIE)

Throughout its history, the Ministry of Trade, Industry and Energy (MOTIE) has taken on expanded roles and responsibilities, helping to transform South Korea into a dynamic and economic powerhouse.

The Ministry of Trade, Industry and Energy (MOTIE) is one of Korea’s major government agencies when it comes to real economy. It plays a vital role in achieving industrial growth, increasing exports, boosting international trade, and expanding the scope of international cooperation, thereby strengthening the competitiveness of the Korean businesses and ultimately boosting the growth of the Korean economy. It is also in charge of stabilizing the supply of energy and resources that are vital to economic growth and sustaining people’s daily needs.

Today, the Korean economy is up against new and unprecedented challenges: the triple whammy of high interest rates, high inflation, and high exchange rates amid growing uncertainties. There are also concerns over the global supply chain. At the same time, low growth is settling as a chronic condition, while industries are weakening in their vitality and growth.

To turn these challenges into opportunities, it is of utmost importance to boost efficiency and competitiveness across all industries. MOTIE intends to push industrial, trade, and energy policies that can contribute to overcoming the low-growth trap and creating quality jobs.

First, MOTIE will pursue growth-oriented industrial strategies. To help Korean businesses lead economic growth, we will strengthen support for companies' R&D investment and facility investment and promote the creation of new industries through practical regulatory innovation. In line with the service transformation of our economy, our efforts will also concentrate on enhancing the competitiveness of the service sector related to manufacturing.

Moreover, we will make a transition in the industrial technology R&D system so that it becomes more goal- and outcome-oriented. In order to contribute to the expansion of growth engines, we will promote efficient operation of the R&D budget and organic connection with commercialization. We will do this while discovering and boldly investing in key innovation technologies that can serve as game changers for future industries.

We will redesign the energy policies to heighten the prospects of achieving carbon neutrality while simultaneously bolstering energy security. Based on a stable energy supply and an energy mix that harmonizes nuclear power and new renewables, we will diligently prepare to reach our greenhouse gas reduction target for 2030, and readily nurture hydrogen and new energy industries.

We will launch trade policies that can actually strengthen the competitiveness of Korea's industries so that Korean businesses can confidently compete with their competitors in the global market. In addition, we will actively respond to the new trading environment that requires expansion of trade in digital services and stabilization of the supply chain as a leading player in the new trade order in the Indo-Pacific region.