Ministry of Trade, Industry and Energy

Korea's ICT exports recover $15 billion thresholds in March

The Ministry of Trade, Industry and Energy announced on April 13 that Korea's exports and imports of information and communications technology (ICT) goods in March recorded USD 15.8 billion (down 32.2 percent year-on-year) and $11.9 billion (down 7.9 percent), respectively. Trade balance stood at a surplus of $4.0 billion. ICT exports contracted for the ninth consecutive month as the global economic downturn and semiconductor industry slowdown continued, but export value recovered $15.0 billion date2023-04-14

Minister Lee attends Korea-Portugal Business Forum

Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-Portugal Business Forum held on April 12 at the Four Seasons Hotel Seoul and met with Portuguese Prime Minister António Costa and other relevant economic organizations’ and companies’ representatives. The forum was co-hosted by the Korea Chamber of Commerce and Industry (KCCI), Embassy of Portugal in South Korea, and the Portuguese Trade & Investment Agency AICEP to expand Korea-Portugal business cooper date2023-04-13

MOTIE announces launching of Super Gap Project for Industrial Transformation

Trade, Industry and Energy 1st Vice Minister Jang Young-jin held a CTO Roundtable on April 10 at the Korea Chamber of Commerce and Industry (KCCI) and announced the launching of the “Super Gap Project for Industrial Transformation.” The roundtable was attended by the heads of four relevant institutes and CTOs of nine companies, namely LX Semicon, Samsung Display, Hyundai Motor, POSCO, Yujin Robot, LG Innotek, L&F, Hanwha Aerospace and CJ CheilJedang. The Super Gap Project is a date2023-04-13

Korea and UK announce joint declaration on energy transition

Trade, Industry and Energy Minister Lee Chang-yang met with Grant Shapps, the UK’s Secretary of State for Energy Security and Net Zero on April 10 at the Lotte Hotel Seoul to discuss clean energy exchange and cooperation. The two countries put out a joint declaration stating their agreement on the need for energy transition from fossil fuels to low carbon power sources, prospects for South Korea’s participation in the UK’s new nuclear power plant project and the two countries& date2023-04-10

MOTIE holds pan-ministerial export situation assessment meeting

The Ministry of Trade, Industry and Energy (MOTIE) held a pan-ministerial export situation assessment meeting on April 3 at the Government Complex Seoul to respond to Korea’s export decline and trade deficit, and review ministry-specific goals of fulfilling export growth targets this year. The ministries also discussed the following significant outcomes. 1) The first economic cooperation “shuttle group” was sent to the United Arab Emirates (UAE) in March, successfully enterin date2023-04-10

MOTIE announces post-IRA public-private joint strategy for battery industry

Trade, Industry and Energy Minister Lee Chang-yang chaired the Battery Alliance conference on April 7 and announced the “Post-IRA Public-Private Joint Strategy for Battery Industry Development”. The following measures will be implemented to support domestic material suppliers, which are growing increasingly important since the IRA. First, the Export-Import Bank of Korea and K-SURE will support battery firms' and material suppliers’ investments in facilities within North Ameri date2023-04-07

MOTIE greets BIE's Enquiry Mission for inspection on World Expo 2030 candidate site

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 3 that the Bureau International des Expositions (BIE)’s Enquiry Mission for inspecting the World Expo 2030 host candidate city Busan is visiting South Korea through April 2-7 to evaluate the national capacity and readiness to host the Expo, a mandatory requirement for host candidates. The Enquiry Mission consists of a total of eight members, including BIE Administration and Budget Committee President Patrick Specht and date2023-04-07

FDI pledged to Korea in Q1 record all-time highs

The Ministry of Trade, Industry, and Energy announced on April 6 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year recorded a historic high, gaining 3.4 percent year-on-year to USD 5.6 billion. FDI arrivals over the same period declined by 27.7 percent to $3.4 billion. Despite major countries’ austerity measures, high interest rates and tight capital market, the first quarter of 2023 saw record high pledges, with greenfield investment climbing 13 pe date2023-04-07