Ministry of Trade, Industry and Energy

MOTIE launches 7th Energy Commission

Trade, Industry and Energy Minister Lee Chang-yang launched the 7th Energy Commission (hereinafter “Commission”) and held the 28th Energy Commission meeting at the Lotte Hotel Seoul on March 24. The newly appointed 25 Commission members consist of a balanced mix of experts with professional careers currently in areas like power generation, nuclear power plants, renewables, hydrogen, resources, and those with academic backgrounds in economics, law and engineering. In his opening mes date2023-03-27

Korea and Israel kick smart mobility cooperation into high gear

The Ministry of Trade, Industry and Energy (MOTIE) held the Korea-Israel Innovation Day with the Israel Innovation Authority in Tel Aviv on March 21 with representatives from both countries’ industry, academia and R&D there to further bolster smart mobility technology cooperation. Korea and Israel have joint investments adding up to approximately USD 77 million, and 196 international joint R&D projects. This year, the two countries will focus on smart mobility, a rapidly growing date2023-03-24

MOTIE announces U.S.' proposed rule for CHIPS Incentives Program

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 21 the U.S. Department of Commerce (DOC)’s release of the proposed rule for guardrails included in the CHIPS Incentives Program under the CHIPS and Science Act (Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022), limiting recipients of funding from investing in the expansion of semiconductor production capacity in “foreign countries of concern (China, North Korea, Russia, Iran)”. date2023-03-24

Trade Minister attends Korea-Africa Trade & Industry Cooperation Forum 2023

Minister for Trade Dukgeun Ahn attended the Korea-Africa Trade and Industry Cooperation Forum 2023 (hereinafter “Forum”) on March 20 at the Plaza Hotel Seoul, hosted by the Ministry of Trade, Industry and Energy (MOTIE) and organized by the Korea Plant Industries Association (KOPIA). The Forum was held to seek measures to expand Korea-Africa trade and investment in response to a new trade environment, and have representatives of the Government, institutions and companies gathered in date2023-03-22

Korea's auto exports hit all-time highs in February

The Ministry of Trade, Industry and Energy announced on March 20 that Korea’s automobile industry in February achieved double digit growth in production, domestic sales and exports year-on-year. The monthly export value for February hit an all-time high of USD 5.6 billion. Car parts also rose 13.3 percent in export value to $2.0 billion as shipments increased to North America and the EU. Automobiles and car parts combined ($7.6 billion) now make up the largest chunk of Korea’s expor date2023-03-21

Korea and UAE seal 6 agreements & MOUs in defense, energy & new industries

Minister for Trade Dukgeun Ahn attended the “Korea-UAE Business Roundtable” and memorandum of understanding (MOU) signing ceremony held at the InterContinental Abu Dhabi on March 16 as follow-up to the January economic summit diplomacy outcomes. On the occasion of Trade Minister Ahn’s visit to the United Arab Emirates (UAE), the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) held the Korea-UAE business consultation sessio date2023-03-21

Korea and UAE follow up on summit diplomacy outcomes

Minister for Trade Dukgeun Ahn visited the United Arab Emirates (UAE) through March 15-16 to advance economic diplomacy between the two countries, activating the Korea-UAE economic cooperation channel and dispatching the “shuttle group” as part of carrying out the economic summit diplomacy follow-up measures through creating a new Middle East boom for economic vitalization. On the first day of arrival, Trade Minister Ahn met with UAE Minister of State for Foreign Trade Thani bin Ahm date2023-03-20

Korea and Netherlands sign 7 MOUs for industrial & energy cooperation

Minister for Trade Dukgeun Ahn met with Liesje Schreinemacher, the Dutch Minister for Foreign Trade and Development Cooperation, and attended the memorandum of understanding (MOU) signing ceremony where the two countries signed seven MOUs on eco-friendly mobility and renewable energy cooperation. The ceremony was held on occasion of Dutch Minister Schreinemacher’s visit to Korea (March 13-15) as trade delegation head and as follow-up to the Korea-Netherlands summit talks held last Novembe date2023-03-17