Ministry of Trade, Industry and Energy

Korea and EU discuss major trade issues

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin met with Maria Martin-Prat de Abreu, Deputy Director-General of the European Commission's Directorate-General for Trade, on February 6 to discuss Korea-EU trade issues, bilateral digital trade cooperation measures and joint response to the U.S. Inflation Reduction Act (IRA). Deputy Trade Minister Jeong stated that the Korea-EU partnership is important and emphasized the importance of their close cooperation amid ris date2023-02-07

Minister holds evaluation meeting on World Expo 2030 Busan promotion progress

Trade, Industry and Energy Minister Lee Chang-yang held a meeting on February 6 to evaluate the progress of World Expo 2030 Busan bid promotion and plans. With the final selection coming up in November this year, the meeting aimed to assess promotion activities in detail, including plans regarding overseas negotiation, upcoming enquiry mission of the Bureau International des Expositions (BIE), presentation competition, economic mission and public-private joint promotion collaboration. date2023-02-07

MOTIE activates control tower for EU trade issues

Minister for Trade Dukgeun Ahn presided the EU Trade Issues Task Force (TF) meeting on February 2 at K-SURE in Seoul, which was followed by the first pan-ministerial EU CBAM (Carbon Border Adjustment Mechanism) Response TF meeting. The EU Trade Issues TF was launched to serve as a comprehensive control tower assessing and supporting the impact on Korean industries caused by major bills moved forward in the EU, and to share information on their progress with participation of industry-academia ex date2023-02-07

MOTIE signs investment MOU with leading ALD equipment company

Trade, Industry and Energy Minister Lee Chang-yang, on February 2, signed an investment cooperation memorandum of understanding (MOU) with Benjamin Loh, the CEO of ASM International, a world-leading Dutch headquartered multinational corporation specializing in design and manufacturing of atomic layer deposition (ALD) and semiconductor wafer processing equipment. ASM will decide by this year whether to expand the R&D center and build a second ALD plant in Korea that will utilize new processe date2023-02-03

Trade Minister holds 1st exports evaluation meeting

Minister for Trade Dukgeun Ahn held the first exports evaluation meeting on February 1 at K-SURE to assess the current exports situation amid changing global economic conditions and to seek measures to improve exports and trade balance. The meeting was held in the attendance of relevant institutions of major industry sectors, including the Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association (KITA) and Korea Automobile Manufacturers Association (KAMA). Trade date2023-02-03

Korea's retail industry grows 9.2% in 2022

The Ministry of Trade, Industry and Energy announced on February 2 that Korea’s annual retail sales in 2022 advanced 9.2 percent compared to 2021, thanks to strong growth of both online sales (up 9.5 percent) and brick-and-mortar sales (up 8.9 percent). The Ministry releases retail sales figures based on surveys of 25 major retailers, 13 of which are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four SSM operators. date2023-02-02

Minister attends UAE Investment Promotion Follow-Up Meeting

Trade, Industry and Energy Minister Lee Chang-yang attended the UAE Investment Promotion Follow-Up Assessment Meeting on January 31 at the Korea International Trade Association (KITA), which was presided by President Yoon Suk-yeol and held to seek prompt implementation measures for follow-up on the economic summit diplomacy outcomes gained on occasion of Korea’s first state visit (January 14-17) to the United Arab Emirates (UAE) since the establishment of Korea-UAE diplomatic relations in date2023-02-02

Trade Minister holds 31st Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn held the 31st Trade Promotion Committee meeting on January 30 at the Korea Chamber of Commerce and Industry (KCCI) to discuss major trade policy tasks amidst the rapidly changing global trade environment, in the attendance of officials of relevant ministries. Trade Minister Ahn stated that “as concerns for global recession this year are rising, the global economy is up against the risk of multiple crises, namely energy security, protectionism and supply chai date2023-02-01