Ministry of Trade, Industry and Energy

Korea and U.S. discuss critical minerals and energy cooperation

Trade, Industry and Energy 2nd Vice Minister Park Il-jun met with Jose W. Fernandez, U.S. Under Secretary for Economic Growth, Energy, and the Environment, on January 10 at the Government Complex Seoul to discuss cooperation in critical minerals, energy resources, and support for Korean companies’ exports and investment. Vice Minister Park emphasized that this is an important time for the two countries’ close cooperation in stabilizing the critical minerals supply chain, which is es date2023-01-11

Korean shipbuilders lead high value-added, eco-friendly market in 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 5 that South Korea’s shipbuilding industry won home 37 percent (15.6 million compensated gross tonnage (CGT), USD 45.3 billion) of all orders worldwide. Korea’s market share grew 4 percent to 37 percent in 2022, which is meaningful considering the 22 percent decrease in total global orders in 2022 compared to the previous year. Market share was largest in 2018 (38 percent). This achievement is assessed as attr date2023-01-05

FDI pledged to Korea in 2022 reach record-breaking $30.5 billion

The Ministry of Trade, Industry and Energy announced on January 3 of 2023 that the annual foreign direct investments (FDIs) for 2022 increased by 3.2 percent to USD 30.5 billion. The FDIs that actually arrived in Korea over the same period declined 3.1 percent to $18.0 billion. A robust manufacturing base and system improvement efforts boosted FDI to historic highs despite global economic uncertainties, and contributed to an increase in investment and employment. By industry, investment pledge date2023-01-04

Korea's exports grow 6.1% in 2022

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2022 hit USD 683.9 billion, a 6.1 percent increase over the previous year. Annual imports increased 18.9 percent to $731.2 billion. Annual trade amounts to $1.4 trillion (up 12.4 percent) and the trade balance stands at a deficit of $47.2 billion. Despite the Russia-Ukraine war, China’s zero-COVID lockdowns and other uncertainties, Korea’s exports hit historic highs, although major cou date2023-01-03

MOTIE cohosts 1st Exports & Investment Financial Assistance Conference

Trade, Industry and Energy Minister Lee Chang-yang and Financial Services Commission Chairman Kim Joo-hyun cohosted the 1st Exports and Investment Financial Assistance Conference on December 29 at the Korea Chamber of Commerce and Industry (KCCI) to discuss measures to overcome critical economic challenges in 2023 via industrial and financial sectors’ close cooperation. The meeting was attended by Government officials and industrial and financial sectors’ representatives, including date2022-12-30

MOTIE announces work report for 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced the work report for 2023 on December 27, outlining MOTIE’s four major tasks for 2023 as follows. One, MOTIE will direct pan-ministerial efforts to achieve exports growth by injecting KRW 360 trillion in trade financing and training up 1,500 young trade specialists. Korea’s goal is to achieve over USD 680 billion in exports in 2023. MOTIE will support Korea in entering the nuclear energy markets in the Czech Republic, Phil date2022-12-29

Korea's retail industry grows 8.4% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 29 that Korea’s retail sales in November gained a year-on-year growth of 8.4 percent. Both physical and online retailers advanced in sales, up 8.5 percent and 8.3 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four &ld date2022-12-29

Soprano Jo Sumi appointed as honorary ambassador for World Expo 2030 Busan

The World EXPO 2030 Busan Bid Committee (hereinafter “Committee”) held a ceremony to appoint South Korean soprano Jo Sumi as the 4th official honorary ambassador for World Expo 2030 Busan on December 27 at the LG Art Center in Seoul. At the ceremony, Committee Secretary General Yoon Sang-jik and Busan Mayor Park Heong-joon presented soprano Jo Sumi with the appointment plaque. The 4th official honorary ambassador following actor and filmmaker Lee Jung-jae, AI Rozy and boy band BTS, date2022-12-28