Ministry of Trade, Industry and Energy

Minister holds public-private conference on IRA response measures

Trade, Industry and Energy Minister Lee Chang-yang convened a public-private joint conference on November 29 at the Korea Chamber of Commerce and Industry (KCCI) and facilitated discussions on the U.S.’ Inflation Reduction Act (IRA) to gather opinions and consider response measures. This public-private conference was held to assess the overall situation prior to IRA enforcement beginning January 2023, so that the Government and industries can seek countermeasures together. Attendees inclu date2022-11-30

Korea’s retail industry grows 7.3% in October

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 29 that Korea’s retail sales in October gained a year-on-year growth of 7.3 percent. Both physical and online retailers grew in sales, up 6.4 percent and 8.2 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 “s date2022-11-29

Korea and Canada hold ministerial talks on industry cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne on November 25 at the Government Complex Seoul and discussed cooperation in core industries and measures for trade and investment expansion. Noting the upgrade of the two countries’ ties to a comprehensive strategic partnership on the occasion of the Korea-Canada summit meeting held in September, the two industry chiefs agreed to build date2022-11-29

Minister holds 3rd Nuclear Exports Strategy Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) held the 3rd Nuclear Exports Strategy Committee (hereinafter “Committee”) meeting on November 23 in Seoul. Headed by MOTIE’s Minister Lee Chang-yang and composed of 30 members from relevant ministries, financial institutions, public corporations and private sectors, the Committee was launched in August this year to function as a nuclear exports control tower for entering overseas markets and building competitiveness. In his opening remarks, Minister Lee stated that the signing of the letter of intent (LOI) and memorandum of understanding (MOU) on October 31 with Poland for its nuclear reactor project was the turning point for Korea’s nuclear reactor exports since winning the United Arab Emirates (UAE) Barakah Power Plant in 2009. He emphasized that public and private sectors must join hands to make sure they finalize the Polish project win, and further achieve their goal of exporting 10 power plants. First, Minister Lee mentioned that public and private sectors must work together for a seamless follow-up process subsequent to the Poland nuclear cooperation deal. To Korea Hydro & Nuclear Power (KHNP), he requested that they collaborate with the top companies of each field to draw up the nuclear power plant development plan that is most optimized for Poland. Relevant ministries are to cooperate with the Polish government via establishing local safety regulations and training up specialized manpower to enable Poland to swiftly introduce Korea’s nuclear power facilities. As for uncertainties and risk factors including recent financial market concerns, the Minister requested that a public-private financial cooperation system be established for safe procurement of funds.   Second, with regard to exports of nuclear power plant materials and equipment, the Minister stressed that second and third success cases of nuclear reactor exports must succeed the El Dabaa nuclear power plant project. Recently, countries with nuclear power plants are expanding investments in materials and equipment, such as renovation of old plants and installation of safety facilities. Exporting materials and equipment is important in itself, but it can also be a good stepping stone to new project opportunities. In this sense, Minister Lee called for a creative bid strategy that raises Korea’s win probability, based on a comprehensive assessment of bid trends, competition and business model.   This third meeting had three items on the agenda: 1) follow-up measures for Poland nuclear power plant cooperation, 2) exports of nuclear power plant materials and equipment, and 3) integrated support for nuclear power plant exports to the Czech Republic and Poland. One, discussions regarding the Poland power plant project centered on the APR1400-based upcoming development schedule and future plans. MOTIE urged that relevant ministries promptly begin assessment of financial procurement and nuclear reactor licensing process. Second, Committee members discussed business environment and viable strategies with respect to Romania and other countries, where major materials and equipment project bids are opening. KHNP is planning to place 20 orders on materials and equipment tied to the El Daaba project within this year and open a project office in January 2023. MOTIE will take into consideration the recent progress, such as the LOI with Poland, in the process of designing supplementary measures for supporting nuclear power plant exports to the Czech Republic and Poland. This will involve a detailed planning in defense, energy and infrastructure for the joint projects Korea has engaged in with these two countries. MOTIE also will step up its efforts in seeking new joint projects in view of the broader cooperation prospects with the Czech Republic, as final bid award is now only a year away.   With the Nuclear E date2022-11-28

President Yoon presides 1st Exports Strategy Meeting

President Yoon Suk-yeol presided the first Exports Strategy Meeting on November 23, which was held by the Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) to announce special exports strategies for each major region and stronger exports assistance measures. The purpose of the meeting is for the Korean government to give full measure to supporting exports and seeking out new growth engines against the backdrop of persisting trade defic date2022-11-28

Korea and Ecuador hold 8th round of SECA negotiations

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 22 that the eighth round of official negotiations for Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) will be held through November 21-25 in Quito, Ecuador. SECA is identical in content with FTA, but places emphasis on comprehensive economic cooperation. The Korean delegation is headed by FTA Policy Director-General Yang Gi-uk, while Ecuador’s is led by Edwin Vasquez, Under-Secretary of Trade Negotiati date2022-11-23

Korea and Singapore sign Digital Partnership Agreement

Minister for Trade Dukgeun Ahn met with Singapore’s Second Minister for Trade and Industry Tan See Leng in Singapore on November 21 and signed the Korea-Singapore Digital Partnership Agreement (hereinafter “KSDPA”). The KSDPA was settled in December 2021, followed by a legal examination and deliberation process. Signing of the KSDPA concludes the two countries’ negotiation procedures. One of the key accomplishments of this year’s ASEAN summit meetings, the KSDPA i date2022-11-23

Trade Minister holds bilateral talks on sidelines of 33rd APEC meetings

Minister for Trade Dukgeun Ahn attended the 33rd Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (Nov. 16-17) and summit meetings (Nov. 18-19) in Thailand, where he also held bilateral talks on the sidelines with major trade partner countries’ counterparts to discuss trade issues and economic cooperation. In discussions with U.S. Trade Representative Katherine Tai, Minister Ahn remarked that the South Korean government and industries are seriously concerned about the Inflatio date2022-11-22