Ministry of Trade, Industry and Energy

MOTIE holds 6th Korea-Shandong Economic and Commercial Cooperation Exchange

Trade, Industry and Energy Minister Lee Chang-yang attended the sixth meeting of the Korea-Shandong Economic and Commercial Cooperation Exchange (hereinafter “Exchange”) on November 9, held via videoconferencing. Launched in 2016, the Exchange is an annual event where Korea and the Shandong province discuss economic cooperation and seek ways to support the stabilization of Korean companies located in the province. Approximately 120 persons attended this year’s Exchange. Prior date2022-11-11

Government announces new policies to boost hydrogen industry

South Korea’s Prime Minister Han Duck-soo presided the fifth meeting of the Hydrogen Economy Commission (hereinafter “Commission”) on November 9 at the Lotte Hotel Seoul to announce the new hydrogen economy policy directions under Korea’s new regime in order to kick the industry’s growth into high gear. This Commission meeting is the first of its kind since the new administration’s inauguration, which appointed its second-generation civilian members succeedin date2022-11-10

Korea and Indonesia to strengthen supply chain and clean energy cooperation

The Ministry of Trade, Industry and Energy (MOTIE) held the 13th Korea-Indonesia Energy Forum via videoconferencing on November 8 with Indonesia’s Ministry of Energy and Mineral Resources. Rich in nickel, tin, and bituminous coal, Indonesia is an important country to Korea in terms of strategic cooperation in resources supply chain. As of 2021, Indonesia has the largest amount of nickel reserves (21 million metric Tons) in the world, and second largest amount of tin (0.8 million metric To date2022-11-09

MOTIE co-hosts 1st Korea-U.S. Exports Controls Working Group meeting

The Ministry of Trade, Industry and Energy (MOTIE) co-hosted the 1st Korea-U.S. Exports Controls Working Group meeting on November 8 in Seoul with the U.S. Department of Commerce (DoC). The Korean delegation was led by Moon Dong-min, MOTIE’s Deputy Minister for Trade and Investment, and the U.S.’ was led by Thea Kendler, Assistant Secretary of Commerce for Export Administration. The meeting is a follow-up to the Supply Chain and Commercial Dialogue (SCCD) MOU signed between MOTIE a date2022-11-08

Government holds 1st National High-Tech Strategic Industries Committee Meeting

South Korea’s Prime Minister Han Duck-soo presided the 1st National High-Tech Strategic Industries Committee (hereinafter “Committee”) Meeting on November 4 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul. The Committee will serve as the highest decision-making body in the establishment, execution and inspection of policies for investment, personnel training, regulatory reform and finance in supporting the nation’s efforts to achieve a super gap across high-tech strategic industries. There are 20 members from both the public (12 persons) and private sector (8 persons), composed of relevant ministries’ officials, and experts from economic organizations, industries, academia and the R&D sector. Another important function of the Committee is to oversee regulatory exceptions, and take charge of the deliberation and resolution process regarding difficulties that domestic firms face to prevent them from falling behind in the high-tech race. The abovementioned Committee meeting covered the following three agenda items. One, the Government will designate three major industries (semiconductors, secondary batteries, displays) and related 15 high-tech strategic, world-leading technologies that necessitate the protection of the super gap, personnel and technologies. Two, the Government will designate special industrial complexes and roll out packages catering to their needs in terms of securing the location, building power and water infrastructure, permits, technology, personnel and financing. The complexes will be designated by the first half of 2023. Three, the Government confirmed its plans to designate schools for master's and doctorate programs to train up a ready-to-work and specialized workforce. For the semiconductor industry, the plan is to train up 30,000 workers over the next decade, 5,000 of which will be educated through specially designated master's and doctorate courses. Three semiconductor-specialized schools will be designated by early next year to start their programs in the second semester of 2023. For secondary batteries and displays, one or two schools will be designated in 2024 after a demand survey, followed by a prefeasibility study for further designation. The Government stated that the 2nd Committee meeting is slated for early next year, as high-tech strategic industries are growing in importance and prone to rapid changes. date2022-11-07

Korea and Saudi Arabia hold talks on energy supply chain cooperation

Trade, Industry and Energy Minister Lee Chang-yang held a videoconference with Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on November 2 at the latter’s request and discussed bilateral cooperation in energy sectors. The two countries shared the emphasis on the need for communication and cooperation between them, as crude oil supplier and consumer, to seek out oil market stabilization measures. Noting that Saudi Arabia is Korea’s major source of crude oil and the two date2022-11-04

Korea and India hold 9th round of CEPA upgrading negotiations

The Ministry of Trade, Industry and Energy (MOTIE) announced that the 9th round of Korea-India negotiations for an upgraded Comprehensive Economic Partnership Agreement (CEPA) are to be held on November 3-4 in Seoul. The Korean delegation is headed by Director General for FTA Policy Yang Gi-uk, while India’s is headed by Joint Secretary at Department of Commerce Anant Swarup. Relevant ministries including the Ministry of Economy and Finance (MOEF) and the Ministry of Agriculture, Food and date2022-11-03

MOTIE hosts Invest Korea Week 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 2 that it was hosting Invest Korea Week (IKW) 2022 with co-organizers Korea Trade-Investment Promotion Agency (KOTRA) and Korea International Broadcasting Foundation (KIBF) at Grand InterContinental Seoul Parnas over a period of three days from November 2 to November 4. IKW aims to share Korea’s attractive investment environment and all-time high FDI achievements in 2022, which are all the more meaningful amid the cu date2022-11-03