Ministry of Trade, Industry and Energy

Trade Minister holds 15th Trade Advisory Committee Meeting

Trade Minister Ahn Duk-geun held the 15th Trade Advisory Committee (hereinafter “Committee”) Meeting at the Lotte Hotel Seoul on July 7, the first meeting of its kind under South Korea's new regime. The above Committee is a consultation body focused on communication with corporations and consists of approximately 30 experts from industries and academia, serving as one of the main public-private collaborative channels. This meeting was held to discuss matters related to trade policy date2022-07-11

Korea reclaims world no.1 shipyard title in 4 years

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 6 that South Korea’s shipbuilding industry achieved 1st place in terms of shipbuilding orders for the first half of 2022, winning 45.5 percent (9.79 million CGT) out of a total of 21.53 million CGT, the entire volume of shipbuilding orders worldwide for that period. In so doing, Korea has reclaimed top spot for H1 after previously claiminig it in 2018. When excluding delayed demand effect of 2021, H1 2022 results are the date2022-07-08

MOTIE holds Global Investment Summit

The Ministry of Trade, Industry and Energy (MOTIE) co-hosted the first large-scale Global Investment Summit (hereinafter “the Summit”) with Korea Trade-Investment Promotion Agency (KOTRA) under the new administration at the Shilla Seoul on July 6, and under the theme of “Role of Foreign Investors in the Era of Supply Chain Reconfiguration.” The Summit consisted of an MOU signing ceremony, roundtable, global investment forum and investment consultation, and the entire ev date2022-07-08

2nd Vice Minister attends Korea H2 Business Summit Investor Day

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the H2 Investor Day held at the Dongdaemun Design Plaza (DDP) on July 6 hosted by Korea H2 Business Summit. The Korea H2 Business Summit was launched voluntarily in September 2021 by 17 companies investing in the hydrogen value chain, some of which are Hyundai Motor, SK, POSCO and Samsung C&T. The hydrogen fund (hereinafter “summit fund”) launching was publicly officialized by the H2 Investor Day event, and a pu date2022-07-07

Trade Minister holds 28th Trade Promotion Committee meeting

Trade Minister Ahn Duk-geun held the 28th Trade Promotion Committee meeting on July 5 at the Government Complex Sejong in the presence of eight relevant ministries to discuss the new regime’s new trade directions, Indo-Pacific Economic Framework (IPEF) implementation and climate change impact on trade and necessary countermeasures. In his opening remarks, Minister Ahn stated that his focus over the past three weeks had been on the 12th WTO Ministerial Conference (MC12), Korea-EU Trade Min date2022-07-06

Korea's new energy policies are announced

The Government held the 30th Cabinet meeting presided by President Yoon Suk-yeol on July 5 with participation of relevant ministries and laid out new energy policy goals and directions through a deliberation and resolution process. Amid the global push for carbon neutral, escalation of Russia-Ukraine conflict and global energy supply chain uncertainties, energy security and attaining carbon neutral goals are now more critical than ever. In response to these changes, it is imperative that new e date2022-07-05

"Special Act to Accelerate Industrial Digital Transformation" is enforced

The Ministry of Trade, Industry and Energy (MOTIE) announced plans to kick the Special Act to Accelerate Industrial Digital Transformation into high gear beginning July 5. The Act was legislated in January this year. This Act is meaningful in that it incorporates the utilization and protection principles concerning industrial data, rationale for comprehensive governmental support, inter-ministerial collaboration mechanism as well as in that it lays the legal grounds for pursuing industrial digi date2022-07-04

Korea's exports gain 15.6% in first half of 2022

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in the first half of 2022 increased 15.6 percent, reaching USD 350.3 billion. Imports went up 26.2 percent to $360.6 billion, resulting in a trade deficit of $10.3 billion. For the month of June, Korea’s exports amounted to $57.7 billion, expanding 5.4 percent from last year. Imports jumped 19.4 percent to $60.2 billion. The trade balance stood at a deficit of $2.5 billion. Exports hit the highest date2022-07-01