Ministry of Trade, Industry and Energy

Semiconductors to spearhead Korea's export growth in 2024

Trade, Industry and Energy Minister Dukgeun Ahn visited SK Hynix, one of Korea’s major semiconductor producers, on January 11 and listened to the challenges experienced by industry personnel and inspected production lines firsthand, refreshing the resolution to promote Korea’s exports this year on the heels of the visit to a major automaker at Pyeongtaek Port on his first outing after taking office. At the conference held at SK Hynix, Minister Ahn stated that “despite the glob date2024-01-11

MOTIE to roll out measures for stabilizing supply chain in 2024

Starting this year, the Ministry of Trade, Industry and Energy (MOTIE) will be launching measures to stabilize the supply chain in earnest following the Industrial Supply Chain Strategy announced on December 13. First, the ministry will drastically up the R&D budget on key supply chain items from last year’s KRW 17.6 billion to 73.9 billion won this year. Support will go towards the technological development of 29 key items like secondary battery materials and electrical and electroni date2024-01-11

Minister Ahn makes first stop at KITA in initiating cooperation with leading economic entities

Trade, Industry and Energy Minister Dukgeun Ahn visited the Korea International Trade Association (KITA) on January 10 and held talks with KITA Chairman Koo Ja-yeol. The visit is part of the minister’s aim to strengthen communication with Korea’s six major economic entities after taking post, emphasizing close communication between public and private sectors with utmost policy priority on promoting exports. Minister Ahn noted the need for the public and private sectors to work as &l date2024-01-10

Guatemala joins Korea-Central America FTA

Deputy Minister for FTA Negotiations Roh Keon-ki of the Ministry of Trade, Industry and Energy (MOTIE) headed the Korean delegation in the formal signing of the Protocol for the Accession of Guatemala to the Free Trade Agreement (FTA) between Korea and five Central American countries on January 8 (local time) in Guatemala with six Central American countries’ delegates, including Guatemala’s Foreign Affairs Minister Mario Búcaro Flores, in the attendance of the Guatemalan Presi date2024-01-09

Korea surpasses initial $30 bln target for plant project orders in 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 8 that Korea won a total of USD 30.2 billion worth of plant project orders in 2023, surpassing the initial target of $30 billion (up 25.0 percent than the $24.2 billion won in 2022) and the highest ever in eight years since winning $36.5 billion in 2015. The target was reached on December 29 with the sealing of the $1.5 billion LNG liquefaction plant order. The overall outcome is attributable to the economic summit diplomac date2024-01-08

Largest integrated Korean exhibition to be showcased at CES 2024

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 8 that an all-time high of 443 Korean firms will be participating in the Consumer Electrics Show (CES) 2024 through January 9-12 in Las Vegas, U.S., ranking Korea as one of the largest exhibitors at the world’s biggest tech trade show, showcasing a variety of advancements in information and communications technology (ICT) and home appliances. This year’s CES theme is “All Together, All On”, signifyin date2024-01-08

Minister Ahn makes first official visit to auto yard after taking post

Minister of Trade, Industry and Energy Dukgeun Ahn visited Pyeongtaek Port, which has been Korea's largest port for auto exports for over 14 years (as of 2023). During his first official outing, he talked with exporters to get a better understanding of their challenges before boarding the GlOVIS SKY to see the cars to be exported. He also went a nearby coffee truck and personally served the coffee to on-site employees as a gesture of encouragement. During the visit, Minister Ahn emphasized the date2024-01-05

FDI pledges to Korea in 2023 reach an all-time high of $32.7 billion

The Ministry of Trade, Industry and Energy announced on January 3 that the annual foreign direct investment (FDI) pledges reached a new high in 2023 at USD 32.7 billion, marking a 7.5 percent growth from the previous year. The FDIs that actually arrived in Korea over the same period grew by 3.4 percent growth from the previous year to $18.8 billion, also setting a new record. Korea achieved these records despite the poor global FDI performance in 2023 thanks to heavy investments in high tech in date2024-01-05