Ministry of Trade, Industry and Energy

Korean and U.S. firms to jointly develop advanced air radar system

Trade, Industry and Energy Vice Minister Youngjin Jang attended the ceremony for the signing of the memorandum of understanding (MOU) between Korea's defense firm Huneed Technologies and U.S.-based General Atomics Aeronautical Systems Inc. (GA-ASI) on October 18 in Seoul on the joint development of a radar system for unmanned air vehicles. As per the MOU, the two companies will be jointly developing a high-altitude, ultrahigh-resolution and wide-swath radar system for surveillance patrol of unm date2023-10-18

Korea's auto exports grow 35.8% by Q3

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 18 that Korea’s automobile export value for September reached USD 5.2 billion (up 9.5 percent year-on-year). The accumulated value of automobile exports from January to September in 2023 reached $52.1 billion (up 35.8 percent), an all-time high for the three quarters. The export value of eco-friendly vehicles accumulated from January to September hit $18 billion, already surpassing the $16.1 billion exported in total date2023-10-18

Korea and India to bolster cooperation in new industries

Trade, Industry and Energy Vice Minister Youngjin Jang met Shri Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade at India’s Ministry of Commerce and Industry, on October 17 at the Lotte Hotel Seoul on the occasion of Secretary Singh’s visit to Korea to attend the Trade Promotion and Investment Roadshow, and discussed measures to expand bilateral industrial cooperation. Vice Minister Jang extended his congratulations on India’s succes date2023-10-18

Free economic zones, Korea's new base for global business

The Ministry of Trade, Industry and Energy (MOTIE) and the Incheon Free Economic Zone Authority (IFEZA) are co-hosting an international forum in commemoration of the 20th anniversary of the launching of Korea's free economic zones (KFEZs), from October 17-18 at the Sheraton Grand Incheon Hotel. Approximately 300 persons are attending the forum, including MOTIE’s Vice Minister Youngjin Jang, Incheon Mayor Yoo Jeong-bok, free economic zone authorities’ directors, relevant personnel of date2023-10-17

Korea and UAE strike CEPA deal

Minister for Trade Dukgeun Ahn and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi held the Korea-UAE trade ministerial meeting on October 14 in Seoul, where they signed the joint statement announcing the conclusion of negotiations on the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA), which is Korea’s 24th free trade agreement (FTA). In accordance with the anticipated “New Middle East Boom” fostered subsequent to Pr date2023-10-17

Korea's ICT exports decline 13.4% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 16 that Korea's exports and imports of information and communications technology (ICT) goods for September recorded USD 18.1 billion (down 13.4 percent year-on-year) and $10.8 billion (down 16.8 percent), respectively. The trade balance stood at a surplus of $7.3 billion. The ICT export decline rate recorded the lowest year-on-year as semiconductors hit all-time highs in export value for this year. Exports of semiconductor date2023-10-16

Korean delegation participates in 6th IPEF negotiating round

Trade, Industry and Energy Ministry’s Deputy Minister for FTA Negotiations Roh Keon-ki is heading the Korean delegation, composed of representatives of approximately 20 government ministries, in the sixth negotiating round of the Indo-Pacific Economic Framework for Prosperity (IPEF) held from October 15-24 in Kuala Lumpur, Malaysia. The 14 IPEF member countries participating in this round of negotiations include Korea, the U.S., Japan, Australia, Singapore, Vietnam and India, whose shared date2023-10-16

Korea and Saudi hold 4th Vision 2030 ministerial meeting

Korea and Saudi Arabia’s eleven major government ministries came together on October 13 at the Four Seasons Hotel Seoul to hold the fourth Korea-Saudi Vision 2030 Committee (“Committee”) ministerial meeting, led by Minister Bang Moon Kyu and the Saudi Investment Minister Khalid A. Al-Falih, accompanied by the deputy ministers of both countries’ ministries and director general-level subcommittee heads. The two countries’ representatives confirmed the smooth implemen date2023-10-13