Ministry of Trade Industry and Resources

Korea's auto exports for Jan-Oct surpass last year's record

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 15 that Korea’s accumulated automobile export value from January through October nears USD 58 billion, already surpassing the annual export value of last year ($54.1 billion), a previous all-time high, and also exceeding the $57 billion that was set (announced May 23) as this year’s total automobile export target. The monthly automobile export value has been on a growth streak for 16 consecutive months since Ju date2023-11-16

Korea's ICT exports fall 4.5% in October

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 14 that Korea's exports and imports of information and communications technology (ICT) goods for October recorded USD 17.1 billion (down 4.5 percent year-on-year) and $12.6 billion (down 8.3 percent), respectively. The trade balance stood at a surplus of $4.4 billion. The ICT export decline rate recorded the lowest year-on-year as the unit price of memory chips rose and their export value posted growth for the first time i date2023-11-16

MOTIE announces K-Shipbuilding Strategy for Next-Generation Market Dominance

The Ministry of Trade, Industry and Energy (MOTIE) announced the “K-Shipbuilding Strategy for Next-Generation Market Dominance” on November 15 at the emergency economy ministerial meeting and the exports and investment promotion meeting. The strategy aims to reflect on-site opinions and preemptively respond to internal and external challenges for Korea to take the lead in the next-generation shipbuilding market through a public-private joint strategy on creating future grow date2023-11-15

Korea enhances standards partnership with ASEAN for effective Korea-ASEAN Solidarity Initiative execution

With aim to successfully execute the “Korea-ASEAN Solidarity Initiative” from last year's Korea-ASEAN Summit, Korea will be strengthening its standards collaboration with ASEAN, its second-largest trade partner and the world's fifth-largest economic entity. The Korean Agency for Technology and Standards (KATS), under the Ministry of Trade, Industry and Energy (MOTIE), hosted a joint research workshop for improving standards cooperation between Korea and ASEAN on November 13. This ev date2023-11-14

Minister Bang visits Korea Sale Festa 2023

Trade, Industry and Energy Minister Bang Moon Kyu visited the Lotte Department Store in Jamsil on November 12, the first weekend of Korea Sale Festa 2023, to tour the retail stores where various discount promotion events are held and participated in a live show on autumn and winter fashion styling tips. He also asked the retail industry to make efforts for price stabilization and encouraged consumer spending. date2023-11-13

Vice Minister attends Korea Sale Festa 2023 opening ceremony

Trade, Industry and Energy Vice Minister Youngjin Jang attended the opening ceremony for Korea Sale Festa 2023 on November 10 in front of Myeongdong Theater and gave a congratulatory message and visited retail stores.   In his congratulatory message, the vice minister said that he looked forward to seeing the Festa providing the public with the opportunity to make thrifty purchases on food and household goods through a variety of discounts and promotions over the next 20 days amid the hig date2023-11-13

Korea's major retailers come together to launch Korea Sale Festa 2023

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 10 the launching of the “Korea Sale Festa 2023 (“Festa”) to be held through November 11-30, where Korea’s major retailers and manufacturers come together with the Government to boost the domestic economy by aiming for a rebound of the currently weak consumer confidence amid inflation and other difficult conditions. The Festa Committee and MOTIE have selected former national volleyball team member an date2023-11-13

FTZ Innovation Strategy Forum lays out 30-year roadmap for Korea's free trade zones

The Ministry of Trade, Industry and Energy (MOTIE) held the first Free Trade Zone (FTZ) Innovation Strategy Forum on November 7, and discussed the strategic policy outlook for FTZs over the coming three decades with industry and regional experts, and business leaders. At the forum, a reassessment of the progress was made over the last 50 years, starting from the point when FTZs were first established. An interim report was also shared on the innovation strategy set to shape the development of F date2023-11-09

Korea's semiconductor assembly technology poised to set global standards

Korea is at the forefront of shaping global standards for electronic assembly technology, a crucial aspect of semiconductor product manufacturing. The Korea Agency for Technology and Standards (KATS) is hosting the International Electrotechnical Commission's Technical Committee (IEC/TC 91) meeting on electronic assembly technology for five days from November 6–10 on Jeju Island. This event brings together around 50 experts from nine member countries, including the U.S., Germany, Japan, and date2023-11-07

Next year to see the establishment of large-scale demonstration infrastructure to back K-robot initiatives

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 2 that a dedicated task force (TF) for the “National Robot Test Field” project will be operated in collaboration with Daegu Metropolitan City, the Korea Planning & Evaluation Institute of Industrial Technology (KEIT), and the Korea Institute for Robot Industry Advancement (KIRIA), following the successful prefeasibility study completed in August. The “National Robot Test Field” initiative is de date2023-11-06