Ministry of Trade Industry and Resources

Minister discusses investment deals with global companies at Davos

Trade, Industry and Energy Minister Lee met with the management personnel of German multinational science and technology company Merck and Swiss healthcare company Novartis, respectively, at Davos on January 19 to discuss investment in Korea.   Merck Life Science CEO Matthias Heinzel shared investment achievements and future cooperation measures, revealing that Korea is one of the major candidate sites for the company’s upcoming new plant for raw and subsidiary bio materials. &nbsp date2023-01-20

Trade Minister attends trade ministerial sessions at Davos

Minister for Trade Dukgeun Ahn attended the World Economic Forum (WEF) 2023 held in Davos, Switzerland, as of January 18, where he partook in various sessions discussing key issues with many other countries’ government and business leaders. Trade Minister Ahn attended the “The Case for Trade”, “Busting Business Barriers” and Trade and Investment Leadership Breakfast sessions to discuss measures for restoring the global trade system and investment. He attended &ldq date2023-01-20

Minister discusses investment deals with global companies

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 18 the decision of world-leading Danish wind turbine manufacturer Vestas to invest USD 300 million in South Korea, to which the company is positively considering moving its Asia-Pacific regional headquarters to South Korea. An investment deal ceremony was held in Davos, Switzerland, to mark the decision. With the $300 million investment, Vestas plans to build a large-scale wind turbine plant in Korea for producing core equ date2023-01-20

Minister holds investment deal ceremony with top wind turbine producer

Trade, Industry and Energy Minister Lee Chang-yang and Vestas CEO Henrik Andersen, on the occasion of the World Economic Forum (WEF), held an investment deal signing ceremony on January 18 in Davos, regarding Vestas’ $300 million investment to build a large-scale plant in Korea for manufacturing wind turbine equipment and parts with plans of exporting products to the Asia-Pacific region. date2023-01-19

Trade Minister holds MOU ceremony for trade promoting institutions

Minister for Trade Dukgeun Ahn held an MOU signing ceremony with the Trade Promotion Institutions Committee on January 13 in Seoul to promote close communication and cooperation between the Government and exports supporting institutions amid the rapidly changing trade environment.   The event was attended by representatives of relevant ministries and institutions, including the Ministry of SMEs and Startups, Korea Customs Service, Korea International Trade Association (KITA) and Korea Tra date2023-01-16

Korea-Singapore Digital Partnership Agreement enters into force

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 14 that the Korea-Singapore Digital Partnership Agreement (hereinafter “KSDPA”) comes into effect starting January 14 as both countries’ domestic procedures are completed. The two sides, following their KSDPA signing ceremony held in November 2022, have exchanged on paper notifying the respective fulfillment of their internal legal and procedural requirements, and therefore the KSDPA enters into force begi date2023-01-16

Korea and Lithuania discuss trade and economic cooperation

Minister for Trade Dukgeun Ahn met with Lithuania’s Foreign Affairs Minister Gabrielius Landsbergis on January 12 in Seoul to discuss measures to strengthen bilateral economic and trade cooperation and also requested support for World Expo 2030 Busan. Minister Landsbergis mentioned that Lithuanian companies specializing in LNG (Klaipedos Nafta), laser (Light Conversion) and EV charging (In Balance Grid) had accompanied him on his visit to hold talks with Korean companies like Samsung Disp date2023-01-16

Korea and Lithuania discuss trade and economic cooperation

Minister for Trade Dukgeun Ahn met with Lithuania’s Foreign Affairs Minister Gabrielius Landsbergis on January 12 in Seoul to discuss measures to strengthen bilateral trade and economic cooperation and requested support for World Expo 2030 Busan.   date2023-01-13

Korea's ICT exports hit all-time highs in 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 12 that shipments of Korea’s information and communications technology (ICT) products in 2022 reached an all-time high of USD 233.3 billion, up 2.5 percent from 2021. Despite the protracted Russia-Ukraine war and global economic slowdown, ICT exports achieved a trade surplus of $80.9 billion and took up 34.1 percent of Korea’s total annual exports. Imports went up 12.9 percent to $152.5 billion. SMEs and middle date2023-01-13

Trade Minister attends 16th Trade Advisory Committee Meeting

Minister for Trade Dukgeun Ahn attended the 16th Trade Advisory Committee meeting on January 11 in Seoul and held public-private joint discussions on the future global trade landscape, forecasts and Korea’s response measures.   The meeting was attended by approximately 20 committee members consisting of industry and academia trade experts, including Trade Advisory Committee Chairman Jeong In-kyo, Korea Productivity Center Chairman Ahn Wan-gi and the Federation of Middle Market Enter date2023-01-13