Ministry of Trade Industry and Resources

MOTIE expands World Expo 2030 Busan Advisory Committee

The Ministry of Trade, Industry and Energy (MOTIE) expanded its World Expo 2030 Busan advisory committee into a delegation of eight members, and launched on August 4 its first meeting. The aim of this reorganization is to reinforce promotion to BIE (Bureau International des Expositions) member states. Yoon Sang-jik, the Secretary-General for the Bid Committee for World Expo 2030 Busan (hereinafter “Committee”), stated that the “Committee has appointed professionals of var date2022-08-05

Minister Lee attends Korea-Vietnam Ministerial Meeting

Trade, Industry and Energy Minister Lee Chang-yang held talks with Vietnamese counterpart Minister Nguyen Hong Dien on August 2 at the Lotte Hotel Seoul to discuss supply chain, Vietnam's gas coal-fired power plant project and World EXPO 2030 Busan, among various issues of economic cooperation. date2022-08-02

Korea's exports gain 9.4% in July

The Ministry of Trade, Industry and Energy announced on August 1 that the value of Korean goods shipped overseas in July grew 9.4 percent to USD 60.7 billion, posting highest ever exports value for the month of July (previous highest was that of July 2021 at $55.5 billion). High energy prices pushed imports up 21.8 percent to $65.4 billion, resulting in a trade deficit of $4.7 billion. Daily average exports reached historic highs by improving 14.1 percent to $2.6 billion, and overall expo date2022-08-01

Trade Minister attends IPEF Ministerial Meeting

Trade Minister Ahn Duk-geun attended the Indo-Pacific Economic Framework Ministerial Meeting co-hosted by U.S. Trade Representative Katherine Tai and U.S. Secretary of Commerce Gina Raimondo on July 26-27 via videoconferencing to exchange viewpoints with ministers from 14 member states on upcoming negotiation issues.   The trade chief relayed that “tangible outcomes are necessary for supply chain and clean energy, and as a flexible and efficient international body, IPEF is needed to date2022-07-29

Korea's retail industry grows 9.3% in H1 2022

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 28 that Korea’s overall retail sales in the first half of 2022 increased 9.3 percent. Offline and online retailers gained 8.4 percent and 10.3 percent, respectively. Retail sales for the month of June increased 9.2 percent, with both offline and online retailers experiencing growth, up 9.3 percent and 9.1 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Th date2022-07-28

Trade Minister attends IPEF Ministerial Meeting

Trade Minister Ahn Duk-geun attended the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting on July 26-27 via videoconferencing, which was co-hosted by U.S. Trade Representative (USTR) Katherine Tai and U.S. Secretary of Commerce Gina Raimondo, to exchange viewpoints prior to actual negotiations. The meeting was attended by ministerial-level officials of fourteen countries: South Korea, the U.S., Japan, Australia, New Zealand, Vietnam, Brunei, India, Indonesia, Malaysia, Philippines, Si date2022-07-27

426th Korea Trade Commission gives preliminary determination on anti-dumping investigations

The Ministry of Trade, Industry, and Energy (MOTIE) held the 426th Korea Trade Commission (hereinafter “Commission”) meeting on July 21, where Chairperson Chang Seung-wha announced a positive preliminary determination on anti-dumping investigations on imports of polyamide film from China, Thailand and Indonesia, as well as aluminum hydroxide from China and Australia, and proposed the imposing of provisional duties. First of all, the Commission determined that the amount of evidence date2022-07-26

Trade Minister attends Supply Chain Ministerial Meeting 2022

Trade Minister Ahn Duk-geun attended the Supply Chain Ministerial Meeting 2022 on July 20 with South Korea’s Foreign Minister Park Jin, which was co-hosted by U.S. Secretary of State Antony Blinken and Secretary of Commerce Gina Raimondo to discuss measures for enhancing global supply chain resilience and to adopt a joint statement. Convened via videoconferencing, the meeting was attended by ministers of the EU and 17 countries: South Korea, the U.S., Japan, France, Germany, Italy, date2022-07-21

BTS appointed as Honorary Ambassador for World EXPO 2030 Busan

Trade Minister Ahn Duk-geun attended the ceremony for appointment of BTS as honorary ambassador for the World EXPO 2030 Busan, held on July 19 at HYBE in Yongsan-gu.   The popular South Korean boy band BTS (a.k.a. “Bangtan Boys”) was appointed the next ambassador for promoting Busan to be hosting World EXPO 2030 in recognition of the septet’s global influence.    The ceremony was attended by Prime Minister Han Duck-soo, Korea Chamber of Commerce and Industry date2022-07-20

MOTIE announces amended cash grant program to attract FDI

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 18 the amended version of its Foreign Investment Committee (FIC)-approved cash grant program for stimulating foreign investment in high-tech and supply chain areas. The amendment is in line with the recently announced work report MOTIE submitted to President Yoon Suk-yeol regarding “growth-oriented industrial strategies,” which aim to bolster cash grant programs to increase FDI in strong spill-over sector date2022-07-19