Ministry of Trade Industry and Resources

Trade Minister chairs 1st Global Business Council meeting

Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment.   The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies, such as Applied Materials Korea, ASML Korea, Tokyo Electron Korea and DuPont Korea.   date2023-05-09

Trade Minister chairs 1st Global Business Council meeting

Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment. The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies. Geopolitical tensions, as well as supply chain crises caused by the COVID-19 pandemic, are spurring major date2023-05-09

MOTIE & Daejeon enter investment MOU with Merck Life Science

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 3 that MOTIE, Daejeon Metropolitan City and Merck Life Science (“Merck”) signed an investment cooperation memorandum of understanding (MOU) at the Grand Hyatt Seoul on plans to establish a new bioprocessing unit in Korea for producing biomedical raw and subsidiary materials in the Asia-Pacific region. date2023-05-08

MOTIE & Daejeon enter investment MOU with Merck Life Science

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 3 that MOTIE, Daejeon Metropolitan City and Merck Life Science (“Merck”) signed an investment cooperation memorandum of understanding (MOU) for plans to establish a new bioprocessing unit in Korea for the Asia-Pacific region. According to the MOU, Merck will consider establishing a plant in Daejeon for producing biomedical raw and subsidiary materials for the Asia-Pacific region’s pharmaceutical and bio compan date2023-05-08

Trade Minister chairs 33rd Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn chaired the 33rd Trade Promotion Committee meeting on May 1 at the Government Complex Sejong and led discussions on plans for the third round of official negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF), ninth official Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation round outcomes, APEC trade ministerial meeting preparations and internationally transferred mitigation outcomes (ITMOs) of industrial energy sectors. date2023-05-03

Korea to strengthen cash grants for FDI in strategic high-tech areas

The Ministry of Trade, Industry and Energy (MOTIE) held the 110th Foreign Investment Committee meeting to deliberate and vote on amendments concerning cash grant management and reported the Foreign Investment Ombudsman grievance settlement achievements. Cash grants for foreign investment in semiconductors, secondary batteries and displays and such areas included under the “National High-Tech Strategic Industries Special Act” will be increased up to 50 percent of investment, and the date2023-05-03

Korea's exports decline 14.2% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 1 that Korea’s exports in April declined 14.2 percent year-on-year to USD 49.6 billion and imports fell 13.3 percent to $52.2 billion, resulting in a trade balance of $2.6 billion deficit, which has been continuously improving since January. April exports suffered from protracted global economic downturn, semiconductor industry slowdown, less operating days and the high base effect from last year’s April exports hav date2023-05-02

Minister Lee and Secretary Raimondo hold 1st Korea-U.S. SCCD

Minister of Trade, Industry and Energy Lee Chang-yang and United States Secretary of Commerce Gina Raimondo held the first Korea-U.S. Supply Chain and Commercial Dialogue (“SCCD”) on April 27 in Washington DC and issued a joint statement. The joint statement is as below.   United States Secretary of Commerce Gina Raimondo and Republic of Korea Minister of Trade, Industry, and Energy Chang-Yang Lee ('the Participants') signed a Memorandum of Understanding to launch the United date2023-05-02

Korea and U.S. hold Supply Chain & Commercial Dialogue

Trade, Industry and Energy Minister Lee Chang-yang and the U.S. Secretary of Commerce Gina Raimondo held the Korea-U.S. Supply Chain & Commercial Dialogue (SCCD) on April 27 in Washington DC to discuss semiconductors, export controls, robotics and additive manufacturing and attended the ceremony for MOU signing in high-tech areas. date2023-05-01

MOTIE announces U.S. firms will invest $1.9 bil. in Korea's chips, hydrogen & green businesses

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 26 that on April 25 at the American Chamber of Commerce in Korea (AmCham), on the occasion of President Yoon Suk-yeol’s state visit to the U.S., six U.S. firms agreed to invest a total of USD 1.9 billion in Korea’s hydrogen, semiconductor and eco-friendly businesses. This investment is substantially larger than the formerly $1.2 billion pledged during the North American investors’ roundtable held last Septem date2023-04-26