Ministry of Trade Industry and Resources

Korea and Slovenia discuss economic cooperation

Minister for Trade Dukgeun Ahn met with Slovenia’s Economy, Tourism, and Sports Minister Matjaž Han at the Lotte Hotel Seoul on June 30 to discuss automobiles, logistics and measures for economic cooperation. date2023-07-04

Korea and EU discuss economic cooperation

Minister for Trade Dukgeun Ahn met with European Commissioner for Internal Market Thierry Breton at the Lotte Hotel Seoul on June 29 to discuss economic bills, economic security, advanced industry policies and economic cooperation measures like the Critical Raw Materials Act (CRMA) and Net-Zero Industry Act (NZIA) in addition to follow-up measures to the Korea-EU summit meeting. date2023-07-04

Korea and U.S. discuss measures to bolster trade cooperation

Minister for Trade Dukgeun Ahn met with Deputy U.S. Trade Representative Sarah Bianchi at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on June 29 to discuss measures for bolstering the Korea-U.S. trade partnership. date2023-07-04

Korea and Greece enter MOU for joint tech development in green shipbuilding

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the ceremony of the signing of the memorandum of understanding (MOU) for Korea-Greece eco-friendly joint shipbuilding technology development at the Lotte Hotel Seoul on June 27.   In his opening message, the Vice Minister stated that Korean and Greek shipyard firms' collaboration in the development of a new business model is meaningful, and that “joint efforts will continue in not only eco-friendly shipbuildin date2023-07-04

Korea's exports decline 6.0% in June

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 1 that Korea’s exports in June declined 6.0 percent year-on-year to USD 54.2 billion and imports fell 11.7 percent to $53.1 billion, recording a trade surplus ($1.1 billion) for the first time in 16 months. The decline in June exports is attributable to the continued slump of the IT industry and falling semiconductor prices. Daily export average, without factoring in the number of operating days, is $2.4 billion, which i date2023-07-03

Korea wins bid project for building tritium removal facility in Romania

Trade, Industry and Energy Minister Lee Chang-yang attended the ceremony for signing the memorandum of understanding (MOU) on the project bid for building a tritium removal facility in Romania worth KRW 260 billion, the largest amount as a single nuclear power plant facility export.   In his opening message, the Minister stated that export of not only large reactors but also facilities will be strongly supported to win additional bids in the future.   The event was attended by rela date2023-06-30

Minister Lee attends ceremony for KRW 1.2 tln investment declaration by EU firms

Trade, Industry and Energy Minister Lee Chang-yang attended the investment declaration ceremony in Paris on June 21 on the occasion of President Yoon Suk-yeol’s visit to attend the Bureau International des Expositions (BIE) General Assembly, where six European firms (Imerys, Umicore, Continental, Nylacast, Copenhagen Infrastructure Partners (CIP), Equinor) declared their decision to invest KRW 1.2 trillion (app. USD 940 million) in Korea. This investment is for establishing production fac date2023-06-30

Korea wins bid project for building tritium removal facility in Romania

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 27 that Korea Hydro & Nuclear Power (KHNP) has won a KRW 260 billion bid project for building a tritium removal facility in Romania. The project will involve the building of a safety facility for capturing and storing tritium, which is a radioactive substance created in the process of activating heavy water reactors for the continued operation of Romania’s Cernavodă Nuclear Power Plant. Largest to date in value for date2023-06-30

Korea's retail industry grows 5.7% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 28 that Korea’s retail sales in May achieved an overall growth of 5.7 percent, year-on-year. Offline and online sales both expanded, by 3.7 percent and 7.9 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four &ldquo date2023-06-29

Korea launches semiconductor ecosystem fund to nurture fabless & MPE firms

Trade, Industry and Energy 1st Vice Minister Jang Young-jin attended the memorandum of understanding (MOU) signing ceremony for the launching of a semiconductor ecosystem fund on June 26.   Part of a policy to expand the scope of the currently memory-oriented domestic semiconductor value chain to encompass system chips and MPEs (materials, parts, equipment), this fund will reach KRW 300 billion, with increased project investment to better assist the scale-ups of promising fabless and MPE date2023-06-29