Ministry of Trade Industry and Resources

Korea's auto exports value grows 28.5% in October

The Ministry of Trade, Industry and Energy announced on November 11 that Korea’s October automobile production, domestic sales and exports all recorded double-digit growth of 24.2 percent, 15.2 percent and 30.2 percent, respectively. Automobile exports in value increased 28.5 percent to USD 4.9 billion. Despite the identical number of operating days as those of previous year, automobile output in October climbed 24.2 percent to 327,486 units on the backs of a base effect from automotive date2022-11-11

Minister attends 6th Korea-Shandong Economic and Commercial Cooperation Exchange

Trade, Industry and Energy Minister Lee Chang-yang attended the sixth meeting of the Korea-Shandong Economic and Commercial Cooperation Exchange on November 9 and held talks with Li Ganjie, Communist Party Secretary of Shandong province, on bilateral cooperation across industrial sectors, supply chain, logistics and stronger substantial collaboration. date2022-11-11

MOTIE holds 6th Korea-Shandong Economic and Commercial Cooperation Exchange

Trade, Industry and Energy Minister Lee Chang-yang attended the sixth meeting of the Korea-Shandong Economic and Commercial Cooperation Exchange (hereinafter “Exchange”) on November 9, held via videoconferencing. Launched in 2016, the Exchange is an annual event where Korea and the Shandong province discuss economic cooperation and seek ways to support the stabilization of Korean companies located in the province. Approximately 120 persons attended this year’s Exchange. Prior date2022-11-11

2nd Vice Minister attends Eumseong Natural Gas Power Plant Groundbreaking Ceremony

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended on November 9 the groundbreaking ceremony of the Eumseong Natural Gas Power Plant, built to supply stable power to the North Chungcheong Province.   Eumseong Natural Gas Power Plant is a 1.1GW project, a first of this scale in its region, and is a result of the change in the initial plan of constructing a coal-fired power station to a natural gas power plant in accordance with Korea’s fine dust reduction plans. In his date2022-11-10

Minister attends 5th Hydrogen Economy Commission Meeting

Trade, Industry and Energy Minister Lee Chang-yang attended the fifth meeting of the Hydrogen Economy Commission on November 9 at the Lotte Hotel Seoul presided by Prime Minister Han Duck-soo, under the theme of “pan-ministerial hydrogen economy control tower for ushering in a hydrogen economy.”   Minister Lee participated in MOU signing ceremonies for the creation of liquid hydrogen economy between the government and private sector parties, and in the discussions on the new r date2022-11-10

Government announces new policies to boost hydrogen industry

South Korea’s Prime Minister Han Duck-soo presided the fifth meeting of the Hydrogen Economy Commission (hereinafter “Commission”) on November 9 at the Lotte Hotel Seoul to announce the new hydrogen economy policy directions under Korea’s new regime in order to kick the industry’s growth into high gear. This Commission meeting is the first of its kind since the new administration’s inauguration, which appointed its second-generation civilian members succeedin date2022-11-10

Korea and Indonesia to strengthen supply chain and clean energy cooperation

The Ministry of Trade, Industry and Energy (MOTIE) held the 13th Korea-Indonesia Energy Forum via videoconferencing on November 8 with Indonesia’s Ministry of Energy and Mineral Resources. Rich in nickel, tin, and bituminous coal, Indonesia is an important country to Korea in terms of strategic cooperation in resources supply chain. As of 2021, Indonesia has the largest amount of nickel reserves (21 million metric Tons) in the world, and second largest amount of tin (0.8 million metric To date2022-11-09

MOTIE co-hosts 1st Korea-U.S. Exports Controls Working Group meeting

The Ministry of Trade, Industry and Energy (MOTIE) co-hosted the 1st Korea-U.S. Exports Controls Working Group meeting on November 8 in Seoul with the U.S. Department of Commerce (DoC). The Korean delegation was led by Moon Dong-min, MOTIE’s Deputy Minister for Trade and Investment, and the U.S.’ was led by Thea Kendler, Assistant Secretary of Commerce for Export Administration. The meeting is a follow-up to the Supply Chain and Commercial Dialogue (SCCD) MOU signed between MOTIE a date2022-11-08

Korea and Germany hold talks on IRA and economic cooperation

The Trade, Industry and Energy Ministry’s Director-General for International Trade Policy Yoon Chang-hyun led the Korean delegation for Korea-Germany talks on economic affairs on November 4 at Grand Hyatt Seoul and discussed concerns and countermeasures regarding the U.S.’ Inflation Reduction Act (IRA) and shared Korea’s investment environment and bilateral cooperation with his German counterpart Sabine Hepperle, Head of the Directorate-General at the Federal Ministry for Econo date2022-11-07

Minister attends 1st National High-Tech Strategic Industries Committee Meeting

Trade, Industry and Energy Minister Lee Chang-yang attended the 1st National High-Tech Strategic Industries Committee (hereinafter “Committee”) Meeting on November 4 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul for deliberation and resolution of agenda items regarding special complexes, school designations and other Committee masterplans for high-tech strategic industries.   The meeting was presided by Prime Minister Han Duck-soo and attended by Committee memb date2022-11-07