Ministry of Trade Industry and Resources

Minister Lee holds Industry Conference in response to CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang held the Semiconductors, Cars and Batteries Industry Conference at KCCI on August 25 to seek public-private joint countermeasures in response to the U.S.’ recently passed CHIPS Act and Inflation Reduction Act (IRA).   In his opening remarks, Minister Lee relayed that “the Ministry will work closely with domestic automobile and battery sectors to respond to the IRA, while continuously raising the issue of the Acts possibly brea date2022-08-25

MOTIE holds Industry Conference in response to CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang held the Semiconductors, Cars and Batteries Industry Conference (hereinafter “Conference”) in Seoul on August 25 to seek public-private joint countermeasures in response to the U.S.’ recently passed CHIPS Act (Creating Helpful Incentives to Produce Semiconductors for America Act) and the Inflation Reduction Act. The CHIPS Act enables maximum 25 percent investment tax credits to companies making new investments in U.S. semicond date2022-08-25

1st Vice Minister visits Asan plant of Hanwha Aerospace Division

Trade, Industry and Energy 1st Vice Minister Jang Young-jin visited the Hanwha Corporation’s Aerospace Division Asan plant in South Chungcheong Province on August 24 and relayed the Government’s commitment to strengthening Korea’s aerospace and defense competitiveness.The Vice Minister received the company briefing on operation status and current issues from Hanwha Aerospace CEO Shin Hyun-woo. He then toured the KF-21 and T-50 production lines and space launch vehicle testing f date2022-08-25

Trade Minister holds meeting for public-private joint exports cooperation

Trade Minister Ahn Duk-geun held a meeting on August 24 at the Korea Trade Insurance Corporation (K-SURE) headquarters to assess South Korea’s exports situation per sector amid rising exchange rate and exports slowdown to seek public-private joint measures to revitalize second-half exports and improve the trade balance.   The trade chief gave opening remarks, addressing the global economic landscape and its impact, and discussed measures for supporting exporting businesses.   date2022-08-25

Trade Minister holds meeting for public-private joint exports cooperation

Trade Minister Ahn Duk-geun held a meeting on August 24 to assess South Korea’s exports situation amid the rising exchange rate and concerns of exports slowdown, and discussed recent global economic changes and countermeasures for second-half exports vitalization. Minister Ahn remarked that exports’ continuous rise for 21 consecutive months leading up to July was somewhat offset by the greater surge of energy imports, resulting in a trade deficit. As of June, exports growth shrank t date2022-08-25

MOTIE holds Eco-Friendly Textiles Industry Conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin held the Eco-Friendly Textiles Industry Conference on August 24 at COEX in Seoul to seek public-private joint measures for eco-friendly, low-carbon strategies in response to global green trends in the fashion enterprise. The global textiles market is seeing emerging trends of environmental regulations, consumer awareness of environmental values and global fashion brands’ pursuit of sustainable development, all of which forecast a date2022-08-24

1st Vice Minister holds Eco-Friendly Textiles Industry Policy Conference

Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided the Eco-Friendly Textiles Industry Policy Conference on August 24 at COEX to seek public-private joint measures for eco-friendly, low-carbon strategies in response to global green trends in the fashion enterprise.   In his opening message, the Vice Minister mentioned the need for “proactive role awareness of fashion industry regarding sustainability and climate change crisis,” and facilitated discussions on p date2022-08-24

2nd Vice Minister attends 19th Energy Day

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended the 19th Energy Day event held on August 22 in Seoul under the theme of “Turn Off the Lights and Look at the Stars” to raise awareness of the importance of energy and streamlining supply.   In his opening message, Vice Minister Park remarked that “each and every citizen’s participation and interest is critical amid climate crisis and energy weaponization” and added that “the Ministry is g date2022-08-23

2nd Vice Minister attends 19th Energy Day lights-out event

Trade, Industry and Energy 2nd Vice Minister Park Il-jun attended on August 22 the 19th Energy Day, hosted by the Korea NGO’s Energy Network and sponsored by the Ministry, an event held since 2004 with the aim to raise awareness on the importance of energy and streamlining energy supply, under the theme of “Turn Off the Lights and Look at the Stars.” For the event, major landmark venues across the nation had a five-minute lights-out time, an hour of two-degrees higher air cond date2022-08-23

Korea and Australia hold 31st Joint Committee on Energy and Mineral Resources

The Ministry of Trade, Industry and Energy (MOTIE)’s Energy Industry Deputy Minister Cheon Young-gil co-hosted on August 22 the 31st Korea-Australia Joint Committee on Energy and Mineral Resources to discuss energy policy directions, CCUS, critical minerals and LNG.   The meeting was co-hosted by Sean Sullivan, Executive Assistant to Deputy Secretary for the Department of Climate Change, Environment, Energy and Water and Catherine Raper, Australia’s Ambassador to the Republic date2022-08-23