Ministry of Trade Industry and Resources

FDI in Korea grows 9.1% to $8 billion in first 9 months of 2017

The Ministry of Trade, Industry and Energy announced on October 11 that foreign direct investment (FDI) arriving in Korea returned to growth in the first nine months of 2017, rising by 9.1 percent to $8 billion from a year ago.   Although new FDI commitments to Korea contracted 9.7 percent year-on-year to $13.6 billion, the amounts of both FDI arrivals and newly pledged FDI are the third highest on record since the government started tracking them in 1962.   The Ministry evaluates date2017-10-11

Minister Paik discusses exports of nuclear reactors with industries

Trade, Industry and Energy Minister Paik Ungyu (second from right) spoke at the “nuclear reactor export strategy consultative meeting” in downtown Seoul on October 10.  Minister Paik presided the meeting with nuclear industry representatives and discussed the market environment for nuclear reactor exports, strategies for potential markets, and measures to reduce financial risks associated with overseas sales of reactors.  The Minister said in his opening remarks that the date2017-10-10

Ministry to support nuclear reactor exports

The Ministry of Trade, Industry and Energy announced on October 10 that the Ministry will strongly support the domestic industries’ bid to export nuclear reactors.    On October 10, Trade, Industry and Energy Minister Paik Ungyu presided a “nuclear export strategy consultative meeting” with industry representatives in downtown Seoul to discuss the international market environment for reactor sales, strategies for potential markets, and measures to reduce financial date2017-10-10

2nd special session of KORUS FTA Joint Committee takes place in Washington DC

Trade Minister Kim Hyun-chong (third from right) and United States Trade Representative Robert Lighthizer (third from left) co-chaired the second special session of the Korea-U.S. Free Trade Agreement (KORUS FTA) Joint Committee on October 4 in Washington, D.C.  The Korean and U.S. governments held the second special session of the KORUS FTA Joint Committee in order to continue discussions on the bilateral trade pact with a view to further improving its benefits to both sides.  The s date2017-10-05

2nd special session of KORUS FTA Joint Committee held in Washington DC

The Ministry of Trade, Industry and Energy announced that the Ministry and the United States Trade Representative (USTR) convened the second session of the Korea-U.S. Free Trade Agreement (KORUS FTA) Joint Committee on October 4 in Washington, D.C. to continue discussions on the bilateral trade deal.    Trade Minister Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer co-chaired the special session of the Joint Committee established under the KORUS FTA. Trade Minister Kim date2017-10-05

Korea’s exports hit a record $55.1 billion in September

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports reached an all-time high of USD 55.1 billion in September, soaring 35 percent from a year earlier.   The strongest performance since the Korean government started tracking trade data in 1956 was achieved as exports of semiconductors and steel hit record highs and various sectors posted double-digit growths in exports.    The growth rate is the highest in 80 months since January 2011, a date2017-10-01

Fast growing e-commerce boosts retail sales by 4.3% in August

The Ministry of Trade, Industry and Energy announced on September 29 that retail sales increased 4.3 percent to 9.81 trillion won in August on a double-digit growth in online revenues.   Online sales, which account for about a third of the total retail sales, jumped 13.1 percent from a year earlier, while in-store revenues inched up 0.4 percent.    Web-based sales returned to a double-digit year-on-year growth after recording a 4.4-percent increase in July. In-store sales grew date2017-09-29

Minister Paik shares policy directions with foreign investors

Trade, Industry and Energy Minister Paik Ungyu (second from left) spoke at the Ministerial Roundtable for Investors in a hotel in downtown Seoul on September 26. The Ministerial Roundtable for Investors was organized by the Ministry of Trade, Industry and Energy to inform foreign investors the directions of the new government’s economic policies and stable policies on foreign investment. The roundtable was also designed to resolve foreign investors’ concerns stemming from external a date2017-09-26

Korea, India sign agreed minutes at 3rd CEPA Joint Committee meeting

Trade Minister Kim Hyun-chong (left) and India’s Minister of Commerce and Industry Suresh Prabhu posed for a photo with the signed agreed minutes at the third meeting of the Joint Committee on the Korea-India Comprehensive Economic Partnership Agreement (CEPA) held on September 23 at the COEX in southern Seoul. Trade Minister Kim and Minister Prabhu signed the agreed minutes after discussing the Korea-India CEPA, bilateral industrial and technological cooperation, import regulations, and date2017-09-23

Ministry hosts 7th ASEM Economic Ministers’ Meeting in Seoul

Trade, Industry and Energy Minister Paik Ungyu (center) delivered a speech at the opening ceremony of the seventh ASEM (Asia-Europe Meeting) Economic Ministers’ Meeting (ASEM EMM) at the COEX in southern Seoul on September 22. In his opening remarks, Minister Paik called for ASEM member countries’ joint responses to protectionism and support for multilateral trade system.  During the meeting, themed “Innovative Partnership for Inclusive Prosperity of Asia and Europe,&rdq date2017-09-22