Ministry of Trade Industry and Resources

Minister Ahn meets members of U.S. House Committee on Natural Resources

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn met with members of the U.S. House Committee on Natural Resources on May 30 in Seoul to discuss measures for Korea-U.S. cooperation in energy and critical minerals. The U.S. delegation, led by Committee Chairman and U.S. Representative Bruce Westerman (R-AR), consisted of Representatives Nick Begich (R-AK), Harriet Hageman (R-WY), Celeste Maloy (R-UT), and Sarah Elfreth (D-MD). date2025-05-30

Korea-Algeria Joint Economic Committee virtual preliminary meeting

Korea’s Director General for International Trade Relations Kim Jong-chul led the Korean delegation in the virtual intergovernmental working-level meeting with Abdelmalek Bouheddou, Director General of the Asia Oceania Division at the Algerian Ministry of Foreign Affairs, on May 27 and discussed agenda items for the Korea-Algeria Joint Economic Committee. date2025-05-29

Trade Minister attends 57th Korea-Japan Business Conference

Korea’s Minister for Trade Inkyo Cheong gave a congratulatory address at the 57th Korea-Japan Business Conference on May 27 in Seoul, held with the participation of both governments and business leaders.  In commemoration of the 60th anniversary of the normalization of the two countries’ diplomatic relations, Trade Minister Cheong proposed that their governments and business leaders work together in setting new milestones to open a new chapter of cooperation for the next 60 years. He also stated that joint efforts will be made for trade collaboration through close intergovernmental communication, while also providing strong support towards expanding the scope of bilateral economic cooperation in supply chain stabilization, transition to carbon-free and new energy sources, as well as joint entry into Global South and other third countries. date2025-05-29

Korea and Algeria Launch Talks to Resume Joint Economic Committee

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held the first director general-level working meeting with Algeria by videoconference on May 27, 2025, as the two sides moved to resume the Korea-Algeria Joint Economic Committee, the two countries’ ministerial-level cooperative channel. Algeria, the only African country to have forged a strategic partnership with Korea,  has the largest land area in the continent, abundance in energy and mineral resources, comparatively younger demographic structure, and a strategic location as a gateway to Africa and Europe.  The Korea-Algeria Joint Economic Committee was convened three times through 2007, but was later suspended amid weakened momentum for economic cooperation following the drop in global oil prices and the COVID-19 pandemic. Recently, the two countries have opened talks on resuming the Committee in anticipation of wider cooperation and industrial diversification. Over the years, Korea’s plant and construction companies have long taken part in Algeria’s various infrastructure projects, including combined cycle power plants, highways, and container terminals. Cooperation is also expected to expand in manufacturing sectors such as automobiles and home appliances. The meeting marked a preliminary round of working-level preparations for the fourth ministerial Korea-Algeria Joint Economic Committee. The two sides reviewed areas of mutual interest and explored opportunities for concrete cooperation across a wide range of agendas spanning industries, energy, digital, ICT, agriculture, environment, healthcare, and culture.  The Korean side also proposed that the two sides enter an Economic Partnership Agreement (EPA) as a legal and institutional basis for expanding bilateral trade and investment. The two sides also agreed to discuss hosting a business cooperation event in conjunction with the ministerial-level Committee meeting. Noting the significant potential for economic cooperation with Algeria, Korea’s Director General for International Trade Relations Kim Jong-chul stated that additional working-level meetings will be held in the near future to finalize bilateral agenda in order to resume the ministerial-level joint Committee after an 18-year hiatus. date2025-05-28

Korea’s retail industry grows 7.0% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry advanced 7.0 percent year-on-year in April 2025, with offline sales receding 1.9 percent and online sales climbing 15.8 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. Offline sales were affected by weakened consumer confidence, increasing online purchases, and the rapidly shifting weather patterns observed recently, which led to a decline in outdoor activities. As a result, hypermarkets and department stores saw sales shrink 3.1 percent and 2.9 percent, respectively. Meanwhile, SSMs gained 0.2 percent while convenience stores (down 0.6 percent) slowed for the second time this year following their previous decline in February. Online sales are on an upward trajectory, driven by the expansion of online shopping, heightened competition among delivery services, and the wider range of available services. Most categories of offline sales slid with the exception of luxury goods (up 1.1 percent), while online retail sales continue to grow on the backs of food products (up 21.3 percent) and services (up 50.1 percent) such as food delivery, e-coupons, and travel packages. Online sales of fashion/clothing (down 8.6 percent) are still sluggish, whereas cosmetics (up 11.6 percent) are maintaining growth.   date2025-05-28

57th Korea-Japan Business Conference preliminary talks

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn, on May 26 in Seoul, chaired the preliminary talks held on the margins of the 57th Korea-Japan Business Conference with the participation of both countries’ business leaders and led discussions on measures for the two countries’ sustainable growth and development.  date2025-05-27

Korea and Japan’s Business Leaders Expand Economic Cooperation

Korea’s Minister for Trade Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) attended the 57th Korea-Japan Business Conference in Seoul on May 27, 2025, jointly hosted by MOTIE, Korea-Japan Economic Association, Japan-Korea Economic Association, and the Japan-Korea Industrial Technology Co-Operation Foundation to mark the 60th anniversary of the two countries’ normalization of diplomatic relations.  Launched in January 1969 following the normalization of diplomatic relations in 1965, the Korea-Japan Business Conference has served as a major bilateral forum for advancing the two countries’ economic cooperation. In his congratulatory remarks, Trade Minister Cheong expressed gratitude to the business leaders of both countries for their commitment to economic cooperation over the past 60 years and proposed that the two governments and business communities work together to lay the groundwork for a new chapter of cooperation for the next 60 years.  Noting the increase in global trade uncertainties, Trade Minister Cheong stated that the two governments will maintain trade collaboration through close communication, while also providing strong support to expand the scope of bilateral economic cooperation in supply chain stabilization, decarbonization, and new energy, as well as joint entry into the Global South and other third-country markets. He also encouraged the business leaders to actively leverage international events hosted by Korea and Japan, including APEC 2025 and the Osaka-Kansai World Expo. Under this year’s theme of “broader and deeper Korea-Japan cooperation,” the two countries’ economic groups discussed joint measures to establish and build trust, enhancing economic partnerships in carbon neutrality, AI, semiconductors, bio, and supply chains, utilizing the FTA network, and boosting people-to-people exchanges. They also agreed to further cooperation in these areas going forward. date2025-05-27

“K-FEZ Day in Europe” Launches in London and Frankfurt

Korea’s Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) launched “K-FEZ Day in Europe” in London and Frankfurt from May 19 to 23, 2025. First held in Singapore in 2024, K-FEZ Day is co-organized by MOTIE, the FEZ Planning Office, and the Korea Trade-Investment Promotion Agency (KOTRA) to introduce Korea’s Free Economic Zones (FEZs) to investors in major cities around the world. The 2025 K-FEZ Day was launched in the UK and Germany, countries ranking first and second in Europe by number of investments made in Korea as of 2024. Five of Korea’s FEZs (Incheon, Busan-Jinhae, Gwangyang Bay Area, Ulsan, Chungbuk) took part in the event. In the UK, the delegation held a Korea-UK Investment Seminar attended by more than 30 British real estate investors and other potential investors, including Leonard Design Architects and Pure Data Centres Group. The seminar presented the strengths of Korea’s FEZs and the investment strategies of each FEZ. Following the seminar, participants and investors engaged in one-on-one business consultations in the areas of hotels, offices, healthcare facilities, and logistics. In Germany, the delegation convened a Korea-Germany Advanced Industries Roundtable with local companies holding track records of Korea-bound investments, including DB Schenker, AMDT, Prettl, and Wilo. At the roundtable, the delegation encouraged stronger interest in FEZs and sought further investments in future mobility, electrical and electronics, bio, machinery, and robotics. Head of Korea’s FEZ Planning Office Lee Hyun-jo led the delegation for K-FEZ Day in Europe, stating that K-FEZ Day is a valuable opportunity to promote Korea’s FEZs face-to-face in major investor countries. He added that Korea will continue to follow up on the outcomes of the event through the KOTRA Business Centers. date2025-05-23

Trade Minister meets China’s Ambassador to Korea

Korea’s Minister for Trade Inkyo Cheong met China’s Ambassador to Korea Dai Bing on May 21 in Seoul to discuss Korea-China economic cooperation. date2025-05-23

Trade Minister holds conference with Latin America’s ambassadors to Korea

Korea’s Minister for Trade Inkyo Cheong attended a conference with Latin America’s ambassadors to Korea, including Ambassador of the Dominican Republic to Korea Federico Alberto Cuello Camilo, on May 20 in Seoul to discuss Korea-Latin America trade and economic cooperation. date2025-05-23