Ministry of Trade Industry and Resources

Trade Minister chairs bioeconomy conference to discuss BEPA

Minister for Trade Dukgeun Ahn chaired a conference on May 3 at K-SURE in Seoul for Government-industry discussions on trade assistance measures for Korea’s biochemical and bioenergy sectors, with a view to nurture Korea into a global bioeconomy powerhouse. Representatives of nine bioeconomy firms and relevant associations attended the conference, including CJ CheilJedang, Samyang Innochem, SK EcoPrime and Korea Biotechnology Industry Organization. Trade Minister Ahn started by stating t date2023-05-09

Trade Minister chairs 1st Global Business Council meeting

Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment. The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies. Geopolitical tensions, as well as supply chain crises caused by the COVID-19 pandemic, are spurring major date2023-05-09

MOTIE & Daejeon enter investment MOU with Merck Life Science

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 3 that MOTIE, Daejeon Metropolitan City and Merck Life Science (“Merck”) signed an investment cooperation memorandum of understanding (MOU) for plans to establish a new bioprocessing unit in Korea for the Asia-Pacific region. According to the MOU, Merck will consider establishing a plant in Daejeon for producing biomedical raw and subsidiary materials for the Asia-Pacific region’s pharmaceutical and bio compan date2023-05-08

1st Vice Minister chairs Fabless Semiconductor Companies’ Export & Investment Review Meeting

Trade, Industry and Energy 1st Vice Minister Jang Young-jin chaired the Fabless Semiconductor Companies’ Export & Investment Review Meeting on May 2 at the Korea Chamber of Commerce and Industry (KCCI) and led discussions on export and investment prospects for Korea’s semiconductor industry and gathered industry opinions from attending representatives of relevant associations, R&D institutions and firms. The semiconductor industry representatives forecast that demand for ser date2023-05-08

Trade Minister chairs 33rd Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn chaired the 33rd Trade Promotion Committee (the “Committee”) meeting on May 1 at the Government Complex Sejong and led discussions on plans for the third round of official negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF), ninth official Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation round outcomes, Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting preparations and progress on int date2023-05-04

Korea to strengthen cash grants for FDI in strategic high-tech areas

The Ministry of Trade, Industry and Energy (MOTIE) held the 110th Foreign Investment Committee meeting to deliberate and vote on amendments concerning cash grant management and reported the Foreign Investment Ombudsman grievance settlement achievements. Cash grants for foreign investment in semiconductors, secondary batteries and displays and such areas included under the “National High-Tech Strategic Industries Special Act” will be increased up to 50 percent of investment, and the date2023-05-03

Korea's exports decline 14.2% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 1 that Korea’s exports in April declined 14.2 percent year-on-year to USD 49.6 billion and imports fell 13.3 percent to $52.2 billion, resulting in a trade balance of $2.6 billion deficit, which has been continuously improving since January. April exports suffered from protracted global economic downturn, semiconductor industry slowdown, less operating days and the high base effect from last year’s April exports hav date2023-05-02

Minister Lee and Secretary Raimondo hold 1st Korea-U.S. SCCD

Minister of Trade, Industry and Energy Lee Chang-yang and United States Secretary of Commerce Gina Raimondo held the first Korea-U.S. Supply Chain and Commercial Dialogue (“SCCD”) on April 27 in Washington DC and issued a joint statement. The joint statement is as below.   United States Secretary of Commerce Gina Raimondo and Republic of Korea Minister of Trade, Industry, and Energy Chang-Yang Lee ('the Participants') signed a Memorandum of Understanding to launch the United date2023-05-02