South Korea and Malaysia have agreed to resume negotiations for a Free Trade Agreement (FTA).The Ministry of Trade, Industry, and Energy announced on March 26 that Jung In-gyo, chief trade negotiator of the Ministry, met with Tengku Zafrul Aziz, the Minister of Investment, Trade, and Industry of Mal
Controversy over AliExpress’ and Temu’s harmful content for teenagers has not subsided.Despite constant criticism from Korean consumer organizations, the two Chinese e-commerce giants’ measures have been insufficient, and responses came late from the Korean government.According to a recent report, a
Chinese online shopping platforms AliExpress, Temu, Shine and other overseas business operators over a certain size will be required to have representatives in Korea. This new policy is aimed at making them responsible for consumer protection.Unlike AliExpress, which currently has a legal entity in
The Ministry of Trade, Industry and Energy announced this year it will invest a total of 1.141 trillion won in research and development (R&D) for materials and components technology, focusing on creating a significant lead in advanced industries, stabilizing supply chains, and achieving carbon neutr
The Ministry of SMEs and Startups announced on March 3 that it discussed the establishment of a ministerial-level consultative body with the UAE Ministry of Economy during its attendance at the Investopia global investment event held in Abu Dhabi, UAE, from Feb. 28 to 29 (local time).Investopia is a
The government has come up with a detailed blueprint at the inter-ministerial level, encompassing export targets for key items such as semiconductors, automobiles, and plants, to achieve this year’s export goal of US$700 billion. It includes the largest-ever support measures to accelerate progress,
The Ministry of Science and ICT announced that it participated in the ministerial session held at the Mobile World Congress (MWC) 2024, the world’s largest mobile exhibition in Barcelona, Spain, on Feb. 27. During the event, it introduced the South Korean government’s policies regarding the safe uti
With the Korean government’s decision to help domestic companies participate in the reconstruction of Iraq, a new city development project won by the E&C Division of Hanwha Corporation has restarted in the Middle Eastern country.The Bismayah New City Project in Iraq partially resumed after a year an
The Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced on Feb. 25 that it held the first Korea-Qatar Smart Farm Cooperation Committee in Doha, Qatar, to promote exchanges and cooperation in the field of smart agriculture between the two countries as a follow-up to an MOU signed betwee
Government officials from Korea, the United States, and Japan have met and agreed to strengthen trilateral cooperation to respond to the changing global environment, including supply chain instability and export controls.The Korean Ministry of Trade, Industry and Energy (MOTIE) announced on Feb. 22
The first meeting of the Korea-Netherlands Semiconductor Dialogue kicked off in Eindhoven, the Netherlands, on Feb. 19 (local time). The Korean and Dutch governments agreed to hold the meeting during President Yoon Suk-yeol’s state visit to the Netherlands in December 2023. The ministries in charge
The government has announced its plan to expand the global Korean cuisine industry to a scale of 300 trillion won by 2027. The strategy involves increasing the number of overseas Korean restaurants to 15,000 and more than tripling the number of Michelin-starred Korean restaurants compared to the cur
South Korea’s exports posted double-digit growth in January, led by a recovery in semiconductor exports.Korea’s exports totaled US$54.69 billion in January, while Korea’s imports totaled US$54.39 billion, according to the Korean Ministry of Trade, Industry and Energy (MOTIE).Exports increased 18 per
The Korean Ministry of Trade, Industry and Energy (MOTIE) announced that Trade Minister Cheong In-kyo held the 8th Multilateral Trade Strategy Meeting with the MOTIE and related ministries on Jan. 29.In preparation for the 13th Ministerial Conference (MC-13) of the World Trade Organization (WTO) to
Doosan Enerbility announced on Dec. 14 that a delegation led by Bandar Alkhorayef, the minister of industry and mineral resources of Saudi Arabia, visited its Changwon plant in South Gyeongsang Province.The visit on this day aims to inspect South Korean companies conducting business in the country a
The Korean government will provide 38 trillion won (US$29 billion) in financial support, including expanding loan limits and debt guarantees for the Korean secondary battery industry over five years. A separate bill will also be prepared to support the growth of a used battery industry ecosystem.The
In 2024, 165,000 foreign workers will enter Korea on non-professional work visas (E-9). This will be the highest number ever. The industries they can work in will also be expanded to include restaurants, mining and forestry.The Ministry of Employment and Labor announced the decision in a meeting of
With Chinese authorities set to begin controlling graphite exports, a key raw material for anode materials for batteries, in December, they held an event with Korean companies only to explain how they will enforce their export control policy.This was the first time China, which has played the weapon
Korea and Saudi Arabia have agreed to expand cooperation in the biotech, gaming, and automotive sectors while implementing existing economic cooperation tasks in infrastructure.The Ministry of Trade, Industry and Energy (MOTIE) announced the agreement at the Four Seasons Hotel in Seoul, during the f
The Ministry of Economy and Finance (MOEF) is hosting the Korea-Africa Economic Cooperation Ministerial Meeting for the first time in five years. Following the minister-level meeting, a joint declaration will also be announced.The MOEF has announced that the 7th Korea-Africa Economic Cooperation Min