The Ministry of Trade, Industry and Energy (MOTIE) is a ministry under the Government of South Korea. It is concerned with regulating some economic policy, especially with regard to the industrial and energy sectors. The ministry also works to encourage foreign investment in Korea. The current minister is Lee Chang-yang. The ministry began in 1948 as the Ministry of Commerce in the First Republic. In 1993 it was merged with the Ministry of Energy, established in 1977. A year later the ministry changed its name to Ministry of Trade and Energy. In 1998 it transferred trade negotiation duties to the foreign ministry changing its name to Ministry of Industry and Energy. In 2008 it was restructured into Ministry of Knowledge Economy following newly elected president Lee Myung-bak's cabinet reorganisation. In 2013 following President Park Geun-hye's cabinet reorganisation the ministry was restructured into the current form bringing back trade negotiation duties from the foreign ministry. In 2017 it delegated duties related to SMEs to newly created Ministry of SMEs and Startups under President Moon Jae-in. In 2018 it added the third vice ministerial role for energy policies in addition to existing trade minister and vice minister (now 1st vice minister). More information...
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