It is concerned with regulating economic policy, especially with regard to the industrial and energy sectors.

The ministry also works to encourage foreign investment in Korea.

In 2008, it was restructured into Ministry of Knowledge Economy following newly elected president Lee Myung-bak's cabinet reorganization.

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.

[5] Subsidiary organisations of the MOTIE include: List of Ministers from 1948 to the present.