Ministry of Trade, Industry and Energy
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Minister Paik hosts first public-private meeting for industrial innovation and growth
Minister of Trade, Industry and Energy Paik Ungyu (left) hosted the first Industry Innovation 2020 Platform meeting to discuss strategies for industrial innovation and growth with business leaders and academics in Seoul on May 11. Through the Industry Innovation 2020 Platform launched by the Ministry, the public and private sectors will draw...
Ministry signs MOU with GM to advance Korean auto industry
Trade, Industry and Energy Minister Paik Ungyu (center) signed a memorandum of understanding (MOU) with General Motors International President Barry Engle (right) to advance the Korean automobile industry in Seoul on May 10. Under the MOU, GM will establish its Asia-Pacific headquarters in Korea, develop GM Korea to serve as a hub for produc...
Trade Minister Kim visits R&D center for self-driving and eco-friendly cars
Trade Minister Kim Hyun-chong (second from right) discussed vehicle development strategies and international cooperation plans with automobile experts at Hyundai Motor Group’s Environmental Technology Center in Yongin on April 26.Trade Minister Kim’s Thursday visit was part of an effort to establish trade policies in the era of digital ...
Online retail sales grow at double-digit rate in March
The Ministry of Trade, Industry and Energy announced on April 27 that online retail sales in March expanded 17.0 percent from a year earlier.Sales of brick-and-mortar retailers also advanced 5.4 percent year-on-year. This increase came from every type of in-store retailers, from convenience stores to hypermarkets.Thanks to the strong performances f...
Korea to promote the spread of hydrogen fueling stations
Trade, Industry and Energy Vice Minister Lee Inho (fourth from right in the front row) signed a memorandum of understanding with leaders from hydrogen-related industries to establish special purpose companies (SPCs) that will embark on an infrastructure development project for hydrogen fueling stations in Korea at a meeting in Seoul on April 25.Unt...
Trade surplus in industrial materials, components exports set record $30.8 billion in Q1
The Ministry of Trade, Industry and Energy announced on April 19 that trade surplus in industrial materials and components in the first quarter of 2018 set a record USD 30.8 billion.Exports of 11 types of materials and components rose 13.3 percent year-on-year to $74.4 billion, the second highest value of all-time. Exports of both materials and com...
Korea’s automobile industry sees decline in March
The Ministry of Trade, Industry and Energy announced on April 12 that Korea’s automobile industry saw year-on-year decreases in exports, production, and domestic sales in March.Automobile exports decreased 10.3 percent year-on-year to 223,855 vehicles. In terms of value, they shrank 8.6 percent to USD 3.8 billion. This decrease is attributabl...
Minister Paik urges resolution of labor dispute at GM Korea
Trade, Industry and Energy Minister Paik Ungyu (left) met with General Motors Korea’s President Kaher Kazem to urge management to settle the dispute with employees at GM Korea’s plant in Bupyeong on April 6.During his visit to GM Korea, which was arranged amid the escalating tension between the company and its workers, Minister Paik als...
Industrial materials, components exports post all-time high in 2017
The Ministry of Trade, Industry and Energy announced on January 18 that exports of 12 types of industrial materials and components in 2017 posted an all-time high of USD 28.2 billion.The value of materials and components shipped abroad rose 12.0 percent year-on-year, recording a double-digit growth for the first time in six years, on the back ...
Korea, Turkey to cooperate on eco-industrial parks
Trade, Industry and Energy Vice Minister Lee Inho (left) signed a memorandum of understanding (MOU) with Turkey’s Undersecretary of the Ministry of Science, Industry and Technology Veysel Yayan for strategic cooperation in eco-industrial parks at a signing ceremony at COEX in Seoul on April 2.After signing the MOU, Vice Minister Lee and Under...