Ministry of Trade, Industry and Energy
Ministry of Trade, Industry and Energy
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Industry Ministry announces 1st set of ‘regulatory sandbox’ cases for new business models
Trade, Industry and Energy Minister Sung Yun-mo presided over the first committee meeting on reviewing regulatory exemptions for new business models in Seoul on February 11.The meeting was held based on the newly-launched “regulatory sandbox” bill with a goal of bolstering innovation-driven new industries beyond the current regulatory c...
Minister Sung discusses industrial revitalization and innovation with think tank leaders
Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left) discussed industrial revitalization and innovation at a meeting with Korean think tank leaders that took place at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on February 7.At the meeting, Minister Sung mentioned that while recent difficult export conditions largel...
Korean retail sales post year-on-year growth rate of 6.8 percent in 2018
The Ministry of Trade, Industry and Energy announced on January 30 that Korea’s retail sales in 2018 rose 6.8 percent compared to the previous year.More specifically, online retail sales improved by 15.9 percent, and brick-and-mortar sales inched up 1.9 percent. While both online sales and offline sales posted growth, consumers’ prefere...
Minister Sung gives congratulatory remarks to smart medical device makers
Trade, Industry and Energy Minister Sung Yun-mo (right) gave congratulatory remarks at the inauguration ceremony of the “Korea Smart Medical Device Industrial Promotion Foundation” held in Seongnam on January 30.During his speech, Minister Sung emphasized the importance of cooperation between hospitals and medical device makers for the ...
Minister Sung shares government’s industrial policy plans with biotech leaders
Trade, Industry and Energy Minister Sung Yun-mo shared the Korean government’s industrial policy plans with the country’s biotech leaders at a New Year’s meeting in Seoul on January 25.Expressing his gratitude for the development in the biotech sector, Minister Sung laid out four policy directions that would accelerate innovation ...
Minister Sung attends inauguration ceremony of tripartite forum for auto industry
Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left), together with Employment and Labor Minister Lee Jae-kap (fourth from the right), attended the inauguration ceremony of the labor-management-government forum for the Korean auto industry that was held in Seoul on January 24.During the meeting, Minister Sung said that the establi...
Vice Minister Cheong attends 2019 Drone Show Korea in Busan
Trade, Industry and Energy Vice Minister Cheong Seung-il (center) and Science Vice Minister Mun Mi-ock (fourth from the right) gave welcoming remarks at the opening ceremony of 2019 Drone Show Korea held in Busan on January 24.During his speech, Vice Minister Cheong introduced the Korean government’s support plans for the drone sector, adding...
Materials, components exports rose 11.8 percent to $316.2 billion in 2018
The Ministry of Trade, Industry and Energy announced on January 17 that exports of 11 types of industrial materials and components in 2018 rose 11.8 percent year-on-year to USD 316.2 billion.Imports also improved 5.3 percent to $177.2 billion, making the trade surplus stand at $139.1 billion.By type, electronic components were responsible for 43.8 ...
Trade Minister Kim meets with UK counterpart to discuss bilateral trade ties in Davos
Trade Minister Kim Hyun-chong (right) met with UK International Trade Secretary Liam Fox to discuss bilateral trade ties during his visit to Davos, Switzerland, on January 23 (local time).During the meeting, the two top trade officials agreed that it is necessary to minimize the potential impact of Brexit outcomes on trade between the two countries...
Minister Sung appreciates machine industry for its contribution to exports
Trade, Industry and Energy Minister Sung Yun-mo expressed appreciation to the Korean machine industry for its contribution to exports last year during his speech at a New Year’s meeting in Seoul on January 23.Minister Sung emphasized that the Korean government will bolster its support for the machine sector as it underpins the nation’s ...