Ministry of Trade, Industry and Energy
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Minister Paik promises support for Korean companies
Minister of Trade, Industry and Energy Paik Ungyu (left) hosted a meeting with corporate CEOs to listen to the challenges they face while doing their businesses, in Seoul on July 16. During the meeting, Minister Paik said that the role of businesses that create jobs and investments is critical for the nation’s further growth, and...
Vice Minister marks opening of Korean exhibit at trade fair in Russia
Vice Minister Lee In-ho delivered his congratulatory remarks during the opening ceremony of the Korean exhibit at the international trade fair Innoprom, currently underway in Russia, on July 9. Praising the opening of the Korean exhibit for being the first visible step in terms of bilateral cooperation between Seoul and Moscow since th...
Retail sales up 6.7 percent in May, led by online sales
The Ministry of Trade, Industry and Energy announced on June 27 that overall retail sales in May expanded 6.7 percent from a year earlier on the back of strong online sales. Online sales surged 17.2 percent, continuing a seven-month streak of double-digit growth. Sales at brick-and-mortar retailers also advanced 1.2 percent year...
Korea’s car exports rise in value in May, thanks to green cars, SUVs
The Ministry of Trade, Industry and Energy announced on June 15 that the value of both car and car part exports saw year-on-year growth in May, while the export volume inched downward.Cars and car part exports increased in terms of dollar value by 1.9 percent to USD 3.6 billion and by 14.7 percent to $2.1 billion, respectively. One of the factors t...
Korea, China discuss joint industrial complexes
Deputy Minister of International Trade and Legal Affairs Kim Chang-kyu (center) of the Ministry of Trade, Industry and Energy and Chinese Vice Minister of Commerce Gao Yan had the second meeting for cooperation between Korea and China on industrial complexes in Yancheng, China, on June 12.During the meeting, the two ministers agreed to start a pilo...
Retail sales jump 6.3 percent in April
The Ministry of Trade, Industry and Energy announced on May 30 that overall retail sales increased 6.3 percent in April from a year earlier, as growth in online sales remains robust. Online retail sales rose 15.9 percent year-on-year in April, while sales at brick-and-mortar retailers showed a modest growth rate of 1.0 percent year-on-year o...
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...