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Korea, Israel sign free trade pact
Trade Minister Yoo Myung-hee (second from the right) attended the signing ceremony for the free trade agreement (FTA) between Korea and Israel in Seoul, on May 12. Trade Minister Yoo said that the Korea-Israel FTA will not only lower tariffs and improve the investment environment, but will also build a strong platform that boosts economic gr...
Korea, Israel vow to expand R&D cooperation
Trade, Industry and Energy Minister Moon Sung-wook (right) met with his Israeli counterpart Amir Peretz in Seoul, on May 12, to fully revise the Korea-Israel Technological Cooperation Treaty, originally signed in 1999. Under the revision, each country will double the annual spending on joint R&D projects from USD 2 million to $4 million,...
Minister Moon attends Automobile Day Commemoration Event
Trade, Industry and Energy Minister Moon Sung-wook attended the 18th Automobile Day Commemoration Event at Seoul Automobile Center, on May 12, and delivered congratulatory remarks. Minister Moon said that the government will strengthen policy support for the transition to future cars as it is the key task in realizing the 2050 carbon neutral...
Minister Moon holds meeting with energy firms after cyberattack on U.S pipeline
Trade, Industry and Energy Minister Moon Sung-wook held a virtual meeting with representatives from state-run energy agencies, on May 11, to examine the emergency response systems of local power grids and pipelines amid the recent cyberattack on a major U.S. pipeline. Minister Moon said that the government will closely monitor the impacts of...
Korea’s exports in April jump 41.1% to $51.2 billion
The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April jumped 41.1 percent to USD 51.2 billion. Imports expanded 33.9 percent to $50.8 billion, resulting in a trade surplus of $388 million. Exports in April recorded the sharpest year-on-year growth since January 2011. This is a noticeable improvement, way ...
Amendments to the 「Enforcement Decree of the Environment-friendly Vehicles Act」approved at Cabinet Meeting
The Ministry of Trade, Industry and Energy announced that the government has approved amendments to the “Enforcement Decree of the Act on Promotion of Development and Distribution of Environment-friendly Motor Vehicles” during a cabinet meeting on April 27. The revisions mean that ① public institutions will be required to purchase only ...
Minister Sung visits local producer of ceramic heaters under government R&D program
Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to the plant of MiCo Ceramics, a local supplier of ceramic materials and parts used in the semiconductor manufacturing process, in Anseong, Gyeonggi Province, on April 28. The government came up with the R&D program for materials, parts and equipment on August 5, 2019, ...
Minister Sung visits secondary battery materials supplier
Trade, Industry and Energy Minister Sung Yunmo (third from the right) made an on-site visit to the plant of POSCO Chemical, a local supplier of secondary battery anode and cathode materials in Sejong, on April 26, and encouraged frontline industry workers. In the first half of the year, the Ministry will come up with a development strategy for the ...
Government to strengthen franchise industry’s innovative capacity
Trade, Industry and Energy Minister Sung Yunmo (center) attended the launching ceremony for a committee aimed at expanding the franchise industry’s innovative strength and foundation for sustainable growth at the Korea Press Center in Seoul, on April 26.The government announced a plan to improve the franchise industry’s competitiveness ...
Korea’s retail sales move up 18.5% in March
The Ministry of Trade, Industry and Energy announced on April 26 that Korea’s overall retail sales in March saw a year-on-year growth of 18.5 percent. Sales at both offline and online retailers increased, up 21.7 percent and 15.2 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. ...