Ministry of Trade, Industry and Energy
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Minister Sung meets with Uzbekistan’s deputy prime minister for investment and foreign economic affairs
Trade, Industry and Energy Minister Sung Yun-mo (left) met with Uzbekistan’s deputy prime minister for investments and foreign economic affairs, Sardor Umurzakov, in Seoul on July 6. At the first ministerial meeting held face-to-face since the coronavirus outbreak, the two countries discussed ways to expand bilateral economic cooperati...
Korea launches hydrogen economy drive to foster hydrogen-related businesses
Trade, Industry and Energy Minister Sung Yun-mo attended the 1st Hydrogen Economy Committee at KINTEX in Ilsan, Gyeonggi Province, on July 1, in the government’s efforts to boost the hydrogen industry and expand Korea’s leadership in the global hydrogen economy. The government plans to foster 1,000 hydrogen-related firms by 2040,...
Korea’s June exports decrease 10.9% to $39.2 billion, show signs of improvement
The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in June decreased 10.9 percent to USD 39.2 billion. Imports fell 11.4 percent to $35.6 billion, resulting in a trade surplus of $3.7 billion. Although exports in June decreased year-on-year due to the continued impact of the coronavirus, major indicators have ...
Overall retail sales in Korea increase 2% in May
The Ministry of Trade, Industry and Energy announced on June 30 that Korea’s overall retail sales in May saw a year-on-year growth of 2.0 percent. Specifically, brick-and-mortar sales fell 6.1 percent, while web-based retailers jumped 13.5 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half...
Trade Minister Yoo announces bid to run for WTO director-general
Trade Minister Yoo Myung-hee announced her bid to become the next World Trade Organization (WTO) director-general on June 24. Yoo's bid seeks to restore and reinforce the multilateral trading system, vitally im...
Korea, Singapore begin talks on digital trade agreement
Trade Minister Yoo Myung-hee (right) talked with her Singaporean counterpart Chan Chun Sing via videoconference on June 22, to start negotiations on the Korea-Singapore Digital Partnership Agreement (KSDPA), the first digital trade deal for Korea. Trade Minister Yoo said that the agreement is expected to help ease digital trade barriers betw...
Minister Sung holds joint conference with OECD chief to discuss post-corona trade orders
Trade, Industry and Energy Minister Sung Yun-mo held a joint video conference titled “MOTIE-OECD Joint Conference – Post COVID-19: Challenges and Responses” with Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurría on June 18, to discuss post-corona responses to the industrial and trad...
Minister Sung holds emergency meeting after explosion of inter-Korean liaison office
Trade, Industry and Energy Minister Sung Yun-mo (center) called an emergency meeting of high-ranking officials after North Korea’s demolition of the Gaesong Inter-Korean Liaison Office on June 17, to determine its impacts on the real economy. Minister Sung said the Ministry will closely monitor the impact on exports and safety of indus...
Minister Sung holds webinar on Korea’s COVID-19 response to make “K-quarantine model” global standard
Trade, Industry and Energy Minister Sung Yun-mo held the “International webinar on Korea’s COVID-19 response: Protecting the planet with standards” on June 15, to establish cooperation with major international organizations in an effort to make the “K-quarantine strategy” the global standard for public health. T...
Minister Sung holds meeting to discuss post-corona cooperative strategy for automakers
Trade, Industry and Energy Minister Sung Yun-mo (left) held a meeting with representatives of the automobile and the financial sectors at Korea Fuel Tech research center in Pangyo, Gyeonggi Province, on June 15, to discuss measures to revive the coronavirus-hit auto industry through financial support. The meeting was attended by representati...