Ministry of Trade, Industry and Energy
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October retail sales in Korea expand 8.4%
The Ministry of Trade, Industry and Energy announced on November 23 that Korea’s overall retail sales in October went up 8.4 percent compared to the same period last year. Sales of offline and online retailers improved 2.1 percent and 17.1 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major r...
Minister Sung visits site of smart manufacturing demo factory
Trade, Industry and Energy Minister Sung Yun-mo made an on-site visit to the site of smart green industrial projects in Changwon on November 20, to celebrate the construction of a smart manufacturing demo factory. The smart manufacturing demo factory is a testbed incorporating advanced Information and Communications Technology (ICT) such as ...
Minister Sung attends forum to discuss digital-based industrial innovation
Trade, Industry and Energy Minister Sung Yun-mo attended the Digital-based Industrial Innovation Forum, co-organized by the National Academy of Engineering of Korea, in Seoul on November 19, to discuss innovative growth strategies for digital-based industries. Minister Sung emphasized the importance of industrial digital transformation in th...
Industry Ministry holds industrial strategy dialogue with research institutes
Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with representatives of major research institutes in Seoul on November 16, to discuss the future direction for industrial policy in response to the prolonged COVID-19 crisis.At the meeting, Minister Sung mentioned three current issues surrounding Korea’s industrial e...
Korea's automobile output, exports fall in October, domestic sales increase
The Ministry of Trade, Industry and Energy announced on November 16 that Korea’s automobile output and exports in October lost 4.3 percent and 3.2 percent, respectively. However, domestic sales inched up 1.7 percent despite fewer working days. The number of vehicles produced by Korean automakers dipped 4.3 percent to 336,279. The primary reas...
Government to promote middle market enterprises to become key players of Korean New Deal
The Ministry of Trade, Industry and Energy, jointly with relevant ministries, announced on November 12 at the policy coordinating meeting on key state affairs that it will strengthen support for hidden champions and middle-market enterprises to become key players of the Korean New Deal. Under the new growth strategy for hidden champions and middle-...
Vice Minister Park attends Textile Day commemoration event
Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 34th Textile Day commemoration event at Seoul Textile Center on November 11, and announced the Korean New Deal Strategy for the Textile and Fashion Industry. According to the Strategy, the government will invest 1.4 trillion Won ($1.26 billion) and create 36,000 jobs in the i...
Vice Minister Park visits exhibition site for small businesses as part of Korea Sale Festa
Trade, Industry and Energy Vice Minister Park Jin-kyu (center) made an on-site visit to the exhibition for excellent products by small and medium-sized businesses in Pangyo on November 11, held as part of the 2020 Korea Sale Festa. The event is designed to encourage small and medium-sized enterprises experiencing hardships from COVID-19 and ...
Korea Sale Festa leads to 8.4% rise in credit card revenues over first week of November
Trade, Industry and Energy Ministry announced on November 10 that the 2020 Korea Sale Festa, a 15-day nationwide shopping event that kicked off on November 1, has already achieved better results than expected, with credit card revenues over the first seven days of the festival expanding 8.4 percent compared to the same period last year.
MOTIE awards companies for attracting foreign investment in high-tech industries
Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 2020 Foreign Company Day event in Seoul, on November 3, and awarded 44 companies for playing important roles in attracting foreign investment in high-tech industries. Vice Minister Park mentioned that despite challenging circumstances in the global supply chain presented by t...