Ministry of Trade, Industry and Energy
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MOTIE to foster middle-market enterprises through lighthouse project
The Ministry of Trade, Industry and Energy held a policy meeting on February 24, and announced a lighthouse project to foster 100 middle-market enterprises and encourage them to expand to new businesses, markets, and systems. The Ministry will provide support for investments in new businesses areas such as future cars, next generation displays, and...
Industry Ministry designates materials, parts and equipment specialized complexes
Trade, Industry and Energy Minister Sung Yunmo attended the designation ceremony for five specialized complexes for materials, parts and equipment on February 23, in the government’s efforts to strengthen domestic industries’ competitiveness amid challenges to global supply chains. The five industrial complexes specialized in semiconduc...
Minister Sung meets with system semiconductor industry representatives
Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for the Semiconductor IP (Intellectual Property) Utilization Support Program and met with system semiconductor industry representatives to discuss future policy directions on February 16. Under the Support Program, Korea’s fabless companies will have access ...
Korea's automobile industry posts double-digit growth in output, domestic sales, and exports in January
The Ministry of Trade, Industry and Energy announced on February 15 that Korea’s automobile output, domestic sales, and exports in January all experienced double-digit increases and went up 24.9 percent, 18.4 percent, and 29.5 percent, respectively. Total automobile output in January by Korean automakers climbed up 24.9 percent to 314,190 uni...
Minister Sung attends MOU signing ceremony for New Deal investment cooperation
Trade, Industry and Energy Minister Sung Yunmo attended a memorandum of understanding (MOU) signing ceremony for New Deal investment cooperation in the areas of future cars and industrial digitalization at the Hyundai EV Station in Seoul, on February 4. The government and private investors including Hyundai Motor Group, the Korea Evaluation ...
Korea to invest 240 billion won in system semiconductor R&D
The Ministry of Trade, Industry and Energy, Ministry of Science and ICT, and Ministry of SMEs and Startups announced the support measures for the technological innovation in the system semiconductor industry at the Seoul Government Complex on February 1. The Ministries will invest a total of 240 billion won, or USD 215 million, to prominent areas i...
Minister Sung encourages Gwangju Free Economic Zone Authority to become AI industry based growth hub
Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for the Gwangju Free Economic Zone Authority at Gwangju Innobiz Center on January 27, and delivered a congratulatory speech to encourage the Authority’s vision to become a new industrial hub centered on artificial intelligence technologies. Minister Sung men...
2020 retail sales in Korea expand 5.5% due to strong online sales
The Ministry of Trade, Industry and Energy announced on January 28 that Korea’s retail sales in 2020 expanded 5.5 percent compared to 2019, thanks to strong online sales (up 18.4 percent). Brick-and-mortar sales fell 3.6 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are...
Minister Sung visits Korean biohealth firm to encourage export achievement
Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to the plant of MEK-ICS, a local ventilator manufacturer in Paju, Gyeonggi Province, on January 21, to encourage the firm’s efforts for technological development and export growth amid COVID-19 pandemic. The government has supported the firm’s respiratory...
Minister Sung discusses measures to localize key materials, parts and equipment in national defense sector
Ministry of Trade, Industry and Energy and Ministry of National Defense held the 7th Meeting for the National Defense Industry Development on January 19, to discuss measures to strengthen the competitiveness of the defense industry and boost exports. Minister Sung mentioned that in order for the defense industry to become a competitive exporting in...