Ministry of Trade, Industry and Energy

Rare earth permanent magnets for EV motors to be home grown

  Trade, Industry and Energy Vice Minister Youngjin Jang attended the completion ceremony of Sunglim Advanced Industrial’s Hyunpoong Plant on October 27. The plant will pioneer the first-ever domestic production of neodymium-based rare earth permanent magnets. The Hyunpoong Plant will be producing approximately 1,000 metric tons of rare earth permanent magnets on an annual basis (sufficient for app. 500,000 electric vehicles), which is expected to reduce reliance on other countries date2023-11-01

Korea's retail industry advances 9.5% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that Korea’s retail sales for September gained an overall growth of 9.5 percent year-on-year. Offline sales increased by 7.2 percent, as the Chuseok holidays boosted demand across all retail channels, with hypermarkets (up 10.0 percent) and “super supermarket (SSM)” operators (up 11.3 percent) at the helm. Online sales leaped 12.0 percent, with sales of food products (up 32.0 percent) growing on the ba date2023-11-01

Korea Eureka Day 2023 launched in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that the Korea Eureka Day 2023 is held through October 30-November 1 at the Lotte Hotel Seoul with the participation of approximately 100 persons from 12 countries, namely the UK, France, Germany, Switzerland, Spain, Canada, Turkey, Austria, Sweden, the Netherlands, Belgium and Poland. Eureka is the largest global research and development (R&D) platform, in which a total of 47 countries (41 European, six non-European date2023-10-31

Korea and Norway strengthen eco-friendly & marine plant networking

Trade, Industry and Energy Vice Minister Youngjin Jang attended the Norway Day 2023 on October 27 at Signiel Busan and encouraged the leaders of both countries’ shipbuilding and marine plant businesses and extended support for business networking. Cooperation in the shipbuilding and marine plant sector between the two countries is going strong, with Korea winning 61 percent of all shipbuilding orders placed by Norway in 2022. Held on the last day of the KORMARINE 2023 (Internationa date2023-10-31

Vice Minister attends completion ceremony of Korea's first neodymium REPM plant

Trade, Industry and Energy Vice Minister Youngjin Jang attended on October 27 the completion ceremony of Sunglim Advanced Industrial’s Hyunpoong Plant in Daegu, Korea’s very first producer of neodymium-based rare earth permanent magnets (REPMs), which are core components of EV motors.   The ceremony was attended by representatives of relevant companies and organizations, including Daegu City Executive Mayor Kim Jong-han, Korea Automotive Technology Institute (KATECH) President date2023-10-31

Korea and Qatar expand scope of collaboration to self-driving, smart farm and healthcare

Trade, Industry and Energy Minister Bang Moon Kyu and Qatar’s Commerce and Industry Minister Mohammed bin Hamad bin Qassim Al Abdullah Al Thani attended the Korea-Qatar Business Forum on October 25 in Qatar, held by the Korea Chamber of Commerce and Industry and the Qatar Chamber of Commerce and Industry, where a total of 10 memorandums of understanding (MOUs) were signed between the two countries. In energy, Samsung C&T and the Qatar Free Economic Zone Authority entered a total of tw date2023-10-30

Korea and Vietnam discuss economic collaboration & advancing carbon free initiatives  

  Trade, Industry and Energy Vice Minister Youngjin Jang held a meeting on October 17 in Seoul with Tran Tuan Anh, head of the Vietnamese Communist Party Central Committee's Economic Commission, and discussed implementation measures following the Korea-Vietnam summit. Since the state visit to Vietnam in June, there has been active high-level dialogues between the two countries aimed at bolstering economic cooperation. Some of the issues discussed include enhancing bilateral trade and date2023-10-27

Korea, China, Japan & Vietnam to strengthen digital materials development cooperation

The Ministry of Trade, Industry and Energy (MOTIE) held the Asian Materials Data Symposium 2023 at the Interburgo Hotel Daegu through October 25-26, and pushed materials data cooperation with major institutions of the U.S., China, Japan, Vietnam, Taiwan and Germany. The U.S., Japan and China are among a number of countries that have been preemptively developing digital materials through data accumulation, and their respective presenters spoke on major success cases at the symposium. Meanwhile, date2023-10-27

Trade Minister discusses cooperation with Kazakhstan's Industry Deputy Minister

Minister for Trade Dukgeun Ahn held talks with Kazakhstan’s Industry and Infrastructure Development Deputy Minister Ilyas Ospanov on October 23 in Kazakhstan on measures for cooperation in nuclear energy, power plants, critical minerals, automobiles, electronics, official development assistance (ODA) and digital. date2023-10-27

Vice Minister discusses industrial security with U.S. Under Secretary of Commerce

Trade, Industry and Energy Vice Minister Youngjin Jang met with Alan F. Estevez, U.S. Under Secretary of Commerce for Industry and Security, on October 24, in Seoul to discuss semiconductor export control, sanctions against Russia, multilateral export controls and other bilateral trade issues. date2023-10-26