Ministry of Trade, Industry and Energy

Minister Moon meets ASML CEO

Trade, Industry and Energy Minister Moon Sungwook (right) met with ASML CEO Peter Wennink at ASML Korea’s headquarters in Hwaseong, on November 18, to discuss cooperative measures in the semiconductor sector with the global manufacturer of extreme ultraviolet (EUV) lithography equipment.   ASML has announced its plans to invest KRW 240 billion (USD 229 million) in the Hwaseong semiconductor cluster, and the two sides agreed for a stronger cooperation for a stable supply of materials date2021-11-19

Korea’s automobile industry sees decreases in October due to automotive chip shortage

The Ministry of Trade, Industry and Energy announced on November 18 that automobile output, domestic sales, and exports decreased 21.6 percent, 21.4 percent, and 18.1 percent, respectively, for the month of October. Despite the expectation that the global automotive chip shortage would ease in the third quarter, the supply from Southeast Asia was delayed, leading to cuts in production and exports. The number of vehicles produced by Korean carmakers in October lost 21.6 percent to 263,723 units date2021-11-18

Minister Moon visits site of urea solution production amid supply shortage

Trade, Industry and Energy Minister Moon Sungwook (second from the left) made an on-site visit to the plant of Lotte Fine Chemical Co., a local producer of urea solution, in Ulsan, on November 15, to check the situation at the production site amid the recent supply shortage.   Minister Moon mentioned that thanks to the collaborative effort between the government and the private sector, the inspection process by China on 18,700 tons of urea export to Korea is under progress.   Moon date2021-11-16

Korea's IP trade balance in the black for the first time

  date2021-11-10

Minister Moon encourages creation of high value-added local jobs in Daegu

Trade, Industry and Energy Minister Moon Sungwook encouraged the decision by Daedong, a local manufacturer of agricultural machinery, and its subsidiary company Daedong Mobility to invest 181.4 billion won (USD 154 million) and create 302 new jobs over the next five years in Daegu.   The project follows a technological cooperation between Daedong and KT, a leading IT company, and is expected to create high value-added industries involving AI-based mobile robots and e-bikes for delivery, s date2021-11-01

Minister Moon visits site of Korea Sale Festa

Trade, Industry and Energy Miniter Moon Sungwook (center) visited Shinsegae department store’s Daegu branch, on November 1, to check the 2021 Korea Sale Festa, a 15-day nationwide shopping event, taking place.   The festival Is held to encourage private consumption, and is expected to revitalize the retail industry and small businesses suffering from the prolonged pandemic.   date2021-11-01

Korean retail industry sees 8.2% increase in sales in September

The Ministry of Trade, Industry and Energy announced on October 28 that Korea’s retail sales in September increased 8.2 percent.   Both offline and online sales expanded, up 3.3 percent and 14.5 percent, respectively.   The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super supermarket” (S date2021-10-28

Minister Moon attends 16th Electronics, IT Day event

Trade, Industry and Energy Minister Moon Sungwook (left) attended the 16th Electronics and IT Day commemoration event in Seoul, on October 26, to encourage the electronics industry’s efforts to come up with cutting-edge technologies and achieve domestic production of parts despite rising trade protectionism and supply chain risks. MOTIE, electronics firms and related organizations signed a cooperation agreement to create an innovative ecosystem for electronics manufacturing, planning to pr date2021-10-26

Korea, Qatar agree to further cooperation in energy transition and new industries

Trade, Industry and Energy Minister Moon Sungwook (left) met with his Qatari counterpart Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani during his visit to Qatar, on October 24 (local time), and agreed to strengthen cooperation in bio-health and renewable energy.   At a business roundtable organized by the Korean and Qatari Chambers of Commerce, representatives from shipbuilding, hydrogen and bio-health industries discussed cooperative measures in new industries in the post-cor date2021-10-24

Minister Moon visits World Expo in Dubai

Trade, Industry and Energy Minister Moon Sungwook (left) visited the site of Expo 2020 Dubai in the United Arab Emirates (UAE) on October 23 (local time), and promoted Busan’s bid to host the global event in 2030.   After visiting the Korea Pavilion on the theme of future mobility, Minister Moon met with Director General of Expo 2020 Dubai Reem bint Ibrahim Al Hashimy, as part of an effort to host the World Expo in Busan.   date2021-10-23