Ministry of Trade, Industry and Energy

Korea's automobile exports reach $46.5 billion in 2021

The Ministry of Trade, Industry and Energy announced on December 18 that Korea’s automobile export value for 2021 increased 24.2% to USD 46.5 billion, and export volume increased by 8.6% to 2.1 million units. In terms of automobile production and domestic sales, the industry saw declines of 1.3 percent and 8.5 percent, respectively.   The export value maintained previous year-level growth despite prolonged COVID-19 pandemic difficulties. Hybrid cars exports (up by 71.0%) were the st date2022-01-19

MOTIE visits Agency for Defense Development

Trade, Industry and Energy 1st Vice Minister Park Jin-kyu visited the Agency for Defense Development (ADD) in Daejeon on January 17, 2022 to promote cooperation among ADD, MOTIE, and the Defense Acquisition Program Administration (DAPA) for space industry development. With regard to space industry development, Minister Park addressed that it is critical to foster a virtuous cycle ecosystem for launching and demonstrating satellites made up of Korea’s domestic materials, parts, and equipme date2022-01-19

Minister Moon attends 2022 Korea Space Forum

Trade, Industry, and Energy Minister Moon Sung-wook attended the 2022 Korea Space Forum hosted by Korea Aerospace Industries Association (KAI) and the Korean Society for Aeronautical & Space Sciences (KSAS) at the Marriott Hotel in Seoul on January 14.   Minister Moon delivered a congratulatory message, noting that despite the high entry barrier of capital and technology posed by the aerospace industry, it is a long-term and stable source of income and offers quality job creation op date2022-01-17

2022 Global Top Specialty MPE Enterprise Awards Ceremony

Trade, Industry, and Energy Minister Moon Sungwook held an awards ceremony on January 10 at the Four Seasons Hotel in Seoul for awarding 21 materials, parts, and equipment (MPE) enterprises under the theme of “Global Top Specialty MPE Enterprises! Going Global! Into the Future!”   At the event, Minister Moon delivered a congratulatory message projecting Korea’s vision for building up highly promising domestic MPE companies to lead the core strategic technology secto date2022-01-13

MOTIE holds 16th public-private joint meeting on industrial security

Trade, Industry and Energy 1st Vice Minister Park Jin-kyu held the 16th Public-Private Joint Meeting on Industrial Security at the Korea Chamber of Commerce and Industry on January 5, 2022. The meeting addressed tightened environmental regulations of major countries, the Omicron pandemic and developing pre-emptive response measures for recent supply chain issues. Minister Moon urged that “thorough analysis and countermeasures are key priorities to overcoming the present crisis,” and date2022-01-12

Minister Moon attends 2022 Business Leaders’ New Year’s Greetings

Trade, Industry and Energy Minister Moon Sungwook attended the 2022 Korean Business Leaders’ New Year’s Greetings held at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on January 4, 2022.    Also at the event were South Korea’s Prime Minister Kim Bu-gyeom, KCCI Head and SK Group Chairman Chey Tae-won, Minister of Economy and Finance Hong Nam-ki among 150 key figures, including Korea’s business magnates, government leaders, National Assembly m date2022-01-11

MOTIE announces 2022 Work Report

The Ministry of Trade, Industry, and Energy announced on December 28 the Ministry's work report for 2022, titled “Building Korea into an Industrial Power, Overcoming & Rising Together” date2022-01-04

Industry Ministry approves 15 industrial convergence projects for regulatory exemptions

Trade, Industry and Energy Minister Moon Sungwook held a committee meeting on reviewing regulatory exemptions for industrial convergence projects on December 30, and approved 15 business items. A total of 198 projects were approved in the industrial convergence sector, 96 in 2021 alone. This is the largest number of approvals among all sectors under the regulatory sandbox program. The ministry will help the firms commercialize their approved business items through export vouchers, financial su date2021-12-30

November retail sales post growth of 9.6%

The Ministry of Trade, Industry and Energy announced on December 30 that Korea’s overall retail sales in November went up 9.6 percent compared to the same period last year. Both physical and online retailers experienced growth, up 4.6 percent and 14.8 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, date2021-12-30

Industry Ministry holds committee meeting to create local jobs in Gumi

Trade, Industry and Energy Minister Moon Sungwook attended a committee meeting on December 29 to create local jobs in Gumi, for which LG Chem, Korea’s electric vehicle battery maker, will invest KRW 475.4 billion (USD 460 million) in building a cathode material plant and create 187 jobs over the course of three years. Minister Moon said that the large-scale investment on cathode materials will not only revitalize the local economy but also contribute to stable supply of key materials for t date2021-12-29