Ministry of Trade, Industry and Energy

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

Korea’s automobile export value turns to positive growth in November

The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s automobile export value increased 3.3 percent, turning to positive growth in three months. In terms of volume, automobile production, domestic sales, and exports decreased 6.6 percent, 16.0 percent, and 4.7 percent, respectively. The export value posted growth due to expansion of high value-added vehicles. Green car exports showed the highest monthly value on record. Automobile production in November went do date2021-12-15

Minister Moon attends 2nd Industrial Technology Future Forum

Trade, Industry and Energy Minister Moon Sungwook attended the 2nd Industrial Technology Future Forum, organized by the Korea Institute for Advancement of Technology (KIAT) on December 9, to discuss 22 policy agendas set forth by industrial experts to effectively respond to digital transformation and climate change. Minister Moon said in his welcome remarks that today’s forum is meaningful that the government, the National Assembly, and representatives from industry, academia and research date2021-12-09

Overall retail sales increase 14.4% in October

The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s overall retail sales increased 14.4 percent in October. Both offline and online sales saw growth, up 10.0 percent and 19.7 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'(SSM) operators. The date2021-11-29

Korea, France agree for stronger digital, environment-friendly cooperation

Trade, Industry and Energy Minister Moon Sungwook (left) met with the French Secretary of State for Digital Transition and Electronic Communications Cédric O in Seoul, on November 19, and the two countries agreed to expand cooperation in new industries and encourage exchange between digital startups. Minister Moon also mentioned Busan’s bid to host the 2030 World Expo, and asked for support. date2021-11-19

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