Ministry of Trade, Industry and Energy

Minister Moon holds meeting with economic research institutes

Trade, Industry and Energy Minister Moon Sungwook met with heads of public and private economic research institutes on September 16, to discuss recent economic conditions and the future direction of Korea’s industrial policy.   Minister Moon said that the government will push for innovation in the industrial structure by securing industrial and technological competitiveness amid supply chain reorganization, utilizing digital transformation and carbon neutrality effectively, and real date2021-09-16

August automobile exports, output increase

The Ministry of Trade, Industry and Energy announced on September 15 that Korea’s automobile production and exports increased 0.7 percent and 4.1 percent, respectively, while domestic sales edged down 3.3 percent for the month of August. The export value totaled $3.0 billion, posting double-digit growth for eight straight months. Automobile output in August inched up 0.7 percent to 234,893 units despite automotive chip shortages and construction at the electric vehicle (EV) production li date2021-09-15

Minister Moon meets with steel, petrochemical firms to discuss new NDC targets

Trade, Industry and Energy Minister Moon Sungwook met with CEOs of steel and petrochemical firms, which account for more than 75.8% of greenhouse gas emissions in the domestic industrial sector, on September 14, as Korea considers stronger nationally determined contribution (NDC) targets. Minister Moon said that the government plans to strengthen communication with the industry and fully support investment efforts by firms to meet the NDC goals. date2021-09-14

Minister Moon attends meeting to encourage cooperation between middle market enterprises and energy agencies

Trade, Industry and Energy Minister Moon Sungwook (second from the right) attended a meeting, on September 3, to create a cooperative system between middle market enterprises and energy agencies for ESG and carbon neutral goals.   The Korea Energy Agency, the Korea Institute of Energy Technology Evaluation and Planning, and the Federation of Middle Market Enterprises in Korea signed a memorandum of understanding (MOU), and the state-run energy organizations promised to help middle market date2021-09-03

Korea’s retail industry sees sales growth of 13.1% in July

The Ministry of Trade, Industry and Energy announced on August 26 that Korea’s retail industry saw sales growth of 13.1 percent in July. Both offline and online sales posted growth, up 7.0 percent and 20.2 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. date2021-08-26

Minister Moon visits site of secondary battery recycling

Trade, Industry and Energy Minister Moon Sungwook (right) made a visit to the plant of SungEel HiTech, a local supplier of cathode materials from recycled secondary batteries, in Gunsan, Jeollabukdo, on August 19, and met with industry representatives afterwards to discuss measures necessary to establish a stable supply chain of rare metals.   Minister Moon said that the government will set up a comprehensive plan for metal reserves by the end of the year. date2021-08-19

Minister Moon discusses R&D investment strategy with private sector experts

Trade, Industry and Energy Minister Moon Sungwook presided over a strategy meeting to discuss industrial technology R&D innovation, on August 18, at the Office of Strategic R&D Planning (OSP), launched in 2010 to devise strategic plans for R&D investment and innovation of industrial technology.   Minister Moon emphasized the need to reestablish R&D investment directions for industrial technologies amid rapidly changing internal and external environments, and expand investm date2021-08-18

Auto exports edge down 2.9%, export value rises 12.3% in July

The Ministry of Trade, Industry and Energy announced on August 18 that Korea’s automobile output, domestic sales, and exports went down 13.9 percent, 9.6 percent, and 2.9 percent, respectively. However, in value terms, the export value increased 12.3 percent to $4.1 billion, posting double-digit growth for seven straight months. Declines in production and exports are attributable to a high base effect from last year’s expansion and fewer working days (down 2 days) this year. Vehic date2021-08-18

Minister Moon attends meeting to discuss development of local defense industry

Trade, Industry and Energy Minister Moon Sungwook attended the 8th Meeting for the National Defense Industry Development, jointly held with the Ministry of National Defense, on August 11, to discuss measures to foster the local defense industry. MOTIE announced plans to implement a standard model for the use of robots in military food services and manufacturing processes of tactical vehicle, guided missile, and ammunition. Minister Moon said that it is important to take strategic measures that e date2021-08-11

Korea announces plans to secure supply of rare metals

Korea announced, on August 5, measures to secure supply of rare metals, which are key materials used in major industries including future cars, secondary batteries, and low carbon energy. As part of the policy to strengthen competitiveness of materials, parts and equipment industries, the government aims to stabilize the supply chain of rare metals by increasing the stockpile, support rare metal firms with R&D and commercialization, and establish a cooperative system among private and public date2021-08-05