Ministry of Trade, Industry and Energy

Minister Sung visits rare earth permanent magnet manufacturer in Daegu

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of SunglimGroup, a local manufacturer of rare earth permanent magnets for electric vehicles in Daegu, on April 19.Minister Sung said that due to the growth of new industries and carbon neutral targets, the demand for rare metals is rising. The government will establish a strong public-private network to boost technological development and expand support for prominent firms in order to secure supply chain stability. date2021-04-19

Minister Sung visits semiconductor research center at Seoul National University

Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to Seoul National University’s Inter-University Semiconductor Research Center, on April 14, and discussed measures to foster talents and resolve manpower shortages in the semiconductor industry. The government has recognized the importance of nurturing competitive human resources, and has cultivated more than 1,000 talents since 2019 as a result of large-scale projects jointly with the private sector.The government date2021-04-14

Korea's automobile output, domestic sales, and exports grow in Q1

The Ministry of Trade, Industry and Energy announced on April 13 that Korea’s automobile output, domestic sales, and exports in the first quarter of 2021 went up 12.2 percent, 11.3 percent, and 16.9 percent, respectively.    Meanwhile, for the month of March, output, domestic sales, and exports went down 9.5 percent, 0.9 percent, and 1.4 percent, respectively, due to a high base effect.   Total auto production in March by Korean automobile producers dipped 9.5 percent to date2021-04-13

Minister Sung meets with semiconductor industry representatives to discuss global supply chain issue

Trade, Industry and Energy Minister Sung Yunmo (center) held a meeting with local semiconductor manufacturers and industry representatives in Seoul, on April 9, to discuss countermeasures for the semiconductor industry amid disruptions in the global supply chain.   Minister Sung mentioned the importance of active private investment in memory chip and foundry production capacity for the establishment of a stable supply chain, and said the government will also come up with policy measures t date2021-04-09

Minister Sung visits ‘U-Turn’ company in Busan

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of Nova International, a local manufacturer of eco-friendly footwear in Busan, on April 1, to encourage the company’s achievement in creating jobs and new investments by reshoring its operations to Korea.The Ministry will continue with efforts to support companies seeking to return by improving ‘U-turn’ policies and expanding subsidies. date2021-04-01

Industry Ministry to speed up digital transformation for industrial sector

Trade, Industry and Energy Minister Sung Yunmo held a meeting with experts involving industry, academia, and research officials at Hyundai Global Service headquartered in Busan, on April 1, to discuss strategies to beef up industrial digital transformation. Under the “Digital Big-Push” strategy, the government will prepare a comprehensive support system for local firms according to the level of digitalization and expand the use of data platforms across industrial value chains. date2021-04-01

Both offline and online retailers experience growth in February

The Ministry of Trade, Industry and Energy announced on March 25 that Korea’s overall retail sales in February rose 10.0 percent.   Sales at both brick-and-mortar stores and online stores expanded, up 14.3 percent and 5.5 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 “ date2021-03-25

Industry Ministry to strengthen cooperation with engineering colleges

Trade, Industry and Energy Minister Sung Yunmo met with engineering deans of local universities on March 24, to discuss measures to enhance government-university cooperation and encourage innovation in engineering education.Minister Sung said the Ministry will work closely with universities to foster talented individuals in engineering and respond to tasks like carbon neutrality and digital transformation. date2021-03-24

Vice Minister Park attends MOU signing ceremony for domestic production of automotive chips

Trade, Industry and Energy Vice Minister Park Jin-kyu (center) attended a signing ceremony for the memorandum of understanding (MOU) between the Korea Automobile Manufacturers Association and the Korea Semiconductor Industry Association aimed at developing automotive chips domestically on March 17. Vice Minister Park encouraged local associations joining forces for domestic production of automotive chips amid global shortages in semiconductor supply, and said the government will work closely wit date2021-03-17

Minister Sung discusses digital transformation in materials, parts and equipment sectors with industrial experts

Trade, Industry and Energy Minister Sung Yunmo met with industrial experts at the Korea Research Institute of Chemical Technology in Daejeon on March 15, to discuss digital transformation in materials, parts and equipment sectors.Minister Sung said that through the utilization of data and artificial intelligence technologies, the development of advanced materials will be accelerated, reinforcing competitiveness of the materials, parts and equipment industries. date2021-03-15