Ministry of Trade, Industry and Energy

Minister Moon holds meeting with marine equipment industry

Trade, Industry and Energy Minister Moon Sungwook (second from the left) met with local suppliers of marine equipment at Noksan Industrial Complex in Busan, on June 29, to encourage the industry’s efforts in developing eco-friendly technologies and exploring overseas markets.The government will invest 254 billion won (USD 225 million) by 2031 to develop vessels with reduced greenhouse gas emissions. date2021-06-29

Overall retail sales move up 12.9% in May

The Ministry of Trade, Industry and Energy announced on June 25 that Korea’s overall retail sales in May saw a year-on-year growth of 12.9 percent. Both offline and online sales improved, up 8.8 percent and 17.6 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” date2021-06-28

MOTIE launches Industrial Digital Transformation Cooperation Support Center

Trade, Industry and Energy Minister Moon Sungwook attended the launching Ceremony for the Industrial Digital Transformation Alliance and the Industrial Digital Transformation Cooperation Support Center (iDX Center) in Seoul, on June 24. The Alliance, which incorporated 6 industries last year, added 4 more industries this time – machinery/robot, root materials, energy, and textile chemistry – to encourage industry, academia, and research sector cooperation in digital transformation. T date2021-06-24

Minister Moon visits site of mRNA vaccine production

Trade, Industry and Energy Minister Moon Sungwook (center) made an on-site visit to the plant of Samsung Biologics, on June 21, to check the mRNA vaccine manufacturing line added at its facility in Songdo.Minister Moon stressed that the deal with Moderna for consignment production of mRNA vaccine is an opportunity to enhance Korea’s status as a global vaccine hub and strengthen the nation’s pandemic response capability. date2021-06-23

MOTIE to support global market entry of middle-market enterprises

Trade, Industry and Energy Vice Minister Park Jin-kyu attended a launching ceremony for the business club organized to help domestic middle-market enterprises enter the global market, on June 15. The Ministry selected 50 middle-market enterprises to begin with, and plans to discover 300 companies by 2024 to support local businesses with overseas marketing strategies, export infrastructure, and cooperation network to encourage global expansion. date2021-06-15

Auto exports in May expand 57.5%

The Ministry of Trade, Industry and Energy announced on June 11 that Korea’s automobile output and exports in May grew 10.9 percent and 57.5 percent, respectively. Meanwhile, domestic sales contracted 10.1 percent. The number of vehicles produced by Korean automakers went up 10.9 percent to 256,272 units. The growth in automobile production was mostly attributable to a significant increase in outbound shipments. Over the same period, exports jumped 57.5 percent to 150,894 units. The bas date2021-06-14

Minister Moon attends Steel Day commemoration event

Trade, Industry and Energy Minister Moon Sungwook attended the 22nd Steel Day commemoration event at the POSCO Center in Seoul, on June 9, and discussed pending issues in the domestic steel industry with experts. The government and the industry agreed to work closely together to stabilize supply and demand for steel and strengthen the industry’s competitiveness by preparing for the carbon neutral era. date2021-06-09

Minister Moon meets with local battery makers at industry fair

Trade, Industry and Energy Minister Moon Sungwook visited InterBattery 2021, a three-day industry exhibition showcasing next-generation battery products and technologies held in Seoul, on June 9, and met with local battery makers afterwards.   Minister Moon promised active support for domestic companies amid fierce competition in the global electric vehicle battery market. date2021-06-09

Vice Minister Park visits COVID-19 vaccine manufacturing site for clinical trials

Trade, Industry and Energy Vice Minister Park Jin-kyu (right) made an on-site visit to the Animal Cell Culture Substantiation Center, a manufacturing facility for COVID-19 vaccines for clinical trials, in Andong, on June 2.   MOTIE has established facilities and equipment for consignment production of vaccines according to international standards since 2017 to foster the vaccine industry and support local companies’ production of vaccines for clinical trials.   Vice Minister date2021-06-03

Minister Moon attends committee meeting on reviewing regulatory exemptions

Trade, Industry and Energy Minister Moon Sungwook held a committee meeting on reviewing industry convergence regulatory exemptions at the Korea Chamber of Commerce and Industry in Seoul, on May 31.Minister Moon mentioned that the government will strengthen institutional support for the regulatory sandbox program so that it can lead to actual growth in sales, investment, and jobs, and promote projects related to the Green New Deal and the Digital New Deal to encourage innovation in businesses. date2021-05-31