Ministry of Trade, Industry and Energy

Korea's automobile output, domestic sales, and exports expand for second consecutive month in February

The Ministry of Trade, Industry and Energy announced on March 15 that Korea’s automobile output, domestic sales, and exports went up 37.9 percent, 24.2 percent, and 35.0 percent, respectively. This is the second consecutive month that all three figures expanded.   Total auto production in February by Korean automobile manufacturers jumped 37.9 percent to 260,958 units due to a base effect and an expansion in exports.   Domestic sales in Korea gained 24.2 percent to 123,317 un date2021-03-15

Industry Ministry offers regulatory exemptions to Green and Digital New Deal projects

Trade, Industry and Energy Minister Sung Yunmo (center) attended a committee meeting on reviewing industry convergence regulatory exemptions at the Korea Chamber of Commerce and Industry in Seoul on March 11.   Minister Sung said that the Ministry will specifically focus on discovering projects related to Korea’s New Deal drive, carbon-neutral initiative, and digital transformation for the year of 2021, and make efforts for further growth of industrial businesses in the long run by date2021-03-11

Minister Sung meets with aviation industry officials to discuss development plan

Trade, Industry and Energy Minister Sung Yun-mo held a meeting with local aerospace manufacturers at LIG Nex1 Daejeon House on March 5, to discuss the government’s 10-year development plan for the aviation industry. Under plan, the government will strengthen financial support for small and medium sized enterprises and aerospace parts producers. A total of 115.3 billion won (USD 102 million) will be spent in R&D to meet the demand for high-efficient, smart, and environment-friendly futu date2021-03-05

Korea, UAE to strengthen industry and energy cooperation

Trade, Industry and Energy Minister Sung Yunmo had a virtual meeting with United Arab Emirates (UAE) Minister of Industry and Advanced Technology Sultan Al Jaber on March 4, to discuss industry and energy cooperation between the two countries. date2021-03-04

Vice Minister Park visits smart parking robot manufacturer under regulatory sandbox program

Trade, Industry and Energy Vice Minister Park Jin-kyu made an on-site visit to Maro Robot Tech, a local maker of smart parking robots using QR code recognition, in Bucheon, Gyeonggi Province, on February 26, to encourage the innovative accomplishment of industrial digital transformation under the regulatory sandbox program.The Ministry has approved 63 business items applied to a regulatory sandbox program last year, and aims to approve a total of 100 this year in support of innovative local busi date2021-02-26

Korea’s retail sales post 6.1% year-on-year growth in January

The Ministry of Trade, Industry and Energy announced on February 25 that Korea’s overall retail sales in January posted a 6.1 percent year-on-year growth. Offline sales fell 5.8 percent, while online sales jumped 22.6 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super supermarket” date2021-02-25

Industry Ministry holds committee meeting to create local jobs in Gunsan and Busan

Trade, Industry and Energy Minister Sung Yunmo attended a committee meeting to create local jobs in Gunsan and Busan on February 25, through projects that will involve a total investment of 605.1 billion won (USD 545 million) and are expected to create 1,476 jobs in the e-mobility sector.Minister Sung said that these jobs will lead to the achievement of balanced regional development as well as transition to electric vehicles through the creation of EV industrial clusters and technological growth date2021-02-25

MOTIE to foster middle-market enterprises through lighthouse project

The Ministry of Trade, Industry and Energy held a policy meeting on February 24, and announced a lighthouse project to foster 100 middle-market enterprises and encourage them to expand to new businesses, markets, and systems. The Ministry will provide support for investments in new businesses areas such as future cars, next generation displays, and bio-health products, discover global market opportunities for middle-market enterprises, and help them develop digital transformation strategies. date2021-02-24

Industry Ministry designates materials, parts and equipment specialized complexes

Trade, Industry and Energy Minister Sung Yunmo attended the designation ceremony for five specialized complexes for materials, parts and equipment on February 23, in the government’s efforts to strengthen domestic industries’ competitiveness amid challenges to global supply chains. The five industrial complexes specialized in semiconductors, secondary batteries, displays, carbon materials, and precision machinery will be provided with customized support by the government in areas inc date2021-02-23

Minister Sung meets with system semiconductor industry representatives

Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for the Semiconductor IP (Intellectual Property) Utilization Support Program and met with system semiconductor industry representatives to discuss future policy directions on February 16.   Under the Support Program, Korea’s fabless companies will have access to semiconductor IP at discounted prices and online consulting on how to best utilize semiconductor IP, which will help domestic SMEs and startups t date2021-02-16