Ministry of Trade, Industry and Energy

Korea’s April retail sales rise 13.7%

The Ministry of Trade, Industry and Energy announced on May 27 that Korea’s retail industry saw a 13.7 percent improvement in sales in April compared to the same period last year. Both offline and online retailers saw growth, up 11.2 percent and 16.5 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, a date2021-05-27

Minister Moon encourages launch of integrated control center to ensure safety at industrial complexes

Trade, Industry and Energy Minister Moon Sungwook visited Incheon Namdong Industrial Complex, on May 26, and delivered a congratulatory speech to encourage the launch of an integrated control center at the smart green industrial complex. The integrated control center is a core component of the smart green industrial complex infrastructure that helps manage digitally safety, environment, and traffic issues within the industrial complexes to prevent accidents and ensure a comfortable working envir date2021-05-26

Industry Ministry holds meeting to support materials, parts and equipment industries

Trade, Industry and Energy Minister Moon Sungwook attended a committee meeting to strengthen the competitiveness of the materials, parts and equipment sectors at the Seoul Government Complex, on May 25.   At the meeting, the committee members discussed various issues including measures to respond to the recent global supply chain disruptions regarding automotive chips and rare earth materials, foster special complexes for materials, parts and equipment, and bolster R&D investments in date2021-05-26

Minister Moon visits Korea Federation of SMEs

Trade, Industry and Energy Minister Moon Sungwook (left) visited the Korea Federation of SMEs, on May 17, as part of efforts to expand communication with economic organizations in the policymaking process.                                                 &nbsp date2021-05-17

Automobile exports in April jump 52.8% despite global automotive semiconductor shortage

The Ministry of Trade, Industry and Energy announced on May 14 that Korea’s automobile output and exports in April rose 11.8 percent and 52.8 percent, respectively. Meanwhile, domestic sales shrank 3.8 percent. Total output by Korea’s automobile industry in April went up 11.8 percent to 323,644 units despite the global automotive semiconductor shortage. Domestic sales edged down 3.8 percent to 161,097 units, which was partly attributable to the decrease in the special consumption date2021-05-14

Korea, Israel vow to expand R&D cooperation

Trade, Industry and Energy Minister Moon Sung-wook (right) met with his Israeli counterpart Amir Peretz in Seoul, on May 12, to fully revise the Korea-Israel Technological Cooperation Treaty, originally signed in 1999.   Under the revision, each country will double the annual spending on joint R&D projects from USD 2 million to $4 million, raise the ceiling for government support from 50 percent to 70 percent, encourage participation of research institutes and universities, and expand date2021-05-13

Minister Moon attends Automobile Day Commemoration Event

Trade, Industry and Energy Minister Moon Sung-wook attended the 18th Automobile Day Commemoration Event at Seoul Automobile Center, on May 12, and delivered congratulatory remarks.   Minister Moon said that the government will strengthen policy support for the transition to future cars as it is the key task in realizing the 2050 carbon neutral goals and securing competitiveness for Korea’s automobile industry.   date2021-05-12

Amendments to the 「Enforcement Decree of the Environment-friendly Vehicles Act」approved at Cabinet Meeting

The Ministry of Trade, Industry and Energy announced that the government has approved amendments to the “Enforcement Decree of the Act on Promotion of Development and Distribution of Environment-friendly Motor Vehicles” during a cabinet meeting on April 27. The revisions mean that ① public institutions will be required to purchase only environment-friendly vehicles (current requirements are 70% of all vehicles), and ② parking electric vehicles (EVs) at standard charging stations date2021-04-30

Minister Sung visits local producer of ceramic heaters under government R&D program

Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to the plant of MiCo Ceramics, a local supplier of ceramic materials and parts used in the semiconductor manufacturing process, in Anseong, Gyeonggi Province, on April 28. The government came up with the R&D program for materials, parts and equipment on August 5, 2019, to ensure a stable supply of core materials for Korea’s major industries, one month after Japan’s announcement of export restrictions agai date2021-04-28

Korea’s retail sales move up 18.5% in March

The Ministry of Trade, Industry and Energy announced on April 26 that Korea’s overall retail sales in March saw a year-on-year growth of 18.5 percent. Sales at both offline and online retailers increased, up 21.7 percent and 15.2 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 date2021-04-27