Ministry of Trade, Industry and Energy

Korea's automobile industry posts double-digit growth in output, domestic sales, and exports in January

The Ministry of Trade, Industry and Energy announced on February 15 that Korea’s automobile output, domestic sales, and exports in January all experienced double-digit increases and went up 24.9 percent, 18.4 percent, and 29.5 percent, respectively. Total automobile output in January by Korean automakers climbed up 24.9 percent to 314,190 units. Productions normalized after collective wage bargaining settlements were reached, and increases in domestic sales and exports led to an expansion date2021-02-15

South Korea claims top spot in 2020 global shipbuilding orders

South Korea claims top spot in 2020 global shipbuilding orders date2021-02-10

Minister Sung attends MOU signing ceremony for New Deal investment cooperation

Trade, Industry and Energy Minister Sung Yunmo attended a memorandum of understanding (MOU) signing ceremony for New Deal investment cooperation in the areas of future cars and industrial digitalization at the Hyundai EV Station in Seoul, on February 4.   The government and private investors including Hyundai Motor Group, the Korea Evaluation Institute of Industrial Technology (KEIT), and the Korea Institute for Advancement of Technology (KIAT) will invest a total of 200 billion won to th date2021-02-04

Korea to invest 240 billion won in system semiconductor R&D

The Ministry of Trade, Industry and Energy, Ministry of Science and ICT, and Ministry of SMEs and Startups announced the support measures for the technological innovation in the system semiconductor industry at the Seoul Government Complex on February 1. The Ministries will invest a total of 240 billion won, or USD 215 million, to prominent areas in the system chip industry such as power semiconductors, next generation sensors, and artificial intelligence semiconductors, and foster local fables date2021-02-01

2020 retail sales in Korea expand 5.5% due to strong online sales

The Ministry of Trade, Industry and Energy announced on January 28 that Korea’s retail sales in 2020 expanded 5.5 percent compared to 2019, thanks to strong online sales (up 18.4 percent). Brick-and-mortar sales fell 3.6 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 SSM operators. The ot date2021-01-28

Minister Sung encourages Gwangju Free Economic Zone Authority to become AI industry based growth hub

Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for the Gwangju Free Economic Zone Authority at Gwangju Innobiz Center on January 27, and delivered a congratulatory speech to encourage the Authority’s vision to become a new industrial hub centered on artificial intelligence technologies.   Minister Sung mentioned that the Gwangju FEZ Authority has an important role in regional development and creation of jobs by strengthening global competitiveness in date2021-01-28

Minister Sung visits Korean biohealth firm to encourage export achievement

Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to the plant of MEK-ICS, a local ventilator manufacturer in Paju, Gyeonggi Province, on January 21, to encourage the firm’s efforts for technological development and export growth amid COVID-19 pandemic.   The government has supported the firm’s respiratory care technologies through R&D assistance since 2011, and has also provided export consulting services in the medical equipment sector.   date2021-01-21

Minister Sung discusses measures to localize key materials, parts and equipment in national defense sector

The Ministry of Trade, Industry and Energy and the Ministry of National Defense held the 7th Meeting for the National Defense Industry Development on January 19, to discuss measures to strengthen the competitiveness of the defense industry and boost exports. Minister Sung mentioned that in order for the defense industry to become a competitive exporting industry in the post-corona era, it is important to speed up the application of excellent 4th industrial revolution private technologies in the date2021-01-19

Green car exports, domestic sales hit record high in 2020

The Ministry of Trade, Industry and Energy announced on January 14 that exports and domestic sales of eco-friendly vehicles hit record highs in 2020.   For 2020, the number of domestic vehicles produced by Korea’s seven automakers moved down 11.2 percent to 3.5 million units. Output in the first half of the year was more harshly hit by a slowdown in sales and a difficulty in procuring major parts due to COVID-19. The domestic automobile manufacturers are Hyundai Motor, Kia Motors, G date2021-01-14

Minister Sung visits display exhibit at CES 2021

Trade, Industry and Energy Minister Sung Yunmo (second from the left) visited LG Display’s offline exhibition hall at the 2021 Consumer Electronics Show (CES) on January 13, and observed innovative achievements of the Korean display maker.   340 companies from Korea participated in the all-digital CES 2021 and introduced various innovative products and solutions, including the 5G-based AI, personalized smart home devices, and next-generation display technologies, that will lead the date2021-01-13