Ministry of Trade, Industry and Energy

Industry Ministry awards materials, parts and equipment companies for technological achievements and future growth potential  

Trade, Industry and Energy Minister Sung Yunmo attended the proclamation ceremony for the global top specialty materials, parts and equipment companies at the Sejong Government Convention Center on January 11, and awarded 22 companies for their technological achievements and future growth potential.Minister Sung said that the government will actively support the materials, parts and equipment industries with R&D funds, global market entry strategy consulting, and regulatory exemptions in ord date2021-01-11

Minister Sung visits Incheon New Port to encourage logistics industry workers

Trade, Industry and Energy Minister Sung Yunmo (center) made an on-site visit to Hanjin Incheon Container Terminal at Incheon New Port on January 1, to encourage frontline workers at the export logistics site amid challenging economic circumstances. Minister Sung said that the government will focus its policy efforts to revitalize exports and asked to join forces in the field as well. date2021-01-04

Korea’s retail sales in November rise 6.3% in November

The Ministry of Trade, Industry and Energy announced on December 24 that Korea’s overall retail sales in November rose 6.3 percent compared to the same period last year. Sales of physical retailers edged down 2.4 percent, while those of online retailers expanded 17.0 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 stor date2020-12-24

Korea's domestic sales of automobiles rise for 3 straight months

The Ministry of Trade, Industry and Energy announced on December 14 that Korea’s automobile output and exports in November lost 6.3 percent and 10.2 percent, respectively. However, domestic sales went up 5.8 percent and rose for the third consecutive month. Total auto output in November by Korean automakers fell 6.3 percent to 324,472 units. The labor-management conflict at GM Korea and Kia and the production adjustment at Renault Samsung led to the decline. Domestic sales in Korea went date2020-12-14

MOTIE launches advisory group to provide technological support for materials, parts and equipment companies

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) attended the launching ceremony for an advisory group with the aim of providing human resources and technological support to the materials, parts and equipment companies at the Korea Advanced Institute of Science and Technology (KAIST), on December 7. Twelve universities with technological specialties in different fields were selected for the advisory group, and the government will invest a total of 81.3 billion won over a th date2020-12-08

October retail sales in Korea expand 8.4%

The Ministry of Trade, Industry and Energy announced on November 23 that Korea’s overall retail sales in October went up 8.4 percent compared to the same period last year. Sales of offline and online retailers improved 2.1 percent and 17.1 percent, respectively. 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 date2020-11-23

Minister Sung visits site of smart manufacturing demo factory

Trade, Industry and Energy Minister Sung Yun-mo made an on-site visit to the site of smart green industrial projects in Changwon on November 20, to celebrate the construction of a smart manufacturing demo factory.   The smart manufacturing demo factory is a testbed incorporating advanced Information and Communications Technology (ICT) such as artificial intelligence (AI) and digital twins that could improve business productivity and contribute to the innovation of major industries. &nbsp date2020-11-20

Minister Sung attends forum to discuss digital-based industrial innovation

Trade, Industry and Energy Minister Sung Yun-mo attended the Digital-based Industrial Innovation Forum, co-organized by the National Academy of Engineering of Korea, in Seoul on November 19, to discuss innovative growth strategies for digital-based industries.   Minister Sung emphasized the importance of industrial digital transformation in the private sector, and encouraged engineering technologists to take leading roles in the data sharing, industry-academia-research partnerships, and c date2020-11-19

Industry Ministry holds industrial strategy dialogue with research institutes

Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with representatives of major research institutes in Seoul on November 16, to discuss the future direction for industrial policy in response to the prolonged COVID-19 crisis.At the meeting, Minister Sung mentioned three current issues surrounding Korea’s industrial environment – COVID-19, climate change, and the U.S. presidential election.He went on to talk about three industrial policy strategies to respond date2020-11-16

Korea's automobile output, exports fall in October, domestic sales increase

The Ministry of Trade, Industry and Energy announced on November 16 that Korea’s automobile output and exports in October lost 4.3 percent and 3.2 percent, respectively. However, domestic sales inched up 1.7 percent despite fewer working days. The number of vehicles produced by Korean automakers dipped 4.3 percent to 336,279. The primary reasons for the decrease were the labor-management conflict at GM Korea and fewer working days (down 2 days) due to Chuseok holidays. Domestic sales wen date2020-11-16