Ministry of Trade, Industry and Energy

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

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