Ministry of Trade, Industry and Energy

Minister Sung meets with semiconductor industry representatives to discuss global supply chain issue

Trade, Industry and Energy Minister Sung Yunmo (center) held a meeting with local semiconductor manufacturers and industry representatives in Seoul, on April 9, to discuss countermeasures for the semiconductor industry amid disruptions in the global supply chain.   Minister Sung mentioned the importance of active private investment in memory chip and foundry production capacity for the establishment of a stable supply chain, and said the government will also come up with policy measures t date2021-04-09

Minister Sung visits ‘U-Turn’ company in Busan

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of Nova International, a local manufacturer of eco-friendly footwear in Busan, on April 1, to encourage the company’s achievement in creating jobs and new investments by reshoring its operations to Korea.The Ministry will continue with efforts to support companies seeking to return by improving ‘U-turn’ policies and expanding subsidies. date2021-04-01

Industry Ministry to speed up digital transformation for industrial sector

Trade, Industry and Energy Minister Sung Yunmo held a meeting with experts involving industry, academia, and research officials at Hyundai Global Service headquartered in Busan, on April 1, to discuss strategies to beef up industrial digital transformation. Under the “Digital Big-Push” strategy, the government will prepare a comprehensive support system for local firms according to the level of digitalization and expand the use of data platforms across industrial value chains. date2021-04-01

Both offline and online retailers experience growth in February

The Ministry of Trade, Industry and Energy announced on March 25 that Korea’s overall retail sales in February rose 10.0 percent.   Sales at both brick-and-mortar stores and online stores expanded, up 14.3 percent and 5.5 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, and four “ date2021-03-25

Industry Ministry to strengthen cooperation with engineering colleges

Trade, Industry and Energy Minister Sung Yunmo met with engineering deans of local universities on March 24, to discuss measures to enhance government-university cooperation and encourage innovation in engineering education.Minister Sung said the Ministry will work closely with universities to foster talented individuals in engineering and respond to tasks like carbon neutrality and digital transformation. date2021-03-24

Vice Minister Park attends MOU signing ceremony for domestic production of automotive chips

Trade, Industry and Energy Vice Minister Park Jin-kyu (center) attended a signing ceremony for the memorandum of understanding (MOU) between the Korea Automobile Manufacturers Association and the Korea Semiconductor Industry Association aimed at developing automotive chips domestically on March 17. Vice Minister Park encouraged local associations joining forces for domestic production of automotive chips amid global shortages in semiconductor supply, and said the government will work closely wit date2021-03-17

Minister Sung discusses digital transformation in materials, parts and equipment sectors with industrial experts

Trade, Industry and Energy Minister Sung Yunmo met with industrial experts at the Korea Research Institute of Chemical Technology in Daejeon on March 15, to discuss digital transformation in materials, parts and equipment sectors.Minister Sung said that through the utilization of data and artificial intelligence technologies, the development of advanced materials will be accelerated, reinforcing competitiveness of the materials, parts and equipment industries. date2021-03-15

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