Ministry of Trade, Industry and Energy

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

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