Ministry of Trade, Industry and Energy

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

Government to promote middle market enterprises to become key players of Korean New Deal

The Ministry of Trade, Industry and Energy, jointly with relevant ministries, announced on November 12 at the policy coordinating meeting on key state affairs that it will strengthen support for hidden champions and middle-market enterprises to become key players of the Korean New Deal. Under the new growth strategy for hidden champions and middle-market enterprises, the government aims to develop 12,000 prominent companies related to Digital and Green New Deal projects and provide support for date2020-11-13

Vice Minister Park attends Textile Day commemoration event

Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 34th Textile Day commemoration event at Seoul Textile Center on November 11, and announced the Korean New Deal Strategy for the Textile and Fashion Industry.   According to the Strategy, the government will invest 1.4 trillion Won ($1.26 billion) and create 36,000 jobs in the industry by 2026.   The Textile Day is celebrated every year to commemorate the day that the textile and fashion industry became the first out date2020-11-11

Vice Minister Park visits exhibition site for small businesses as part of Korea Sale Festa

Trade, Industry and Energy Vice Minister Park Jin-kyu (center) made an on-site visit to the exhibition for excellent products by small and medium-sized businesses in Pangyo on November 11, held as part of the 2020 Korea Sale Festa.   The event is designed to encourage small and medium-sized enterprises experiencing hardships from COVID-19 and promote well-made products as well as open up sales channels for them. A total of 529 companies will participate in the event via four offline store date2020-11-11

Korea Sale Festa leads to 8.4% rise in credit card revenues over first week of November

Trade, Industry and Energy Ministry announced on November 10 that the 2020 Korea Sale Festa, a 15-day nationwide shopping event that kicked off on November 1, has already achieved better results than expected, with credit card revenues over the first seven days of the festival expanding 8.4 percent compared to the same period last year. date2020-11-10

MOTIE awards companies for attracting foreign investment in high-tech industries

Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 2020 Foreign Company Day event in Seoul, on November 3, and awarded 44 companies for playing important roles in attracting foreign investment in high-tech industries.   Vice Minister Park mentioned that despite challenging circumstances in the global supply chain presented by the virus, foreign direct investment in high-tech materials, parts and equipment have recovered and contributed to the development of related industr date2020-11-04

Industry Ministry to launch new division on future cars

Ministry of Trade, Industry and Energy announced on November 3 that it will launch a new division on future cars, which will be in charge of tasks related to R&D, infrastructure, industry convergence, and global regulations of self-driving and eco-friendly vehicles.According to the Ministry, the future car industry is at the core of the Digital New Deal and the Green New Deal, and the launch of the new division is expected to establish a stronger foundation for the growth of the future car i date2020-11-03