Ministry of Trade, Industry and Energy

Korean retail sales grow 4.8 percent in 2019 due to huge growth in online stores

The Ministry of Trade, Industry and Energy announced on January 29 that Korea’s retail sales in 2019 rose 4.8 percent compared to the previous year. More specifically, online retail sales improved by 14.2 percent, and brick-and-mortar sales edged down 0.9 percent. While online sales posted growth, offline sales such as hypermarket chains and SSM operators declined as online shopping expanded. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half date2020-01-30

Minister Sung visits wheelchair manufacturer under regulatory sandbox program

Trade, Industry and Energy Minister Sung Yun-mo (right) made an on-site visit to Rscare Service, a local maker of wheelchairs equipped with an electric assistance device, for physically challenged people, in Gimpo, Gyeonggi Province, on January 29, in the Ministry’s efforts to drum up innovative businesses under the regulatory sandbox program. A regulatory sandbox program is a measure to encourage local companies to foster technology-driven new businesses by lifting or suspending existing date2020-01-29

Green vehicles sold within Korea hit record high in December 2019

The Ministry of Trade, Industry and Energy announced on January 16 that eco-friendly and hybrid vehicles sold within Korea in December 2019 increased 23.3% to 15,262 units compared to a year earlier. Automobile exports last month decreased by 6.7 percent year-on-year to 205,595 vehicles due to the need for overseas inventory exhaustion following the release of new K5 model and the adjustment of GM Korea export line. Although the number of vehicles shipped overseas went down, the increase in exp date2020-01-16

Vice Minister Cheong visits Korean photoresist manufacturer in Hwaseong

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) made an on-site visit to the plant of Dongjin Semichem, a local photoresist maker, in Hwaseong, Gyeonggi Province, on January 15, to encourage the firm’s plan to extend its production line.   Photoresist is one of the three materials used to make chips and displays that Japan restricted its exports to Korea on July 4 last year. The other two materials are high-purity hydrogen fluoride and fluorinated polyimides. &nbs date2020-01-15

Korea attracts DuPont investment to diversify EUV photoresist supply

Trade, Industry and Energy Minister Sung Yun-mo (center) met with DuPont president Jon Kemp (right) in San Francisco, on January 8 (local time), to confirm DuPont’s investment decision, which includes the plan to build a production line of EUV photoresist, a key material used to make chips, in Korea by 2021.The global chemical firm will invest $28 million to build production lines by 2021 for EUV photoresists and chemical mechanical planarization (CMP) pads, both of which are key materials date2020-01-09

Minister Sung discusses future car industry at CES 2020

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Uber Elevate Head Eric Allison (right) in Las Vegas, on January 7 (local time), to discuss the future of the automotive industry as well as the measures to expand cooperation in flying car projects.   Uber Elevate, an internal team at Uber Technologies working toward aerial ridesharing, has teamed up with Hyundai Motor to develop aerial transportation.   Minister Sung proposed cooperation and investment possibilities, date2020-01-08

Vice Minister Cheong holds meeting with petrochemical firms after Iran attack

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) held a meeting with government officials and representatives from the petrochemical firms in Seoul, on January 8, to discuss the impact of the recent U.S. and Iran conflict on global oil prices as well as the contingency plans in case tensions escalate in the Middle East area after the Iranian attack on the U.S. forces in Iraq.Vice Minister Cheong said that the government, related agencies and industries will undertake a full-scale date2020-01-08

Minister Sung visits Korean hydrogen fluoride manufacturer

Trade, Industry and Energy Minister Sung Yun-mo (center) made an on-site visit to the plant of Soulbrain, a Korean manufacturer of hydrogen fluoride, located in Gongju, South Chungcheong Province on January 2, in order to encourage the firm’s achievement in contributing to the domestic supply of high purity hydrofluoric acid to local chips and display makers.The Ministry said since Soulbrain expanded the production volume through establishment and enlargement of related facilities, domesti date2020-01-02

Both online and offline retail sales grow in November

The Ministry of Trade, Industry and Energy announced on December 25 that Korea’s overall retail sales in November grew 7.5 percent from a year earlier. This rise was a result of increases in sales at both online and offline retailers partly due to this year’s Korea Sales Festa that was held last month. The nation’s largest annual shopping festival provides discount benefits to consumers.The analysis was based on surveys of 26 major retailers. Half of them are offline retailers: date2019-12-27

Vice Minister Cheong meets with Sweden’s State Secretary to Minister for Industry and Innovation

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) met with Sweden’s State Secretary to Minister for Business, Industry and Innovation Emil Högberg in Seoul on December 18. They explored ways to foster broad cooperation between the two countries on areas ranging from future mobility to biohealth. date2019-12-19