Ministry of Trade, Industry and Energy

Korea's auto production, domestic sales, exports all increase in September

The Ministry of Trade, Industry and Energy announced on October 19 that Korea’s automobile output, domestic sales, and exports in September increased 23.2 percent, 22.2 percent, and 14.8 percent, respectively. The number of vehicles produced by Korean automakers jumped 23.2 percent to 342,489 units due to the recovery in domestic sales and exports at the same time. Domestic sales in September experienced a 22.2 percent growth to 162,716 vehicles. Local sales of Korean-made cars increased date2020-10-19

Industry Ministry encourages K-mobility innovation in Singaporean market

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) attended the groundbreaking ceremony for the Hyundai Motor Group Innovation Center in Singapore (HMGICS) virtually, on October 13, to celebrate the K-mobility industry increase its presence in the Singaporean market with innovation in future mobility technologies.   Minister Sung said that the HMGICS could become a new milestone in the economic cooperation between the two countries. The Ministry, as one of the key tas date2020-10-13

South Korea to work in public-private partnership to become leader in contact-free economy

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the Open Forum for Standardization of Contact-free Services, on September 29, in the government’s Digital New Deal efforts to establish a global standard for various contact-free services including healthcare, education, and retail/logistics.   The Ministry will invest 37 billion won (USD 30 million) by 2025 for the development of business models through international standardization, which could becom date2020-09-29

Korea’s August retail sales post a year-on-year growth of 6.6%

The Ministry of Trade, Industry and Energy announced on September 29 that Korea’s overall retail sales in August rose 6.6 percent compared to the same period last year. Sales of offline retailers edged down 2.4 percent, but those of online retailers jumped 20.1 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 chai date2020-09-29

Industry Ministry encourages greater cooperation in biohealth materials, parts, and equipment sectors

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the Cooperation Council for Biohealth Materials, Parts, and Equipment Sectors, in Yeouido, Seoul, on September 24, to strengthen competitiveness of the biohealth industry and facilitate adequate policy support.   The Ministry plans to spend 85.7 billion won (USD 73 million) over the next five years for the development of biohealth products, and encourage cooperation between supply and demand companies to inc date2020-09-28

Minister Sung attends launching ceremony for midsized firm-led digital transformation partnership

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the digital transformation partnership led by midsized businesses, on September 23, in the government’s efforts to promote the “Digital New Deal” and the digital-based industrial innovation growth strategy announced in August.   Minister Sung said that this will open the door for many mid-sized companies to digital innovation and new business opportunities through cooperation between suppli date2020-09-23

Korea's August EV exports grow 22.2%, share of domestic green car sales set new record

The Ministry of Trade, Industry and Energy announced on September 18 that Korea’s automobile output, domestic sales, and exports in August decreased 6.4 percent, 1.2 percent, and 15.8 percent, respectively. The number of vehicles produced by Korean automakers recorded a year-on-year decline of 6.4 percent to 233,357 units. The primary reason for the decline was the resurgence of COVID-19 and temporary shutdowns of major plants due to the new vehicle line facility constructions at Hyundai date2020-09-18

Minister Sung visits Changwon industrial complex as part of Korea’s Green New Deal initiative

Trade, Industry and Energy Minister Sung Yun-mo made an on-site visit to Changwon National Industrial Complex, one of the seven sites for the “smart green industrial project”, on September 17, in the Korean government’s Green New Deal drive to foster high-tech, eco-friendly industrial complexes.The government plans to designate 15 smart green industrial complexes by 2025, and transform traditional manufacturing sites into digitalized, energy-efficient industrial clusters to imp date2020-09-18

Minister Sung discusses additional support measures for coronavirus-hit industries

Trade, Industry and Energy Minister Sung Yun-mo held the 2nd meeting to check the impact of the resurge in COVID-19 cases on the real economy with industrial representatives at the Jeollabuk-do branch of Korea Industrial Complex Corporation in Gunsan, on September 15, to discuss additional support measures for the virus-hit industries. Minister Sung stressed the need for attention to small and medium-sized businesses which lack financial stabilities, and announced the Ministry’s plans to f date2020-09-15

MOTIE signs MOU to encourage next generation smart semiconductor development

Trade, Industry and Energy Minister Sung Yun-mo (center) attended a signing ceremony for the memorandum of understanding (MOU) aimed to boost the development of the next generation smart semiconductors at Korea Semiconductor Industry Association in Pangyo, Gyeonggi Province, on September 10. The ceremony was attended by Science and ICT minister Choi Ki-young as well, and the two ministries promised to put efforts together for the technological competitiveness of semiconductor materials, parts, a date2020-09-10