Ministry of Trade, Industry and Energy

Minister Sung visits pharmaceutical company to stress Korean government’s commitment to export industries

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) stressed the Korean government’s commitment to export industries during his visit to a factory of Daewoong Pharmaceutical located in the Osong Life Science Complex in Cheongju on February 25.During his speech, Minister Sung said that the Ministry will develop tailored export promotion measures not only for major export items but also for highly promising products like pharmaceuticals. He added that the Ministry and rele date2019-02-25

Minister Sung visits Korean electric bus maker to underscore Korea’s commitment to electric car industry

Trade, Industry and Energy Minister Sung Yun-mo (right) underscored the Korean government’s commitment to the electric car industry during his visit to an electric bus manufacturer located in Cheongju on February 19.After being briefed about the company summary and listening to the Korean electric car maker’s difficulties, Minister Sung took a closer look at its manufacturing process and encouraged the workers.During the visit, Minister Sung said that amid the growing proportion of e date2019-02-19

Korean auto industry sees improvement in exports, production, and domestic sales in January

The Ministry of Trade, Industry and Energy announced on February 19 that the Korean automobile industry in January saw improvement in exports, production, and domestic sales.Automobile exports last month grew 12.6 percent year-on-year to 213,618 vehicles thanks to stronger sales of sports utility vehicles (SUVs) and eco-friendly cars in North America and Europe. In particular, outbound shipments of green cars soared 64.3 percent to 21,022 units.The number of domestic vehicles manufactured by sev date2019-02-19

Industry Ministry announces 1st set of ‘regulatory sandbox’ cases for new business models

Trade, Industry and Energy Minister Sung Yun-mo presided over the first committee meeting on reviewing regulatory exemptions for new business models in Seoul on February 11.The meeting was held based on the newly-launched “regulatory sandbox” bill with a goal of bolstering innovation-driven new industries beyond the current regulatory challenges.After deliberations, the committee decided to approve regulatory exemption requests for three demonstration projects that are prohibited und date2019-02-11

Minister Sung discusses industrial revitalization and innovation with think tank leaders

Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left) discussed industrial revitalization and innovation at a meeting with Korean think tank leaders that took place at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on February 7.At the meeting, Minister Sung mentioned that while recent difficult export conditions largely resulted from the impact of external factors such as the U.S.-China trade dispute, a global economic slowdown, and falling oil prices, now is the ti date2019-02-07

Minister Sung gives congratulatory remarks to smart medical device makers

Trade, Industry and Energy Minister Sung Yun-mo (right) gave congratulatory remarks at the inauguration ceremony of the “Korea Smart Medical Device Industrial Promotion Foundation” held in Seongnam on January 30.During his speech, Minister Sung emphasized the importance of cooperation between hospitals and medical device makers for the further development of the industry as well as for creating demand in both domestic and foreign markets. He added that the Korean government will supp date2019-01-30

Korean retail sales post year-on-year growth rate of 6.8 percent in 2018

The Ministry of Trade, Industry and Energy announced on January 30 that Korea’s retail sales in 2018 rose 6.8 percent compared to the previous year.More specifically, online retail sales improved by 15.9 percent, and brick-and-mortar sales inched up 1.9 percent. While both online sales and offline sales posted growth, consumers’ preference towards online shopping was greater due to its convenience that was enhanced by new technologies and bettered delivery services.The Ministry relea date2019-01-30

Minister Sung shares government’s industrial policy plans with biotech leaders

Trade, Industry and Energy Minister Sung Yun-mo shared the Korean government’s industrial policy plans with the country’s biotech leaders at a New Year’s meeting in Seoul on January 25.Expressing his gratitude for the development in the biotech sector, Minister Sung laid out four policy directions that would accelerate innovation and promote growth in the industry: improving regulations, creating an innovation ecosystem, building a core infrastructure, and developing new export date2019-01-25

Minister Sung attends inauguration ceremony of tripartite forum for auto industry

Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left), together with Employment and Labor Minister Lee Jae-kap (fourth from the right), attended the inauguration ceremony of the labor-management-government forum for the Korean auto industry that was held in Seoul on January 24.During the meeting, Minister Sung said that the establishment of this tripartite forum will allow future-oriented discussions to take place between the participants based on mutual trust, providing opportu date2019-01-24

Vice Minister Cheong attends 2019 Drone Show Korea in Busan

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) and Science Vice Minister Mun Mi-ock (fourth from the right) gave welcoming remarks at the opening ceremony of 2019 Drone Show Korea held in Busan on January 24.During his speech, Vice Minister Cheong introduced the Korean government’s support plans for the drone sector, adding that the competitiveness of the drone industry would require business skills as well as the technology the market wants. He also visited the exhibiti date2019-01-24