Ministry of Trade, Industry and Energy

Korean air purifier business alliance moves into innovation center in Gwangju

Trade, Industry and Energy Minister Sung Yun-mo (left) attended the move-in ceremony of the alliance for air consumer electronics businesses held at the air home appliance innovation support center in the Gwangju branch of the Korea Electronics Technology Institute (KETI) on March 18.During his visit, Minister Sung asked the companies belong to the alliance to strive for developing new products by making use of the innovation center’s testing devices and research equipment. Minister Sung a date2019-03-18

Minister Sung attends MOU signing ceremony for air quality industry

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) attended a memorandum of understanding (MOU) signing ceremony for the air quality industry that was held in the Gwangju Techno Park on March 18.The MOU was signed among Gwangju City, Gwangju Techno Park, and LG Electronics to develop an industrial ecosystem for the air quality sector. The air quality industry refers to an industry that encompasses any product, system, or service identifying the cause of air pollution, measuri date2019-03-18

Korean auto industry experiences decline in exports, production, and domestic sales in February

The Ministry of Trade, Industry and Energy announced on March 14 that the Korean automobile industry in February experienced a decline in exports, production, and domestic sales.The number of Korean automobiles exported last month reached 160,442 vehicles, down 1.6 percent compared to the same period last year. This is mostly attributable to fewer working days. Exports in terms of value, on the other hand, improved 2.7 percent to USD 2.9 billion. Outbound shipments of green cars jumped 20.3 perc date2019-03-14

2nd committee meeting approves ‘regulatory sandbox’ program requests for five new business models

Trade, Industry and Energy Minister Sung Yun-mo chaired the second committee meeting on deliberating regulatory exemption and temporary permission requests for five new, high-tech business models at the Korea Technology Center in Seoul on February 27.The primary aim for approving regulatory sandbox programs is to bolster innovation-driven growth by allowing companies and enterprises to keep pace with rapid technological and market changes.After the reviews, the committee agreed to accept all of date2019-02-27

Overall retail sales in January gain 10.6 percent with online sales expanding at 17.3 percent

The Ministry of Trade, Industry and Energy announced on February 27 that Korea’s overall retail sales in January gained 10.6 percent compared to the same period last year.Offline retailers saw a sales improvement of 6.5 percent thanks to the Lunar New Year holiday that fell in early February. Increased sales of gift sets for the holiday led to sales growth in all types of stores. January’s year-on-year expansion was the largest for brick-and-mortar stores since February 2018.Sales at date2019-02-27

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