Ministry of Trade, Industry and Energy

Korea's Defense Exports Task Force launched into high gear

Trade, Industry and Energy Vice Minister Kang Kyungsung led the Defense Exports Task Force in his meeting with Hanwha Aerospace CEO Son Jae-il on April 30 at the company’s Daejeon plant and discussed recent exports outcomes.   Launched as a follow-up measure to the Defense Industry Ecosystem Competitiveness Strategy announced on April 17, the Defense Exports Task Force is composed of representatives from the Ministry of Trade, Industry and Energy (MOTIE), Korea Defense Industry Trade Support Center (KODITS), K-SURE, and Korea Planning & Evaluation Institute of Industrial Technology (KEIT).   Hanwha Aerospace representatives shared their status quo on arms exports, including the executive contract with the Polish Armaments Agency on supplying an additional fleet of Chunmoo Multiple Rocket Launcher Systems (MRLS) amounting to USD 1.6 billion, and requested policy funding for export contract implementation, designation of advanced aircraft engine materials and parts as national high-tech strategic technology, and government assistance on R&D of arms systems for export.   Vice Minister Kang explained that as announced in April, MOTIE plans to strengthen support through the Defense Industry Ecosystem Competitiveness Strategy by securing advanced critical technologies in arms materials, parts, and equipment (KRW 400 billion investment in 2024), expanding the scope of trade insurance and policy funding (10 trillion won), and establishing a tailored defense exports strategy (June 2024). date2024-04-30

Korea's retail industry grows 10.9% in March

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 29 that Korea’s retail industry grew 10.9 percent year-on-year in March 2024, with offline and online sales advancing 6.0 percent and 15.7 percent, respectively.   MOTIE releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 12 are online retailers.   Offline sales rose across all major items on the backs of higher number of working days (+2) and increased sales of food, living/household goods, and foreign designer labels. Online sales saw enlarged demand for spring outings, performance reservations, and food deliveries alongside steady sales of convenience foods and e-coupons.   The number of purchases increased 0.5 percent overall, rising for department stores, hypermarkets, and SSMs, thanks to the added number of working days (+2), but decreased for convenience stores (down 0.2 percent), a first in 25 months.   Hypermarket sales increased 6.2 percent, attributable to the growth of food product sales (up 10.7 percent). Non-food items declined, including sports (down 7.9 percent), miscellaneous goods (down 3.7 percent), clothing (down 3.6 percent), and home appliances/culture (down 2.4 percent).   Department store sales increased 8.9 percent overall, as women’s suits showed a 1.2 percent downtick, but household goods (up 15.3 percent), foreign designer labels (up 13.9 percent), and miscellaneous goods (up 5.4 percent) advanced.   Convenience (up 3.0 percent) stores saw all items grow in sales, led by daily necessities (up 7.7 percent) and miscellaneous goods (up 9.3 percent), followed by strong demand for cost-effective food products like beverages and processed food products (up 4.1 percent) and instant food products (up 1.7 percent).   SSM operators gained 5.1 percent overall as most items enjoyed growth, including agricultural, livestock, and fishery products (up 9.6 percent), processed food products (up 3.9 percent), and fresh/prepared food products (up 1.8 percent).   In terms of sales per store, hypermarkets (up 7.9 percent), department stores (up 8.9 percent), and SSM operators (up 1.1 percent) gained, whereas those of convenience stores dipped (down 0.9 percent).   Online sales decreased in fashion/clothing (down 13.0 percent) and sports (down 3.7 percent), while books/stationery (up 24.1 percent), food products (up 28.9 percent), and service/other (up 37.5 percent) climbed sharply. date2024-04-30

Korea and Angola hold Business Forum

Minister for Trade Inkyo Cheong attended the Korea-Angola Business Forum, co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the Angolan government, on April 29 in Seoul on the occasion of Angola’s President João Lourenço’s state visit, and held extensive bilateral discussions on cooperation in trade, investment, renewable energy, shipbuilding, and offshore plant projects.   The forum was attended by approximately 180 representatives of both countries’ governments, institutions, and companies, including the Sonangol Group and HD Hyundai Heavy Industries.   In his opening address, Trade Minister Cheong extended gratitude towards President Lourenço’s interest in pursuing economic cooperation with Korea and stated that the Korean government will likewise provide full support to expand bilateral cooperation in manufacturing, renewable energy, and other areas, based on the initial collaboration centering on energy, shipbuilding, and offshore plant.   Moreover, the trade promotion institutions of both countries, namely Korea Trade-Investment Promotion Agency (KOTRA) and Agency for Private Investment and Promotion of Exports of Angola (AIPEX), entered a memorandum of understanding (MOU) on establishing the basis for supporting the two countries’ business exchanges, including partner matchings and exchange of trade and investment information. Accordingly, KOTRA plans to set up a Korea promotion exhibition booth in the international symposium to be held in Luanda, Angola, in July as part of pushing forward projects for promoting bilateral trade. date2024-04-30

Korea and Oman to resume bilateral Economic Cooperation Committee after 8-year hiatus

Minister for Trade Inkyo Cheong met Chairman of the Oman Public Authority for Special Economic Zones and Free Zones (OPAZ) Ali Masoud Al Sunaidy on April 29 in Seoul to discuss the resumption of the two countries’ bilateral Economic Cooperation Committee.   The sixth Korea-Oman Economic Cooperation Committee meeting had originally been slated for 2019 in Muscat, Oman, but was put on pause by the pandemic outbreak.   The resumption discussion was proposed by Chairman Al Sunaidy, noting Oman’s push for industrial diversification and focused investment on new renewable energy areas. Trade Minister Cheong replied that he looks forward to discussing measures for deepening the two countries’ investment, joint project discovery, and other economic collaborations through the Economic Cooperation Committee in the near future. date2024-04-30

Korea-Angola Business Forum

Minister for Trade Inkyo Cheong attended the Korea-Angola Business Forum on April 29 in Seoul in the attendance of both countries’ government delegations and companies, where Korea Trade-Investment Promotion Agency (KOTRA) and the Agency for Private Investment and Promotion of Exports of Angola (AIPEX) held a MOU signing ceremony. date2024-04-30

Trade Minister meets OPAZ Chairman

Minister for Trade Inkyo Cheong met Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) Ali Masoud Al Sunaidy on April 29 in Seoul to discuss key agenda items including the resumption of the two countries’ bilateral Economic Cooperation Committee. date2024-04-30

Minister meets Saudi Commerce Minister

Trade, Industry and Energy Minister Dukgeun Ahn met with Saudi Commerce Minister Majid bin Abdullah Al-Qasabi on April 28 (local time) in Riyadh on the occasion of attending the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development and discussed bilateral trade and investment cooperation. date2024-04-30

Minister participates as panel speaker at WEF Special Meeting

Trade, Industry and Energy Minister Dukgeun Ahn participated as a panel speaker in the “What Homeland Economics Means for Trade” session at the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development on April 28 (local time) in Riyadh to discuss global economy, energy transition, Middle East tensions and other pending global issues and solutions. date2024-04-30

Minister meets Saudi Industry and Mineral Resources Minister

Trade, Industry and Energy Minister Dukgeun Ahn met with Saudi Industry and Mineral Resources Minister Bandar bin Ibrahim AlKhorayef on April 28 (local time) in Riyadh on the occasion of attending the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development and discussed measures for cooperation in industries, minerals and plant bid projects. date2024-04-30

Minister meets Saudi Energy Minister

Trade, Industry and Energy Minister Dukgeun Ahn met with Saudi energy minister Abdulaziz bin Salman on April 28 (local time) in Riyadh on the occasion of attending the World Economic Forum (WEF)’s Special Meeting on Global Collaboration, Growth and Energy for Development and discussed bilateral energy cooperation. date2024-04-30