Ministry of Trade, Industry and Energy

Korea's retail sales rise 4.7% in February

The Ministry of Trade, Industry and Energy announced on March 29 that Korea’s total retail sales in February rose 4.7 percent. Sales at brick-and-mortar stores declined by 3.8 percent, while online sales rose 14.2 percent. The drop in offline sales was offset by online sales’ sharp growth spike. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. 13 of them are physical retailers: three department store chains, three hypermarket chains, three c date2022-03-29

Minister Moon attends IEA Ministerial Meeting

Trade, Industry, and Energy Minister Moon Sung-wook attended the International Energy Agency (IEA) Ministerial Meeting on March 23-24 to discuss energy security amidst the Ukraine crisis. At the session, Minister Moon joined in the official approval for release of oil reserves for the stabilization of global energy market. The IEA is an international body for energy cooperation consisting primarily of OECD member states, established for effectively responding to oil supply crises. The even date2022-03-29

Minister Moon attends Autonomous Vehicles Industry-Academia Conference

Trade, Industry, and Energy Minister Moon Sung-wook attended the Autonomous Vehicles Industry-Academia Conference held at the Government Sejong Convention Center on March 28 to discuss future development and competitiveness-building of Korea's self-driving car industry.   The conference was held in anticipation of the upcoming release of Korea’s first level 3 autonomous finished vehicle in H2 of this year. Minister Moon’s opening remarks were followed by a report on nine major date2022-03-29

Minister Moon attends IEA Ministerial Meeting

Trade, Industry, and Energy Minister Moon Sung-wook attended the International Energy Agency (IEA) Ministerial Meeting held at IEA headquarters in Paris on March 24 to discuss energy security and energy transition.   During the session, Minister Moon stated that “South Korea has declared that it will actively participate in stabilizing the energy market in joint efforts with the international community,” and added that “Korea has joined in the recent release of oil reser date2022-03-28

MOTIE holds briefing on 57 non-strategic items export control against Russia and Belarus

The Ministry of Trade, Industry, and Energy announced that export control on 57 non-strategic items against Russia and Belarus will take effect starting March 26. As a responsible member of the international community, Korea has decided to apply sanctions against the two countries at a level similar to those introduced by the U.S. and EU, for which the Ministry has revised the “Public Notice on Trade of Strategic Items” to include 57 non-strategic items on the list of catch-all contr date2022-03-28

Energy Vice Minister holds talks with Australian Ambassador to the Republic of Korea

Trade, Industry and Energy 2nd Vice Minister Park Ki-young held talks with Australian Ambassador to the Republic of Korea Catherine Raper at the Government Complex Seoul on March 24 to discuss R&D, hydrogen, CCUS (Carbon, Capture, Utilization, and Storage), energy, resources, and supply chain cooperation measures. date2022-03-28

MOTIE holds 5th Korea-Turkey FTA Joint Committee Meeting

The Ministry of Trade, Industry, and Energy held the 5th Korea-Turkey FTA Joint Committee Meeting on March 22 in Sejong City via videoconference to assess the FTA implementation progress on both sides in commemoration of their 9th year of enforcement. Representing Korea was Director General for FTA Policy Yang Gi-uk, whose Turkish counterpart was Hüsnü Dïlemre, Director-General of European Union Affairs at the Undersecretariat of Prime Ministry for Foreign Trade of Turkey. Turke date2022-03-28

Minister Moon meets with future cars investor in France

Trade, Industry, and Energy Minister Moon Sung-wook met with French high-tech auto parts maker Valeo CEO Christophe Périllat in Paris and held a ceremony to commemorate the firm's planned investment of USD 35 million in South Korea. The investment is anticipated to bolster Korea’s future cars technology base and supply chain resilience. Valeo is a major auto parts manufacturer based in France with over 110,000 employees, running 191 production facilities in 33 countries worldwide. date2022-03-25

1st Vice Minister attends Robot Future Strategy Conference 2022

Trade, Industry, and Energy 1st Vice Minister Park Jin-kyu attended the Robot Future Strategy Conference 2022 on March 22 at COEX in Seoul, held under the theme of “Manufacturing Innovation through Human-Robot Digital Technology Collaboration.”   Minister Park delivered a congratulatory message, envisioning plants of the future where AI production systems are controlled virtually and robots are employed on-site, all of which are the source of industrial competitiveness. H date2022-03-23

Energy Vice Minister attends Saemangeum Industrial Complex Support Center groundbreaking ceremony

Energy Vice Minister Park Ki-young attended the Saemangeum Energy Industrial Complex Support Center groundbreaking ceremony held at its construction project site in Gunsan-si, North Jeolla Province on March 21.   Vice Minister Park delivered a congratulatory message, affirming that the Ministry “will monitor both direct and indirect real economic impact from Russia-Ukraine crisis, building a stable and resilient energy supply chain that can withstand various risks.” He ad date2022-03-23