Ministry of Trade, Industry and Energy

Minister Moon attends 2022 Business Leaders’ New Year’s Greetings

Trade, Industry and Energy Minister Moon Sungwook attended the 2022 Korean Business Leaders’ New Year’s Greetings held at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on January 4, 2022.    Also at the event were South Korea’s Prime Minister Kim Bu-gyeom, KCCI Head and SK Group Chairman Chey Tae-won, Minister of Economy and Finance Hong Nam-ki among 150 key figures, including Korea’s business magnates, government leaders, National Assembly m date2022-01-11

Foreign direct investment pledges and arrivals to Korea both score record high in 2021

The Ministry of Trade, Industry and Energy announced on January 10 of 2022 that the annual foreign direct investments (FDIs) for 2021 increased by 42.3 percent to USD 29.5 billion. The FDIs that actually arrived in Korea over the same period expanded 57.5 percent to $18.0 billion.   Both FDI pledges and arrivals recorded all-time high annual figures on record.   Despite the COVID-19 pandemic, robust influx factors within the supply chain, vaccine and bio-healthcare, hydrogen econom date2022-01-10

Minister Moon visits Saudi Arabia to discuss Korea-Saudi energy cooperation

Trade, Industry and Energy Minister Moon Sungwook held Korea-Saudi Energy policy talks with Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud at Saudi Arabia’s Riyadh Chamber of Commerce and Industry on January 5, 2022. Addressing the strong energy cooperation of the two countries regarding oil, nuclear power and such conventional energy sources, the two Ministers agreed to strengthen their public-private policy efforts for bringing about an energy transition to a lower carbon ec date2022-01-10

Minister Moon visits Saudi Arabia to discuss Korea-Saudi energy and economic cooperation

Trade, Industry and Energy Minister Moon Sungwook visited Saudi Arabia on January 5 at the invitation of Saudi Arabia’s Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud, to discuss matters on energy and economic cooperation, together with Riyadh Chamber of Commerce and Industry Chairman Ajlan Al Ajlan. In talks with Minister Abdulaziz bin Salman, Minister Moon addressed the strong energy cooperation of the two countries, regarding oil, nuclear power and such conventional en date2022-01-06

MOTIE announces 2022 Work Report

The Ministry of Trade, Industry, and Energy announced on December 28 the Ministry's work report for 2022, titled “Building Korea into an Industrial Power, Overcoming & Rising Together” date2022-01-04

Korea’s exports achieve all-time high of $644.5 billion in 2021

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2021 hit USD 644.5 billion, a hefty 25.8 percent increase over the previous year. Annual imports also stand at a historic $615.1 billion, up by 31.5 percent. As net exporter for the 13th consecutive year with a record-breaking trade surplus of $29.5 billion, placing Korea among top 8 trade countries worldwide.   In addition to reaching $1 trillion within the shortest time (299 days) i date2022-01-03

Industry Ministry approves 15 industrial convergence projects for regulatory exemptions

Trade, Industry and Energy Minister Moon Sungwook held a committee meeting on reviewing regulatory exemptions for industrial convergence projects on December 30, and approved 15 business items. A total of 198 projects were approved in the industrial convergence sector, 96 in 2021 alone. This is the largest number of approvals among all sectors under the regulatory sandbox program. The ministry will help the firms commercialize their approved business items through export vouchers, financial su date2021-12-30

November retail sales post growth of 9.6%

The Ministry of Trade, Industry and Energy announced on December 30 that Korea’s overall retail sales in November went up 9.6 percent compared to the same period last year. Both physical and online retailers experienced growth, up 4.6 percent and 14.8 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, date2021-12-30

Industry Ministry holds committee meeting to create local jobs in Gumi

Trade, Industry and Energy Minister Moon Sungwook attended a committee meeting on December 29 to create local jobs in Gumi, for which LG Chem, Korea’s electric vehicle battery maker, will invest KRW 475.4 billion (USD 460 million) in building a cathode material plant and create 187 jobs over the course of three years. Minister Moon said that the large-scale investment on cathode materials will not only revitalize the local economy but also contribute to stable supply of key materials for t date2021-12-29

Minister Moon attends retirement ceremony for Korea’s oldest coal-fired power plant

Trade, Industry and Energy Minister Moon Sungwook attended the retirement ceremony for Honam Thermal Power Plant, Korea’s oldest coal-fired power plant in Yeosu, on December 28. The Plant will be transformed into an eco-friendly power generation complex consisting of LNG combined cycle power plants and fuel cell power plants. Minister Moon expressed hope that the eco-friendly power generation complex would continue to contribute to the local economy and meet national electricity demand, an date2021-12-28