Ministry of Trade, Industry and Energy

Auto exports edge down 2.9%, export value rises 12.3% in July

The Ministry of Trade, Industry and Energy announced on August 18 that Korea’s automobile output, domestic sales, and exports went down 13.9 percent, 9.6 percent, and 2.9 percent, respectively. However, in value terms, the export value increased 12.3 percent to $4.1 billion, posting double-digit growth for seven straight months. Declines in production and exports are attributable to a high base effect from last year’s expansion and fewer working days (down 2 days) this year. Vehic date2021-08-18

Korea, Kazakhstan sign 23 MOUs

The Ministry of Trade, Industry and Energy organized a business roundtable with Kazakhstan on the occasion of Kazakh President Kassym-Jomart Tokayev’s state visit to Korea, on August 17, and the two countries signed 23 memorandums of understanding (MOUs) for cooperation in various industries including automobile and natural resources.   Minister Moon pointed out that through the Fresh Wind economic program launched in 2019, the two countries have generated substantial progress in ec date2021-08-17

Korea, Mexico to strengthen cooperation in energy and resources

Trade, Industry and Energy Minister Moon Sungwook (left) met with Mexican Energy Minister Rocío Nahle García in Seoul, on August 13, to discuss plans to strengthen cooperation in energy and resources. Minister Moon suggested that the two countries hold detailed working-level talks for the bilateral meeting on industry and resources scheduled for next year, the 60th anniversary of diplomatic relations. The two sides also agreed to join efforts for the Dos Bocas oil refinery project date2021-08-13

MOTIE to strengthen financial support for logistics industry

Trade, Industry and Energy Minister Moon Sungwook met with heads of the Korea Trade Insurance Corporation (KSURE) and the Export-Import Bank of Korea (KEXIM), on August 13, to discuss measures to expand financial support for the logistics industry amid surging international freight rates. Minister Moon said that the Ministry will continue to work with related ministries and agencies to resolve the difficulty of logistics firms in order to boost exports and revitalize the economy. date2021-08-13

Korea’s ICT exports advance for 14 straight months, up 30.2% to $19.5 billion in July

The Ministry of Trade, Industry and Energy announced on August 12 that exports of Korea’s information and communications technology (ICT) goods increased 30.2 percent to USD 19.5 billion in July, posting growth for 14 consecutive months and hitting the record high export value for the month of July in history. Imports gained 14.9 percent to $11.3 billion, and the trade balance stood at a surplus of $8.2 billion. Exports of all major ICT goods recorded growth. Chip exports jumped 38.8 pe date2021-08-12

Minister Moon attends meeting to discuss development of local defense industry

Trade, Industry and Energy Minister Moon Sungwook attended the 8th Meeting for the National Defense Industry Development, jointly held with the Ministry of National Defense, on August 11, to discuss measures to foster the local defense industry. MOTIE announced plans to implement a standard model for the use of robots in military food services and manufacturing processes of tactical vehicle, guided missile, and ammunition. Minister Moon said that it is important to take strategic measures that e date2021-08-11

Minister Moon meets with Cytiva CEO to discuss investment in Korea’s production facilities

Trade, Industry and Energy Minister Moon Sungwook met with Cytiva CEO Emmanuel Ligner in Seoul, on August 10, to discuss investment opportunities in Korea’s production facilities with the global supplier of raw and subsidiary materials used in vaccine production. Minister Moon stressed that Korea has high potential for market growth as the country is implementing a national strategy to become a global vaccine hub based on its excellent biopharmaceutical production capabilities. He added th date2021-08-10

Minister Moon visits electrical substation to check electricity supply and demand status

Trade, Industry and Energy Minister Moon Sungwook made an on-site visit to the substation of the Korea Electric Power Corporation (KEPCO) in Sejong, on August 9, as the power demand this week is expected to reach the highest this summer.Minister Moon encouraged the field workers’ efforts to meet surging power demand amid scorching heat, and asked for special precautions regarding safety management. date2021-08-09

Korea announces plans to secure supply of rare metals

Korea announced, on August 5, measures to secure supply of rare metals, which are key materials used in major industries including future cars, secondary batteries, and low carbon energy. As part of the policy to strengthen competitiveness of materials, parts and equipment industries, the government aims to stabilize the supply chain of rare metals by increasing the stockpile, support rare metal firms with R&D and commercialization, and establish a cooperative system among private and public date2021-08-05

Minister Moon visits residential treatment center for COVID-19 patients

Trade, Industry and Energy Minister Moon Sungwook (second from the right) visited a residential COVID-19 treatment center in Anseong, Gyeonggi Province, on August 2, to encourage the medical staff and support personnel. date2021-08-02