Ministry of Trade, Industry and Energy

Korean and US Leaders Agree to Co-Participate in Overseas Nuclear Markets

□ On May 21 (local time), the Presidents of Korea and the United States released a joint statement that Korea and the United States “commit to develop cooperation in overseas nuclear markets, including joint participation in nuclear power plant projects, while ensuring the highest standards of international nuclear safety, security, and nonproliferation are maintained.”   □ In addition, in the factsheet released with the joint statement, Korea and the United States announc date2021-05-22

Minister of Trade, Industry and Energy Organizes Korea-US Business Roundtable During President Moon Jae-in’s US Visit

During President Moon Jae-in’s visit to the United States (May 20-23), Minister of Trade, Industry and Energy Moon Sung-wook took steps to reinforce economic cooperation between the two countries, including the Korea-US Business Roundtable attended by President Moon Jae-in and United States Secretary of Commerce Gina Raimondo.➊ Minister Moon and Secretary Raimondo co-organized the Korea-US Business Roundtable attended by representatives of leading semiconductor, battery, automobile and v date2021-05-22

Minister Moon visits Korea Federation of SMEs

Trade, Industry and Energy Minister Moon Sungwook (left) visited the Korea Federation of SMEs, on May 17, as part of efforts to expand communication with economic organizations in the policymaking process.                                                 &nbsp date2021-05-17

Korea’s ICT exports advance 32.6% in April

The Ministry of Trade, Industry and Energy announced on May 14 that Korea’s exports of information and communications technology (ICT) products in April advanced 32.6 percent to USD 17.1 billion, hitting the record high value for the month of April. Imports expanded 21.5 percent to $10.8 billion, and the trade surplus stood at a surplus of $6.3 billion. Outbound shipments of all major items experienced growth. Exports of chips increased 29.4 percent to $9.4 billion, rising for 10 straig date2021-05-17

Automobile exports in April jump 52.8% despite global automotive semiconductor shortage

The Ministry of Trade, Industry and Energy announced on May 14 that Korea’s automobile output and exports in April rose 11.8 percent and 52.8 percent, respectively. Meanwhile, domestic sales shrank 3.8 percent. Total output by Korea’s automobile industry in April went up 11.8 percent to 323,644 units despite the global automotive semiconductor shortage. Domestic sales edged down 3.8 percent to 161,097 units, which was partly attributable to the decrease in the special consumption date2021-05-14

Korea, Israel vow to expand R&D cooperation

Trade, Industry and Energy Minister Moon Sung-wook (right) met with his Israeli counterpart Amir Peretz in Seoul, on May 12, to fully revise the Korea-Israel Technological Cooperation Treaty, originally signed in 1999.   Under the revision, each country will double the annual spending on joint R&D projects from USD 2 million to $4 million, raise the ceiling for government support from 50 percent to 70 percent, encourage participation of research institutes and universities, and expand date2021-05-13

Korea, Israel sign free trade pact

Trade Minister Yoo Myung-hee (second from the right) attended the signing ceremony for the free trade agreement (FTA) between Korea and Israel in Seoul, on May 12.   Trade Minister Yoo said that the Korea-Israel FTA will not only lower tariffs and improve the investment environment, but will also build a strong platform that boosts economic growth by drumming up technological innovation and cooperation in high-tech industries between the two countries. date2021-05-13

Minister Moon attends Automobile Day Commemoration Event

Trade, Industry and Energy Minister Moon Sung-wook attended the 18th Automobile Day Commemoration Event at Seoul Automobile Center, on May 12, and delivered congratulatory remarks.   Minister Moon said that the government will strengthen policy support for the transition to future cars as it is the key task in realizing the 2050 carbon neutral goals and securing competitiveness for Korea’s automobile industry.   date2021-05-12

Minister Moon holds meeting with energy firms after cyberattack on U.S pipeline

Trade, Industry and Energy Minister Moon Sung-wook held a virtual meeting with representatives from state-run energy agencies, on May 11, to examine the emergency response systems of local power grids and pipelines amid the recent cyberattack on a major U.S. pipeline.   Minister Moon said that the government will closely monitor the impacts of the U.S. pipeline disruptions on the global oil market to prevent possible negative effects on the domestic oil supply, and cooperate with energy f date2021-05-11

S.Korea 11th in global export market for top-ranked items

S.Korea 11th in global export market for top-ranked items date2021-05-10