Ministry of Trade, Industry and Energy

K-beauty boom makes S.Korea the fourth-largest cosmetics exporter

K-beauty boom makes S.Korea the fourth-largest cosmetics exporter date2021-05-06

Korea’s exports in April jump 41.1% to $51.2 billion

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April jumped 41.1 percent to USD 51.2 billion. Imports expanded 33.9 percent to $50.8 billion, resulting in a trade surplus of $388 million. Exports in April recorded the sharpest year-on-year growth since January 2011. This is a noticeable improvement, way above the base effect from last year’s contraction (down 25.6 percent). The export value exceeded $50.0 billion for two months in a row, markin date2021-05-03

Amendments to the 「Enforcement Decree of the Environment-friendly Vehicles Act」approved at Cabinet Meeting

The Ministry of Trade, Industry and Energy announced that the government has approved amendments to the “Enforcement Decree of the Act on Promotion of Development and Distribution of Environment-friendly Motor Vehicles” during a cabinet meeting on April 27. The revisions mean that ① public institutions will be required to purchase only environment-friendly vehicles (current requirements are 70% of all vehicles), and ② parking electric vehicles (EVs) at standard charging stations date2021-04-30

Minister Sung visits local producer of ceramic heaters under government R&D program

Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to the plant of MiCo Ceramics, a local supplier of ceramic materials and parts used in the semiconductor manufacturing process, in Anseong, Gyeonggi Province, on April 28. The government came up with the R&D program for materials, parts and equipment on August 5, 2019, to ensure a stable supply of core materials for Korea’s major industries, one month after Japan’s announcement of export restrictions agai date2021-04-28

Korea’s retail sales move up 18.5% in March

The Ministry of Trade, Industry and Energy announced on April 26 that Korea’s overall retail sales in March saw a year-on-year growth of 18.5 percent. Sales at both offline and online retailers increased, up 21.7 percent and 15.2 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, and four “super date2021-04-27

Minister Sung visits secondary battery materials supplier

Trade, Industry and Energy Minister Sung Yunmo (third from the right) made an on-site visit to the plant of POSCO Chemical, a local supplier of secondary battery anode and cathode materials in Sejong, on April 26, and encouraged frontline industry workers. In the first half of the year, the Ministry will come up with a development strategy for the secondary battery industry that consists of plans to boost technological development, nurture professional manpower, and build infrastructure. date2021-04-26

Government to strengthen franchise industry’s innovative capacity

Trade, Industry and Energy Minister Sung Yunmo (center) attended the launching ceremony for a committee aimed at expanding the franchise industry’s innovative strength and foundation for sustainable growth at the Korea Press Center in Seoul, on April 26.The government announced a plan to improve the franchise industry’s competitiveness through innovation, upgrade the industrial structure through industry diversification, seek balanced development, and promote globalization of franchi date2021-04-26

Industry Ministry announces plan to promote development of root industry

Trade, Industry and Energy Minister Sung Yunmo (second from the left) made an on-site visit to Frontec, a local root company specializing in transactions of materials processing, in Siheung, Gyeonggi Province, on April 22, and announced the 2021 plan for the development of the root industry.   The government plans to invest a total of KRW 158.6 billion (USD 142 million) this year to boost digitalization across the root industry, support high value-added development, strengthen global comp date2021-04-22

Industry Ministry holds Industrial Technology Future Forum

The Ministry of Trade, Industry and Energy held the Industrial Technology Future Forum, co-organized by the Trade, Industry, Energy, SMEs, and Startups Committee in Seoul, on April 22, for an in-depth discussion on response strategies to rapidly changing industrial trends such as digital transformation and carbon neutrality.   In his opening remarks, Minister Sung highlighted the need for a strategic approach to industrial technology in order to enhance innovative performance based on Kor date2021-04-22

Minister Sung watches demonstration of hydrogen electric tram concept car

Trade, Industry and Energy Minister Sung Yunmo (fifth from the left) visited the Changwon plant of Hyundai Rotem, on April 19, where it showcased a concept car of hydrogen-powered tram developed under the regulatory sandbox program.   Hydrogen trams are environment-friendly because they do not generate fine dust or harmful gases, and are considered economical next-generation urban transportation means in the future hydrogen economy because while they can be used for mass transportation, t date2021-04-19