Ministry of Trade, Industry and Energy

Minister Sung visits rare earth permanent magnet manufacturer in Daegu

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of SunglimGroup, a local manufacturer of rare earth permanent magnets for electric vehicles in Daegu, on April 19.Minister Sung said that due to the growth of new industries and carbon neutral targets, the demand for rare metals is rising. The government will establish a strong public-private network to boost technological development and expand support for prominent firms in order to secure supply chain stability. date2021-04-19

MOTIE to boost public-private cooperation for carbon neutrality

Trade, Industry and Energy Minister Sung Yunmo (left) attended the launching ceremony for a committee aimed at promoting carbon neutral goals in the industrial sectors at the Korea Chamber of Commerce and Industry in Seoul, on April 16.The Ministry will continue to work closely with the industry not only to achieve carbon neutral goals but also to strengthen industrial competitiveness and foster new industries utilizing low-carbon and digital technologies. date2021-04-16

Minister Sung visits semiconductor research center at Seoul National University

Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to Seoul National University’s Inter-University Semiconductor Research Center, on April 14, and discussed measures to foster talents and resolve manpower shortages in the semiconductor industry. The government has recognized the importance of nurturing competitive human resources, and has cultivated more than 1,000 talents since 2019 as a result of large-scale projects jointly with the private sector.The government date2021-04-14

Korea’s ICT exports in March rise 8.9% to $17.4 billion

The Ministry of Trade, Industry and Energy announced on April 14 that outbound shipments of Korea’s information and communications technology (ICT) goods in March increased 8.9 percent to USD 17.4 billion.   Imports of ICT products totaled $10.9 billion, and the trade surplus stood at $6.5 billion.   Exports of all major items experienced growth in March.   Chip exports gained 7.9 percent to $9.6 billion and recorded growth for nine straight months. Both memory chips ( date2021-04-14

Korea's automobile output, domestic sales, and exports grow in Q1

The Ministry of Trade, Industry and Energy announced on April 13 that Korea’s automobile output, domestic sales, and exports in the first quarter of 2021 went up 12.2 percent, 11.3 percent, and 16.9 percent, respectively.    Meanwhile, for the month of March, output, domestic sales, and exports went down 9.5 percent, 0.9 percent, and 1.4 percent, respectively, due to a high base effect.   Total auto production in March by Korean automobile producers dipped 9.5 percent to date2021-04-13

Korea, U.S. discuss measures to expand cooperation in energy

Trade, Industry and Energy Minister Sung Yunmo (right) met his U.S. counterpart, Jennifer Granholm, virtually on April 12, and the two countries agreed to strengthen cooperation in the energy sector for the development of eco-friendly, low-carbon industries.They also said that it is important to expand bilateral communication at a private level and join efforts at R&D in the field of clean energy such as next-generation secondary batteries, hydrogen energy, carbon capture & storage, and date2021-04-13

Minister Sung meets with semiconductor industry representatives to discuss global supply chain issue

Trade, Industry and Energy Minister Sung Yunmo (center) held a meeting with local semiconductor manufacturers and industry representatives in Seoul, on April 9, to discuss countermeasures for the semiconductor industry amid disruptions in the global supply chain.   Minister Sung mentioned the importance of active private investment in memory chip and foundry production capacity for the establishment of a stable supply chain, and said the government will also come up with policy measures t date2021-04-09

Minister Sung holds discussion with trade, industry experts

Trade, Industry and Energy Minister Sung Yunmo (center) held a meeting with trade and industry representatives in Seoul, on April 8, to discuss various trade issues including recent trends in global trade, Korea’s exports following COVID-19 outbreak, and prospects for new industries.   Minister Sung stressed the need to continue with the development of high value-added export items and establish an export system resistant to crisis for global supply chain security.   date2021-04-08

Minister Sung meets with COP26 president

Trade, Industry and Energy Minister Sung Yunmo (left) met with Alok Sharma, president of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change in Seoul, on April 6, and discussed measures against climate change.   Minister Sung pointed out local industries’ efforts in setting targets for carbon neutrality and the government’s plans to develop renewable energy sources.   He added, the COP26 meeting will be an opportunity to es date2021-04-07

Minister Sung attends launching ceremony for Energy Alliance

Trade, Industry and Energy Minister Sung Yunmo (center) attended a launching ceremony for the Energy Alliance in Seoul, on April 6, to encourage local energy companies’ efforts to cooperate in carbon initiative.Minister Sung emphasized the need for preemptive technological innovation across all energy sectors, and stressed the role of the Energy Alliance in providing a communication channel with the government for effective and market friendly policies to reduce carbon emissions and innova date2021-04-06