Ministry of Trade, Industry and Energy

Minister Moon attends Hydrogen Economy Committee meeting

Trade, Industry and Energy Minister Moon Sungwook (right) attended the 4th Meeting of the Hydrogen Economy Committee presided by the Prime Minister Kim Boo-kyum, on November 26, and presented the Ministry’s implementation strategies to make Korea a first mover to build a hydrogen economy.   The government plans to supply 27.9 million tons of green/blue hydrogen in 2050, and expand the self-sufficiency rate of clean hydrogen to over 60 percent. date2021-11-26

Korea, Uzbekistan vow to expand energy, digital, green cooperation

Trade, Industry and Energy Minister Moon Sungwook (left) met with Uzbek Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov in Seoul, on November 25, at the 11th Joint Committee on Trade and Economic Cooperation between Korea and Uzbekistan.   The two countries agreed to join efforts to expand energy, resource, digital and green cooperation. date2021-11-25

Minister Moon meets Sartorius CEO to discuss investment in biopharmaceutical raw materials

Trade, Industry and Energy Minister Moon Sungwook (left) met with Sartorius CEO Joachim Kreuzburg in Seoul, on November 24, to discuss the German biopharmaceutical raw material and equipment supplier’s investment plan to build a production line in Songdo.   Minister Moon said that as the government is making an all-out effort for Korea’s vision to become the global vaccine hub and stabilize the supply chain of core items, Sartorius’ investment in building a biopharmaceut date2021-11-24

Korea, Costa Rica hold trade forum

Trade, Industry and Energy Minister Moon Sungwook delivered congratulatory remarks at the Korea-Costa Rica Trade and Investment Forum, on November 24, held on the occasion of Costa Rica’s president Carlos Alvarado Quesada’s state visit to Korea.   Minister Moon said that with the implementation of the Free Trade Agreement (FTA) between Korea and five Central American nations, the framework for economic cooperation between the two sides has been solidified.   He suggeste date2021-11-24

Korea, France agree for stronger digital, environment-friendly cooperation

Trade, Industry and Energy Minister Moon Sungwook (left) met with the French Secretary of State for Digital Transition and Electronic Communications Cédric O in Seoul, on November 19, and the two countries agreed to expand cooperation in new industries and encourage exchange between digital startups. Minister Moon also mentioned Busan’s bid to host the 2030 World Expo, and asked for support. date2021-11-19

Minister Moon meets ASML CEO

Trade, Industry and Energy Minister Moon Sungwook (right) met with ASML CEO Peter Wennink at ASML Korea’s headquarters in Hwaseong, on November 18, to discuss cooperative measures in the semiconductor sector with the global manufacturer of extreme ultraviolet (EUV) lithography equipment.   ASML has announced its plans to invest KRW 240 billion (USD 229 million) in the Hwaseong semiconductor cluster, and the two sides agreed for a stronger cooperation for a stable supply of materials date2021-11-19

Korea’s automobile industry sees decreases in October due to automotive chip shortage

The Ministry of Trade, Industry and Energy announced on November 18 that automobile output, domestic sales, and exports decreased 21.6 percent, 21.4 percent, and 18.1 percent, respectively, for the month of October. Despite the expectation that the global automotive chip shortage would ease in the third quarter, the supply from Southeast Asia was delayed, leading to cuts in production and exports. The number of vehicles produced by Korean carmakers in October lost 21.6 percent to 263,723 units date2021-11-18

MOTIE announces R&D strategy for carbon neutrality in industry, energy sectors

The Trade, Industry and Energy Ministry announced a plan to increase R&D investment for the goal of carbon neutrality at the second meeting of the “Carbon Neutral Industrial Transformation Committee”, on November 17, held at the Korea Chamber of Commerce and Industry.   The Ministry will increase the R&D investment for carbon neutrality from KRW 0.8 trillion to KRW 1.2 trillion (USD 1.0 billion) and spend 30 percent of the Ministry’s R&D budget toward carbon date2021-11-17

Minister Moon visits site of urea solution production amid supply shortage

Trade, Industry and Energy Minister Moon Sungwook (second from the left) made an on-site visit to the plant of Lotte Fine Chemical Co., a local producer of urea solution, in Ulsan, on November 15, to check the situation at the production site amid the recent supply shortage.   Minister Moon mentioned that thanks to the collaborative effort between the government and the private sector, the inspection process by China on 18,700 tons of urea export to Korea is under progress.   Moon date2021-11-16

Exports of Korea’s ICT goods expand for 17 consecutive months

The Ministry of Trade, Industry and Energy announced on November 11 that exports of Korea’s information and communications technology (ICT) products recorded growth for the 17th consecutive month in October, rising 21.5 percent to $19.9 billion.   Imports gained 18.5 percent to $12.1 billion, and the trade balance stood at a surplus of $7.8 billion.   Exports of all major ICT products advanced.   Chip exports saw a year-on-year rise of 28.4 percent to $11.2 billion, ex date2021-11-11