Ministry of Trade, Industry and Energy

Foreign direct investment pledged to Korea jump 71.5% to $13.1 billion in H1

The Ministry of Trade, Industry and Energy announced on July 7 that foreign direct investments (FDIs) pledged to Korea in the first half of the year jumped 71.5 percent year-on-year to USD 13.1 billion. The FDIs that actually arrived in Korea over the same period expanded 57.3 percent to $7.8 billion. Both FDI pledges and arrivals recorded the second highest values for the first half of the year in history on the back of expectations of a global economic recovery and increased confidence in Kor date2021-07-07

Minister Moon holds meeting with heads of public institutions

Trade, Industry and Energy Minister Moon Sungwook (center) held a meeting with heads of 40 public institutions, on July 7, to review the progress of state-led projects and discuss pending issues in the industry including field safety and energy conservation.Minister Moon emphasized that it is important to create safe working environments for employees, provide stable power supply, improve safety management of power facilities and keep quarantine rules at all times. date2021-07-07

Korea, EU agree to cooperate for climate goals

Trade, Industry and Energy Minister Moon Sungwook (right) met with Frans Timmermans, European Commission Executive Vice President for the European Green Deal, in Seoul, on July 6, to discuss cooperative measures to fight against climate change. The two sides agreed on the need to expand cooperation in energy issues, for example, clean hydrogen, as they share the goal to achieve carbon neutrality by 2050. date2021-07-07

Minister Moon visits site of secondary battery production

Trade, Industry and Energy Minister Moon Sungwook (right) visited the Ulsan plant of Samsung SDI, a local manufacturer of rechargeable batteries, on July 5, to discuss with industry representatives the development strategy for the battery sector. The government plans to unveil a detailed development strategy for the secondary battery industry in order to boost technological development, discover key materials, parts and equipment firms, and foster skilled manpower. date2021-07-05

Korea, Saudi Arabia to speed up cooperation in clean energy, bio-health, digital sectors

Trade, Industry and Energy Minister Moon Sungwook met his Saudi counterpart, Khalid Al-Falih, on June 30, at a virtual meeting of Korea-Saudi Vision 2030 Committee, established in 2017 to expand bilateral ties between the two countries. Minister Moon suggested broader cooperation in hydrogen energy, bio-health, and digital transformation, which are promising sectors in the post-pandemic era.   date2021-07-02

Korea’s exports in 1st half of 2021 hit record high

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in the first half of 2021 increased 26.1 percent, hitting the record-high value of USD 303.2 billion. It is also the first time that the half-yearly export value surpassed $300 billion.   Imports went up 24.0 percent to $285.1 billion, resulting in a trade surplus of $18.1 billion.   Korea’s exports in June amounted to USD 54.8 billion, expanding 39.7 percent from last year. Imports jump date2021-07-01

Minister Moon discusses energy issues with government officials

Trade, Industry and Energy Minister Moon Sungwook held the 23rd Energy Committee meeting with government officials, on June 30, and discussed measures to promote distributed energy generation, meet electricity demand during summer, and reform the electrical safety inspection system. Minister Moon said that in order to change the current fossil fuel-oriented energy system to a system centered on clean energy, the government will devise policies to expand power grid infrastructure, promote sector date2021-06-30

Minister Moon holds meeting with marine equipment industry

Trade, Industry and Energy Minister Moon Sungwook (second from the left) met with local suppliers of marine equipment at Noksan Industrial Complex in Busan, on June 29, to encourage the industry’s efforts in developing eco-friendly technologies and exploring overseas markets.The government will invest 254 billion won (USD 225 million) by 2031 to develop vessels with reduced greenhouse gas emissions. date2021-06-29

Local retailers promise to take part in carbon neutrality initiative

Trade, Industry and Energy Minister Moon Sungwook (center) met with major retailers and related agencies in Seoul, on June 28, and delivered a congratulatory speech to encourage local companies’ efforts to save energy and commit to reaching net zero carbon emissions.Local franchises of convenience stores and hypermarkets agreed to take part in the initiative to achieve carbon neutrality by 2050.The government will discover and implement other effective programs with the Korea Electric Powe date2021-06-28

Overall retail sales move up 12.9% in May

The Ministry of Trade, Industry and Energy announced on June 25 that Korea’s overall retail sales in May saw a year-on-year growth of 12.9 percent. Both offline and online sales improved, up 8.8 percent and 17.6 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 supermarket” date2021-06-28