Ministry of Trade, Industry and Energy

Korea announces plan to attract FDI in high-tech industries

Trade, Industry and Energy Minister Moon Sungwook attended a committee meeting, on June 24, to discuss with related ministries a comprehensive strategy to secure foreign direct investment (FDI) in high-tech materials, parts and equipment sectors.The strategy aims to attract foreign investment in key industrial areas such as semiconductors, vaccines, and secondary batteries for stable supply chains.Minister Moon stressed the importance of FDI in the development of high-tech industries, and expres date2021-06-25

MOTIE launches Industrial Digital Transformation Cooperation Support Center

Trade, Industry and Energy Minister Moon Sungwook attended the launching Ceremony for the Industrial Digital Transformation Alliance and the Industrial Digital Transformation Cooperation Support Center (iDX Center) in Seoul, on June 24. The Alliance, which incorporated 6 industries last year, added 4 more industries this time – machinery/robot, root materials, energy, and textile chemistry – to encourage industry, academia, and research sector cooperation in digital transformation. T date2021-06-24

Trade Ministry to expand global supply chain, digital cooperation with Europe

Trade Minister Yoo Myung-hee met with her French counterpart Franck Riester in Paris during her visit to France, on June 23, and the two countries agreed to expand industrial and digital cooperation to revitalize the global supply chain and respond to digital transformation. Yoo also met with Secretary-General of the Organization of Economic Cooperation and Development (OECD), Mathias Cormann, and discussed various trade and environment issues including post-pandemic economic recovery, digital t date2021-06-24

Minister Moon visits site of mRNA vaccine production

Trade, Industry and Energy Minister Moon Sungwook (center) made an on-site visit to the plant of Samsung Biologics, on June 21, to check the mRNA vaccine manufacturing line added at its facility in Songdo.Minister Moon stressed that the deal with Moderna for consignment production of mRNA vaccine is an opportunity to enhance Korea’s status as a global vaccine hub and strengthen the nation’s pandemic response capability. date2021-06-23

Korea, Spain to expand green, digital partnerships

Issued on: June 16, 2021   During President Moon Jae-in’s visit to Spain (June 15-17), Korea and Spain agreed to strengthen business cooperation in the green and digital sectors at the Green & Digital Forum held in Madrid, on June 16 (local time).   President Moon proposed that the two countries ramp up investments in renewable energy and green mobility, encourage digital cooperation to improve industrial competitiveness, and expand partnership in construction and infrast date2021-06-17

MOTIE to support global market entry of middle-market enterprises

Trade, Industry and Energy Vice Minister Park Jin-kyu attended a launching ceremony for the business club organized to help domestic middle-market enterprises enter the global market, on June 15. The Ministry selected 50 middle-market enterprises to begin with, and plans to discover 300 companies by 2024 to support local businesses with overseas marketing strategies, export infrastructure, and cooperation network to encourage global expansion. date2021-06-15

Korea’s ICT industry exports $17.7 billion worth of goods in May

The Ministry of Trade, Industry and Energy announced on June 14 that Korea’s information and communications technology (ICT) industry exported $17.7 billion (up 27.4 percent) worth of goods in May. Imports climbed up 17.7 percent to $10.5 billion, and the trade balance was a surplus of $7.2 billion. Outbound shipments of all major products experienced growth. Semiconductor exports advanced 24.0 percent to $10.1 billion, hitting the $10.0 billion mark in 30 months. Memory chips went up 1 date2021-06-14

Auto exports in May expand 57.5%

The Ministry of Trade, Industry and Energy announced on June 11 that Korea’s automobile output and exports in May grew 10.9 percent and 57.5 percent, respectively. Meanwhile, domestic sales contracted 10.1 percent. The number of vehicles produced by Korean automakers went up 10.9 percent to 256,272 units. The growth in automobile production was mostly attributable to a significant increase in outbound shipments. Over the same period, exports jumped 57.5 percent to 150,894 units. The bas date2021-06-14

Petroleum products rebound; Korea reaches all-time high April exports

Petroleum products rebound; Korea reaches all-time high April exports date2021-06-11

Minister Moon discusses carbon neutrality with state-run utility firms

Trade, Industry and Energy Minister Moon Sungwook (center) visited the Korea Electric Power Corporation (KEPCO) headquarters, on June 10, and met with representatives from state-run utility firms to discuss response measures for the country’s commitment to go carbon neutral by 2050. Minister Moon emphasized the need for comprehensive innovation across the energy sector and urged the state-run utilities to play a leading role in achieving carbon neutrality by establishing a sustainable syst date2021-06-10