Ministry of Trade, Industry and Energy

[JOINT MINISTERIAL STATEMENT - 31ST APEC MINISTERIAL MEETING 2020]

JOINT MINISTERIAL STATEMENT  31st APEC MINISTERIAL MEETING 2020 We, the APEC Ministers, met on 16 November 2020, under the Chairmanship of The Honourable Dato' Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry, Malaysia. This marks the first time that the APEC Ministerial Meeting (AMM) has convened virtually. We assessed the forum's achievements in 2020, provided guidance on future work, and discussed preparations for the 2020 APEC Economic Leaders' date2020-11-17

Industry Ministry holds industrial strategy dialogue with research institutes

Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with representatives of major research institutes in Seoul on November 16, to discuss the future direction for industrial policy in response to the prolonged COVID-19 crisis.At the meeting, Minister Sung mentioned three current issues surrounding Korea’s industrial environment – COVID-19, climate change, and the U.S. presidential election.He went on to talk about three industrial policy strategies to respond date2020-11-16

Korea's automobile output, exports fall in October, domestic sales increase

The Ministry of Trade, Industry and Energy announced on November 16 that Korea’s automobile output and exports in October lost 4.3 percent and 3.2 percent, respectively. However, domestic sales inched up 1.7 percent despite fewer working days. The number of vehicles produced by Korean automakers dipped 4.3 percent to 336,279. The primary reasons for the decrease were the labor-management conflict at GM Korea and fewer working days (down 2 days) due to Chuseok holidays. Domestic sales wen date2020-11-16

Korean ICT industry sees sales growth for 5 straight months

The Ministry of Trade, Industry and Energy announced on November 16 that Korea exported USD 16.4 billion worth of information and communications technology (ICT) goods in October. This is a 6.0 percent rise from a year earlier and the fifth consecutive month of increase. ICT imports totaled $10.2 billion, resulting in a trade surplus of $6.2 billion. By item, outbound shipments of semiconductors, displays, computers and peripherals expanded, while those of mobile phones contracted. Shipments date2020-11-16

Government to promote middle market enterprises to become key players of Korean New Deal

The Ministry of Trade, Industry and Energy, jointly with relevant ministries, announced on November 12 at the policy coordinating meeting on key state affairs that it will strengthen support for hidden champions and middle-market enterprises to become key players of the Korean New Deal. Under the new growth strategy for hidden champions and middle-market enterprises, the government aims to develop 12,000 prominent companies related to Digital and Green New Deal projects and provide support for date2020-11-13

Korea, Indonesia agree to work together to overcome economic challenges amid pandemic

Trade, Industry and Energy Minister Sung Yun-mo (left) met with his Indonesian counterpart Bahlil Lahadalia in Seoul on November 12, to discuss ways to expand investment and industrial cooperation between the two nations. Minister Sung also requested that the two countries work together to overcome the difficult economic situation presented by COVID-19 and ensure smooth business activities by more than 2,000 Korean companies in steel, petrochemical, automobile, and textile industries operating i date2020-11-12

Vice Minister Park attends Textile Day commemoration event

Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 34th Textile Day commemoration event at Seoul Textile Center on November 11, and announced the Korean New Deal Strategy for the Textile and Fashion Industry.   According to the Strategy, the government will invest 1.4 trillion Won ($1.26 billion) and create 36,000 jobs in the industry by 2026.   The Textile Day is celebrated every year to commemorate the day that the textile and fashion industry became the first out date2020-11-11

Vice Minister Park visits exhibition site for small businesses as part of Korea Sale Festa

Trade, Industry and Energy Vice Minister Park Jin-kyu (center) made an on-site visit to the exhibition for excellent products by small and medium-sized businesses in Pangyo on November 11, held as part of the 2020 Korea Sale Festa.   The event is designed to encourage small and medium-sized enterprises experiencing hardships from COVID-19 and promote well-made products as well as open up sales channels for them. A total of 529 companies will participate in the event via four offline store date2020-11-11

MOTIE hosts 2020 Invest KOREA Week (IKW)

The 2020 Invest KOREA Week (IKW), an investor relations event hosted by the Ministry of Trade, Industry and Energy and organized by Korea Trade-Investment Promotion Agency (KOTRA) kicked off on November 11 with the slogan “Smart Innovation & Safe Growth with Korea”.This year’s event, the 16th of its kind, is held virtually due to COVID-19 concerns and is expected to attract foreign investors through various programs such as Global Innovation Forum, Forum on Leading Industri date2020-11-11

Korea Sale Festa leads to 8.4% rise in credit card revenues over first week of November

Trade, Industry and Energy Ministry announced on November 10 that the 2020 Korea Sale Festa, a 15-day nationwide shopping event that kicked off on November 1, has already achieved better results than expected, with credit card revenues over the first seven days of the festival expanding 8.4 percent compared to the same period last year. date2020-11-10