Ministry of Trade, Industry and Energy

Minister Sung attends meeting to review regulatory exemptions for projects related to Korea’s new deal drive

Trade, Industry and Energy Minister Sung Yun-mo (right) held the committee meeting on reviewing regulatory exemptions for industrial businesses on October 19.   Eight of the 10 projects discussed were related to the Korean version of the New Deal, both the Green New Deal and the Digital New Deal. They include projects on second-life electric vehicle batteries, hydrogen charging stations, and smart digital power plants. These projects could offer new opportunities to speed up the implement date2020-10-19

Korea's auto production, domestic sales, exports all increase in September

The Ministry of Trade, Industry and Energy announced on October 19 that Korea’s automobile output, domestic sales, and exports in September increased 23.2 percent, 22.2 percent, and 14.8 percent, respectively. The number of vehicles produced by Korean automakers jumped 23.2 percent to 342,489 units due to the recovery in domestic sales and exports at the same time. Domestic sales in September experienced a 22.2 percent growth to 162,716 vehicles. Local sales of Korean-made cars increased date2020-10-19

Minister Sung attends 2nd Hydrogen Economy Meeting

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) attended the 2nd Meeting of Hydrogen Economy Committee chaired by the Prime Minister Chung Sye-kyun at the Seoul government complex, on October 15.   The government plans to make hydrogen fueling mandatory, achieve 8GW in fuel cell volume by 2040, and expand the next year’s hydrogen investment to 800 billion won (USD 700 million). date2020-10-15

Korea’s ICT exports rise for 4 straight months, up 11.9% to $17.6 billion in September

The Ministry of Trade, Industry and Energy announced on October 15 that Korean information and communications technology (ICT) exports in September went up for the 4th consecutive month and posted a year-on-year growth of 11.9 percent to USD 17.6 billion. Imports also rose 9.0 percent to $9.6 billion, and the trade balance stood at a surplus of $8.1 billion. By item, outbound shipments of semiconductors, displays, computers and peripherals went up, while those of mobile phones went down. Ship date2020-10-15

Industry Ministry encourages K-mobility innovation in Singaporean market

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) attended the groundbreaking ceremony for the Hyundai Motor Group Innovation Center in Singapore (HMGICS) virtually, on October 13, to celebrate the K-mobility industry increase its presence in the Singaporean market with innovation in future mobility technologies.   Minister Sung said that the HMGICS could become a new milestone in the economic cooperation between the two countries. The Ministry, as one of the key tas date2020-10-13

Foreign direct investment pledged to Korea rise 43.6% to $5.2 billion in Q3

The Ministry of Trade, Industry and Energy announced on October 13 that foreign direct investment (FDI) pledged to Korea totaled USD 5.2 billion in the third quarter, posting a year-on-year growth of 43.6%. Cumulative announced FDI inflows this year reached $12.9 billion. Over the July-September period, the FDI pledges marked the record-high amount for the third quarter as current investors greatly expanded their investment. Investments in high-tech materials, parts, and research and developme date2020-10-13

Korea’s September exports post growth for first time since COVID-19, up 7.7% to $48.1 billion

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports in September went up 7.7 percent to USD 48.1 billion, rebounding for the first time since the outbreak of COVID-19. Imports also increased 1.1 percent to $39.2 billion, resulting in a trade surplus of $8.9 billion. The September exports recorded growth for the first time in seven months, and the percentage of increase was the highest since October, 2018. The trade surplus also marked the largest figure date2020-10-01

South Korea to work in public-private partnership to become leader in contact-free economy

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the Open Forum for Standardization of Contact-free Services, on September 29, in the government’s Digital New Deal efforts to establish a global standard for various contact-free services including healthcare, education, and retail/logistics.   The Ministry will invest 37 billion won (USD 30 million) by 2025 for the development of business models through international standardization, which could becom date2020-09-29

Korea’s August retail sales post a year-on-year growth of 6.6%

The Ministry of Trade, Industry and Energy announced on September 29 that Korea’s overall retail sales in August rose 6.6 percent compared to the same period last year. Sales of offline retailers edged down 2.4 percent, but those of online retailers jumped 20.1 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chai date2020-09-29

Industry Ministry encourages greater cooperation in biohealth materials, parts, and equipment sectors

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the Cooperation Council for Biohealth Materials, Parts, and Equipment Sectors, in Yeouido, Seoul, on September 24, to strengthen competitiveness of the biohealth industry and facilitate adequate policy support.   The Ministry plans to spend 85.7 billion won (USD 73 million) over the next five years for the development of biohealth products, and encourage cooperation between supply and demand companies to inc date2020-09-28