Ministry of Trade, Industry and Energy

Minister Sung discusses digital transformation in materials, parts and equipment sectors with industrial experts

Trade, Industry and Energy Minister Sung Yunmo met with industrial experts at the Korea Research Institute of Chemical Technology in Daejeon on March 15, to discuss digital transformation in materials, parts and equipment sectors.Minister Sung said that through the utilization of data and artificial intelligence technologies, the development of advanced materials will be accelerated, reinforcing competitiveness of the materials, parts and equipment industries. date2021-03-15

Korea's automobile output, domestic sales, and exports expand for second consecutive month in February

The Ministry of Trade, Industry and Energy announced on March 15 that Korea’s automobile output, domestic sales, and exports went up 37.9 percent, 24.2 percent, and 35.0 percent, respectively. This is the second consecutive month that all three figures expanded.   Total auto production in February by Korean automobile manufacturers jumped 37.9 percent to 260,958 units due to a base effect and an expansion in exports.   Domestic sales in Korea gained 24.2 percent to 123,317 un date2021-03-15

ICT exports record 11.5% growth to $15.3 billion in February

The Ministry of Trade, Industry and Energy announced on March 15 that outbound shipments of Korea’s information and communications technology (ICT) goods in February stood at USD 15.3 billion, recording a year-on-year growth of 11.5 percent.   Imports of ICT products expanded 19.3 percent to $9.2 billion, and the trade surplus in this sector was $6.1 billion.   Exports of all major items experienced growth except for computers and peripheral devices.   Outbound shipmen date2021-03-15

Industry Ministry offers regulatory exemptions to Green and Digital New Deal projects

Trade, Industry and Energy Minister Sung Yunmo (center) attended a committee meeting on reviewing industry convergence regulatory exemptions at the Korea Chamber of Commerce and Industry in Seoul on March 11.   Minister Sung said that the Ministry will specifically focus on discovering projects related to Korea’s New Deal drive, carbon-neutral initiative, and digital transformation for the year of 2021, and make efforts for further growth of industrial businesses in the long run by date2021-03-11

Korea announces plan to achieve $700 billion in annual exports by 2025

The Ministry of Trade, Industry and Energy, jointly with relevant ministries, announced on March 10 the strategy to achieve $700 billion in annual exports by 2025 through expansion of future growth engines and innovation in trade structures.   The government plans to invest 5 trillion won (USD 4.4 billion) to foster prominent trade items in areas including bio-health, and spend 20 trillion won (USD 17.5 billion) on trade financing for services in contents, digital, healthcare, edutech, fi date2021-03-10

Minister Sung meets with aviation industry officials to discuss development plan

Trade, Industry and Energy Minister Sung Yun-mo held a meeting with local aerospace manufacturers at LIG Nex1 Daejeon House on March 5, to discuss the government’s 10-year development plan for the aviation industry. Under plan, the government will strengthen financial support for small and medium sized enterprises and aerospace parts producers. A total of 115.3 billion won (USD 102 million) will be spent in R&D to meet the demand for high-efficient, smart, and environment-friendly futu date2021-03-05

Korea, UAE to strengthen industry and energy cooperation

Trade, Industry and Energy Minister Sung Yunmo had a virtual meeting with United Arab Emirates (UAE) Minister of Industry and Advanced Technology Sultan Al Jaber on March 4, to discuss industry and energy cooperation between the two countries. date2021-03-04

MOTIE announces distributed energy policy to back up carbon neutral goal

Trade, Industry and Energy Minister Sung Yunmo announced the plan to boost distributed energy generation for the goal of achieving carbon neutrality by 2050 at Jeju New & Renewable Energy Exhibit Hall on March 3. Distributed energy systems led by local communities will help meet regional power demand and allow efficient use of distributed energy resources. date2021-03-03

Minister Sung attends 3rd Meeting of Hydrogen Economy Committee

Trade, Industry and Energy Minister Sung Yun-mo (left) attended the 3rd Meeting of Hydrogen Economy Committee chaired by Prime Minister Chung Sye-kyun on March 2.At the Meeting, SK, Hyundai Motor, POSCO, Hanwha, and Hyosung announced their plans to invest 43 trillion won (USD 38.3 billion) in the hydrogen industry. date2021-03-02

Korea’s export value grows 9.5% to $44.8 billion in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s export value went up 9.5 percent to USD 44.8 billion in February. Imports also increased 13.9 percent to $42.1 billion. The trade balance stood at a surplus of $2.7 billion, staying positive for the 10th consecutive month. Exports in February showed growth for the fourth consecutive month despite three fewer working days. Daily exports expanded 26.4 percent, showing the largest growth in 40 months. Outbound ship date2021-03-02