Ministry of Trade, Industry and Energy

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

Vice Minister Park visits smart parking robot manufacturer under regulatory sandbox program

Trade, Industry and Energy Vice Minister Park Jin-kyu made an on-site visit to Maro Robot Tech, a local maker of smart parking robots using QR code recognition, in Bucheon, Gyeonggi Province, on February 26, to encourage the innovative accomplishment of industrial digital transformation under the regulatory sandbox program.The Ministry has approved 63 business items applied to a regulatory sandbox program last year, and aims to approve a total of 100 this year in support of innovative local busi date2021-02-26

Korea’s retail sales post 6.1% year-on-year growth in January

The Ministry of Trade, Industry and Energy announced on February 25 that Korea’s overall retail sales in January posted a 6.1 percent year-on-year growth. Offline sales fell 5.8 percent, while online sales jumped 22.6 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 chains, and four “super supermarket” date2021-02-25

Industry Ministry holds committee meeting to create local jobs in Gunsan and Busan

Trade, Industry and Energy Minister Sung Yunmo attended a committee meeting to create local jobs in Gunsan and Busan on February 25, through projects that will involve a total investment of 605.1 billion won (USD 545 million) and are expected to create 1,476 jobs in the e-mobility sector.Minister Sung said that these jobs will lead to the achievement of balanced regional development as well as transition to electric vehicles through the creation of EV industrial clusters and technological growth date2021-02-25

MOTIE to foster middle-market enterprises through lighthouse project

The Ministry of Trade, Industry and Energy held a policy meeting on February 24, and announced a lighthouse project to foster 100 middle-market enterprises and encourage them to expand to new businesses, markets, and systems. The Ministry will provide support for investments in new businesses areas such as future cars, next generation displays, and bio-health products, discover global market opportunities for middle-market enterprises, and help them develop digital transformation strategies. date2021-02-24

Industry Ministry designates materials, parts and equipment specialized complexes

Trade, Industry and Energy Minister Sung Yunmo attended the designation ceremony for five specialized complexes for materials, parts and equipment on February 23, in the government’s efforts to strengthen domestic industries’ competitiveness amid challenges to global supply chains. The five industrial complexes specialized in semiconductors, secondary batteries, displays, carbon materials, and precision machinery will be provided with customized support by the government in areas inc date2021-02-23

Minister Sung holds Energy Committee meeting to discuss energy policy

Trade, Industry and Energy Minister Sung Yunmo held the 22nd Energy Committee meeting with government officials and civilian experts on February 22, and discussed the direction of the 2021 energy policy. This year, the government plans to lay the foundation for the realization of the 2050 carbon neutrality goal, and implement policies to expand renewable energy use and establish a hydrogen industrial ecosystem.Issues such as measures to establish innovation strategies for carbon neutrality and d date2021-02-22

Minister Sung visits site of green car innovation

Trade, Industry and Energy Minister Sung Yunmo (third from the left) visited the Hyundai Kia Namyang Technology Research Center in Hwaseong, Gyeonggi Province, on February 18, to encourage leading innovators in the green car industry after discussing with government and industry representatives the fourth basic plan for eco-friendly vehicles.   MOTIE signed a memorandum of understanding (MOU) with Hyundai Motor Company, Hyundai Glovis, LG Energy Solution, and KST Mobility to cooperate on date2021-02-18

Trade Minister Yoo attends forum to discuss trade strategy on environmental issues

Trade Minister Yoo Myung-hee met with trade experts from industry and academia at a forum held at the Korea International Trade Association (KITA) on February 17, to discuss trade strategies amid rising concerns about climate change.Trade Minister Yoo mentioned that the multilateral trading system centered on the WTO should play a more active role in climate change and environmental issues, and said that at the Structured Discussions on Trade and Environmental Sustainability (TESSD) to be held i date2021-02-18

Minister Sung meets with system semiconductor industry representatives

Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for the Semiconductor IP (Intellectual Property) Utilization Support Program and met with system semiconductor industry representatives to discuss future policy directions on February 16.   Under the Support Program, Korea’s fabless companies will have access to semiconductor IP at discounted prices and online consulting on how to best utilize semiconductor IP, which will help domestic SMEs and startups t date2021-02-16