Ministry of Trade, Industry and Energy

Minister Sung visits ‘U-Turn’ company in Busan

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of Nova International, a local manufacturer of eco-friendly footwear in Busan, on April 1, to encourage the company’s achievement in creating jobs and new investments by reshoring its operations to Korea.The Ministry will continue with efforts to support companies seeking to return by improving ‘U-turn’ policies and expanding subsidies. date2021-04-01

Korea’s March exports advance 16.6% to $53.8 billion

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March increased 16.6 percent to USD 53.8 billion. Imports grew 18.8 percent to $49.7 billion. The trade balance stood at a surplus of $4.2 billion, remaining positive for 11 straight months. The average daily exports went up 16.6 percent to $2.2 billion, hitting the record high value for the month of March in history. Exports posted growth for the fifth consecutive month, and the export value exceeded date2021-04-01

Korea, Malaysia discuss further economic cooperation

Trade Minister Yoo Myung-hee met with her Malaysian counterpart Mohamed Azmin bin Ali in Seoul, on April 1, and exchanged views on expanding economic cooperation between the two countries.In particular, the two ministers discussed pending trade issues including the early implementation of the Regional Comprehensive Economic Partnership (RCEP), Korea-Malaysia Free Trade Agreement (FTA), and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).They also discussed measures date2021-04-01

Industry Ministry to speed up digital transformation for industrial sector

Trade, Industry and Energy Minister Sung Yunmo held a meeting with experts involving industry, academia, and research officials at Hyundai Global Service headquartered in Busan, on April 1, to discuss strategies to beef up industrial digital transformation. Under the “Digital Big-Push” strategy, the government will prepare a comprehensive support system for local firms according to the level of digitalization and expand the use of data platforms across industrial value chains. date2021-04-01

Minister Sung encourages automobile industry’s carbon neutral goals

Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for a committee on carbon neutrality by automobile firms on March 31, to encourage the industry’s efforts to reduce carbon emissions. Minister Sung said the Ministry will come up with policies to support the transformation in the transport sector to future cars. date2021-03-31

South Korea's secondary battery exports reach all-time highs for 5 years in a row

South Korea's secondary battery exports reach all-time highs for 5 years in a row date2021-03-30

Both offline and online retailers experience growth in February

The Ministry of Trade, Industry and Energy announced on March 25 that Korea’s overall retail sales in February rose 10.0 percent.   Sales at both brick-and-mortar stores and online stores expanded, up 14.3 percent and 5.5 percent, respectively.   The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “ date2021-03-25

Industry Ministry to strengthen cooperation with engineering colleges

Trade, Industry and Energy Minister Sung Yunmo met with engineering deans of local universities on March 24, to discuss measures to enhance government-university cooperation and encourage innovation in engineering education.Minister Sung said the Ministry will work closely with universities to foster talented individuals in engineering and respond to tasks like carbon neutrality and digital transformation. date2021-03-24

Vice Minister Park attends MOU signing ceremony for domestic production of automotive chips

Trade, Industry and Energy Vice Minister Park Jin-kyu (center) attended a signing ceremony for the memorandum of understanding (MOU) between the Korea Automobile Manufacturers Association and the Korea Semiconductor Industry Association aimed at developing automotive chips domestically on March 17. Vice Minister Park encouraged local associations joining forces for domestic production of automotive chips amid global shortages in semiconductor supply, and said the government will work closely wit date2021-03-17

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