Ministry of Trade, Industry and Energy

Korea, Turkmenistan vow to strengthen comprehensive economic cooperation

Trade, Industry and Energy Minister Sung Yun-mo attended the 8th Meeting of Korea-Turkmenistan Intergovernmental Committee on Trade-Economic and Scientific-Technical Cooperation virtually on November 23, and discussed measures to expand bilateral cooperation in various areas including trade, investment, energy plants, industry, and information and communications technology. date2020-11-24

October retail sales in Korea expand 8.4%

The Ministry of Trade, Industry and Energy announced on November 23 that Korea’s overall retail sales in October went up 8.4 percent compared to the same period last year. Sales of offline and online retailers improved 2.1 percent and 17.1 percent, respectively. 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 date2020-11-23

Minister Sung visits site of smart manufacturing demo factory

Trade, Industry and Energy Minister Sung Yun-mo made an on-site visit to the site of smart green industrial projects in Changwon on November 20, to celebrate the construction of a smart manufacturing demo factory.   The smart manufacturing demo factory is a testbed incorporating advanced Information and Communications Technology (ICT) such as artificial intelligence (AI) and digital twins that could improve business productivity and contribute to the innovation of major industries. &nbsp date2020-11-20

Deputy Minister Joo meets with ASEAN+, EAS energy ministers

Deputy Minister for Energy and Resources Joo Young-joon attended the 17th ASEAN+3 Ministers on Energy Meeting and the 14th EAS Energy Ministers Meeting held virtually on November 20, to discuss with member countries measures to support a sustainable energy future. date2020-11-20

Minister Sung attends forum to discuss digital-based industrial innovation

Trade, Industry and Energy Minister Sung Yun-mo attended the Digital-based Industrial Innovation Forum, co-organized by the National Academy of Engineering of Korea, in Seoul on November 19, to discuss innovative growth strategies for digital-based industries.   Minister Sung emphasized the importance of industrial digital transformation in the private sector, and encouraged engineering technologists to take leading roles in the data sharing, industry-academia-research partnerships, and c date2020-11-19

Minister Sung holds public-private meeting to talk about RCEP

Trade, Industry and Energy Minister Sung Yun-mo held a meeting with representatives from major industries, research institutes and economic organizations in Yeouido on November 18 to discuss ways to utilize the Regional Comprehensive Economic Partnership (RCEP) effectively to encourage Korea’s exports and industrial development. Minister Sung stressed that the RCEP can be a great opportunity for a manufacturing powerhouse like Korea, and it is important to respond adequately to the post-co date2020-11-18

Korea, Kazakhstan discuss measures for economic cooperation in various fields

Trade, Industry and Energy Minister Sung Yun-mo attended the 9th Meeting of Korea-Kazakhstan Intergovernmental Committee on Trade-Economic and Scientific-Technical Cooperation through videoconference on November 17, and discussed measures for cooperation in trade, investment, industry, energy, science and technology, health and medicine, agriculture, and environment. date2020-11-17

[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