Ministry of Trade, Industry and Energy

Minister Sung visits Green New Deal project sites in Yeonggwang

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the solar plant and the wind power testbed in Yeonggwang, Jeollanam-do, on January 27, to examine the conditions for renewable energy expansion for the 2050 carbon neutral goal and Korea’s Green New Deal initiative.   The Yeonggwang solar power plant, completed in June 2020, is the largest plant of solar generation in Korea with a 100MW scale. The Yeonggwang wind power test bed is being operated to provide the l date2021-01-28

Minister Sung encourages Gwangju Free Economic Zone Authority to become AI industry based growth hub

Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for the Gwangju Free Economic Zone Authority at Gwangju Innobiz Center on January 27, and delivered a congratulatory speech to encourage the Authority’s vision to become a new industrial hub centered on artificial intelligence technologies.   Minister Sung mentioned that the Gwangju FEZ Authority has an important role in regional development and creation of jobs by strengthening global competitiveness in date2021-01-28

Minister Sung visits Korean biohealth firm to encourage export achievement

Trade, Industry and Energy Minister Sung Yunmo (left) made an on-site visit to the plant of MEK-ICS, a local ventilator manufacturer in Paju, Gyeonggi Province, on January 21, to encourage the firm’s efforts for technological development and export growth amid COVID-19 pandemic.   The government has supported the firm’s respiratory care technologies through R&D assistance since 2011, and has also provided export consulting services in the medical equipment sector.   date2021-01-21

Minister Sung discusses measures to localize key materials, parts and equipment in national defense sector

The Ministry of Trade, Industry and Energy and the Ministry of National Defense held the 7th Meeting for the National Defense Industry Development on January 19, to discuss measures to strengthen the competitiveness of the defense industry and boost exports. Minister Sung mentioned that in order for the defense industry to become a competitive exporting industry in the post-corona era, it is important to speed up the application of excellent 4th industrial revolution private technologies in the date2021-01-19

Korea’s ICT exports record 3.8% growth in 2020

The Ministry of Trade, Industry and Energy announced on January 18 that Korea’s information and communications technology (ICT) Industry posted exports of USD 183.6 billion in 2020.   Outbound shipments of ICT goods last year went up 3.8 percent compared to 2019 despite COVID-19 impacts. The ICT exports achieved the third highest value in history.   Imports by the ICT sector in 2020 totaled $112.6 billion, resulting in a trade surplus of $71.0 billion.   By product cat date2021-01-18

Green car exports, domestic sales hit record high in 2020

The Ministry of Trade, Industry and Energy announced on January 14 that exports and domestic sales of eco-friendly vehicles hit record highs in 2020.   For 2020, the number of domestic vehicles produced by Korea’s seven automakers moved down 11.2 percent to 3.5 million units. Output in the first half of the year was more harshly hit by a slowdown in sales and a difficulty in procuring major parts due to COVID-19. The domestic automobile manufacturers are Hyundai Motor, Kia Motors, G date2021-01-14

Minister Sung encourages Ulsan Free Economic Zone Authority’s hydrogen initiative

Trade, Industry and Energy Minister Sung Yunmo (center) attended the launching ceremony for the Ulsan Free Economic Zone Authority at Ulsan Metropolitan City Hall on January 14, and delivered a congratulatory speech to encourage the Authority’s vision to establish a hydrogen industry hub for innovative growth.   Minister Sung mentioned that the UFEZ Authority has an important role in regional development and creation of jobs by fostering the new future hydrogen industry through the date2021-01-14

Minister Sung visits display exhibit at CES 2021

Trade, Industry and Energy Minister Sung Yunmo (second from the left) visited LG Display’s offline exhibition hall at the 2021 Consumer Electronics Show (CES) on January 13, and observed innovative achievements of the Korean display maker.   340 companies from Korea participated in the all-digital CES 2021 and introduced various innovative products and solutions, including the 5G-based AI, personalized smart home devices, and next-generation display technologies, that will lead the date2021-01-13

Minister Sung visits Korean solar module manufacturer in Gimje

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of Shinsung E&G, a local solar module manufacturer, in Gimje, Jeollabukdo, on January 12, to encourage new investments for carbon neutral projects despite COVID-19 struggles.Minister Sung pointed out that the government will continue with efforts to establish a strong domestic renewable energy industry ecosystem in order to achieve a carbon neutral economy. date2021-01-12

FDI pledged to Korea reach $20 billion six years in a row

The Ministry of Trade, Industry and Energy announced on January 12 that foreign direct investments (FDI) pledged to Korea in 2020 recorded USD 20.7 billion, reaching $20 billion for six consecutive years since 2015. FDI commitments lost 11.1 percent last year amid the COVID-19 pandemic. The FDI that actually arrived in Korea decreased 17.0 percent to $11.1 billion. With the outbreak of the virus, the FDI decreased significantly in the first half of the year, but the decline was greatly mitigat date2021-01-12