Ministry of Trade, Industry and Energy

Korean ICT industry sees sales growth for 5 straight months

The Ministry of Trade, Industry and Energy announced on November 16 that Korea exported USD 16.4 billion worth of information and communications technology (ICT) goods in October. This is a 6.0 percent rise from a year earlier and the fifth consecutive month of increase. ICT imports totaled $10.2 billion, resulting in a trade surplus of $6.2 billion. By item, outbound shipments of semiconductors, displays, computers and peripherals expanded, while those of mobile phones contracted. Shipments date2020-11-16

Government to promote middle market enterprises to become key players of Korean New Deal

The Ministry of Trade, Industry and Energy, jointly with relevant ministries, announced on November 12 at the policy coordinating meeting on key state affairs that it will strengthen support for hidden champions and middle-market enterprises to become key players of the Korean New Deal. Under the new growth strategy for hidden champions and middle-market enterprises, the government aims to develop 12,000 prominent companies related to Digital and Green New Deal projects and provide support for date2020-11-13

Korea, Indonesia agree to work together to overcome economic challenges amid pandemic

Trade, Industry and Energy Minister Sung Yun-mo (left) met with his Indonesian counterpart Bahlil Lahadalia in Seoul on November 12, to discuss ways to expand investment and industrial cooperation between the two nations. Minister Sung also requested that the two countries work together to overcome the difficult economic situation presented by COVID-19 and ensure smooth business activities by more than 2,000 Korean companies in steel, petrochemical, automobile, and textile industries operating i date2020-11-12

Vice Minister Park attends Textile Day commemoration event

Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 34th Textile Day commemoration event at Seoul Textile Center on November 11, and announced the Korean New Deal Strategy for the Textile and Fashion Industry.   According to the Strategy, the government will invest 1.4 trillion Won ($1.26 billion) and create 36,000 jobs in the industry by 2026.   The Textile Day is celebrated every year to commemorate the day that the textile and fashion industry became the first out date2020-11-11

Vice Minister Park visits exhibition site for small businesses as part of Korea Sale Festa

Trade, Industry and Energy Vice Minister Park Jin-kyu (center) made an on-site visit to the exhibition for excellent products by small and medium-sized businesses in Pangyo on November 11, held as part of the 2020 Korea Sale Festa.   The event is designed to encourage small and medium-sized enterprises experiencing hardships from COVID-19 and promote well-made products as well as open up sales channels for them. A total of 529 companies will participate in the event via four offline store date2020-11-11

MOTIE hosts 2020 Invest KOREA Week (IKW)

The 2020 Invest KOREA Week (IKW), an investor relations event hosted by the Ministry of Trade, Industry and Energy and organized by Korea Trade-Investment Promotion Agency (KOTRA) kicked off on November 11 with the slogan “Smart Innovation & Safe Growth with Korea”.This year’s event, the 16th of its kind, is held virtually due to COVID-19 concerns and is expected to attract foreign investors through various programs such as Global Innovation Forum, Forum on Leading Industri date2020-11-11

Korea Sale Festa leads to 8.4% rise in credit card revenues over first week of November

Trade, Industry and Energy Ministry announced on November 10 that the 2020 Korea Sale Festa, a 15-day nationwide shopping event that kicked off on November 1, has already achieved better results than expected, with credit card revenues over the first seven days of the festival expanding 8.4 percent compared to the same period last year. date2020-11-10

Minister Sung meets Uzbek counterpart at Joint Committee on Trade and Economic Cooperation

Trade, Industry and Energy Minister Sung Yun-mo met with Uzbek deputy prime minister for investments and foreign trade Sardor Umurzakov virtually at the 10th Joint Committee on Trade and Economic Cooperation between Korea and Uzbekistan on November 6, to call for bilateral trade talks and expanded digital cooperation. date2020-11-06

MOTIE awards companies for attracting foreign investment in high-tech industries

Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 2020 Foreign Company Day event in Seoul, on November 3, and awarded 44 companies for playing important roles in attracting foreign investment in high-tech industries.   Vice Minister Park mentioned that despite challenging circumstances in the global supply chain presented by the virus, foreign direct investment in high-tech materials, parts and equipment have recovered and contributed to the development of related industr date2020-11-04

Industry Ministry to launch new division on future cars

Ministry of Trade, Industry and Energy announced on November 3 that it will launch a new division on future cars, which will be in charge of tasks related to R&D, infrastructure, industry convergence, and global regulations of self-driving and eco-friendly vehicles.According to the Ministry, the future car industry is at the core of the Digital New Deal and the Green New Deal, and the launch of the new division is expected to establish a stronger foundation for the growth of the future car i date2020-11-03