Ministry of Trade, Industry and Energy

Korea’s exports in 1st half of 2021 hit record high

The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports in the first half of 2021 increased 26.1 percent, hitting the record-high value of USD 303.2 billion. It is also the first time that the half-yearly export value surpassed $300 billion.   Imports went up 24.0 percent to $285.1 billion, resulting in a trade surplus of $18.1 billion.   Korea’s exports in June amounted to USD 54.8 billion, expanding 39.7 percent from last year. Imports jump date2021-07-01

Minister Moon discusses energy issues with government officials

Trade, Industry and Energy Minister Moon Sungwook held the 23rd Energy Committee meeting with government officials, on June 30, and discussed measures to promote distributed energy generation, meet electricity demand during summer, and reform the electrical safety inspection system. Minister Moon said that in order to change the current fossil fuel-oriented energy system to a system centered on clean energy, the government will devise policies to expand power grid infrastructure, promote sector date2021-06-30

Minister Moon holds meeting with marine equipment industry

Trade, Industry and Energy Minister Moon Sungwook (second from the left) met with local suppliers of marine equipment at Noksan Industrial Complex in Busan, on June 29, to encourage the industry’s efforts in developing eco-friendly technologies and exploring overseas markets.The government will invest 254 billion won (USD 225 million) by 2031 to develop vessels with reduced greenhouse gas emissions. date2021-06-29

Local retailers promise to take part in carbon neutrality initiative

Trade, Industry and Energy Minister Moon Sungwook (center) met with major retailers and related agencies in Seoul, on June 28, and delivered a congratulatory speech to encourage local companies’ efforts to save energy and commit to reaching net zero carbon emissions.Local franchises of convenience stores and hypermarkets agreed to take part in the initiative to achieve carbon neutrality by 2050.The government will discover and implement other effective programs with the Korea Electric Powe date2021-06-28

Overall retail sales move up 12.9% in May

The Ministry of Trade, Industry and Energy announced on June 25 that Korea’s overall retail sales in May saw a year-on-year growth of 12.9 percent. Both offline and online sales improved, up 8.8 percent and 17.6 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 “super supermarket” date2021-06-28

Korea announces plan to attract FDI in high-tech industries

Trade, Industry and Energy Minister Moon Sungwook attended a committee meeting, on June 24, to discuss with related ministries a comprehensive strategy to secure foreign direct investment (FDI) in high-tech materials, parts and equipment sectors.The strategy aims to attract foreign investment in key industrial areas such as semiconductors, vaccines, and secondary batteries for stable supply chains.Minister Moon stressed the importance of FDI in the development of high-tech industries, and expres date2021-06-25

MOTIE launches Industrial Digital Transformation Cooperation Support Center

Trade, Industry and Energy Minister Moon Sungwook attended the launching Ceremony for the Industrial Digital Transformation Alliance and the Industrial Digital Transformation Cooperation Support Center (iDX Center) in Seoul, on June 24. The Alliance, which incorporated 6 industries last year, added 4 more industries this time – machinery/robot, root materials, energy, and textile chemistry – to encourage industry, academia, and research sector cooperation in digital transformation. T date2021-06-24

Trade Ministry to expand global supply chain, digital cooperation with Europe

Trade Minister Yoo Myung-hee met with her French counterpart Franck Riester in Paris during her visit to France, on June 23, and the two countries agreed to expand industrial and digital cooperation to revitalize the global supply chain and respond to digital transformation. Yoo also met with Secretary-General of the Organization of Economic Cooperation and Development (OECD), Mathias Cormann, and discussed various trade and environment issues including post-pandemic economic recovery, digital t date2021-06-24

Minister Moon visits site of mRNA vaccine production

Trade, Industry and Energy Minister Moon Sungwook (center) made an on-site visit to the plant of Samsung Biologics, on June 21, to check the mRNA vaccine manufacturing line added at its facility in Songdo.Minister Moon stressed that the deal with Moderna for consignment production of mRNA vaccine is an opportunity to enhance Korea’s status as a global vaccine hub and strengthen the nation’s pandemic response capability. date2021-06-23

Korea, Spain to expand green, digital partnerships

Issued on: June 16, 2021   During President Moon Jae-in’s visit to Spain (June 15-17), Korea and Spain agreed to strengthen business cooperation in the green and digital sectors at the Green & Digital Forum held in Madrid, on June 16 (local time).   President Moon proposed that the two countries ramp up investments in renewable energy and green mobility, encourage digital cooperation to improve industrial competitiveness, and expand partnership in construction and infrast date2021-06-17