Ministry of Trade, Industry and Energy

Korea’s ICT exports rise for 4 straight months, up 11.9% to $17.6 billion in September

The Ministry of Trade, Industry and Energy announced on October 15 that Korean information and communications technology (ICT) exports in September went up for the 4th consecutive month and posted a year-on-year growth of 11.9 percent to USD 17.6 billion. Imports also rose 9.0 percent to $9.6 billion, and the trade balance stood at a surplus of $8.1 billion. By item, outbound shipments of semiconductors, displays, computers and peripherals went up, while those of mobile phones went down. Ship date2020-10-15

Industry Ministry encourages K-mobility innovation in Singaporean market

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) attended the groundbreaking ceremony for the Hyundai Motor Group Innovation Center in Singapore (HMGICS) virtually, on October 13, to celebrate the K-mobility industry increase its presence in the Singaporean market with innovation in future mobility technologies.   Minister Sung said that the HMGICS could become a new milestone in the economic cooperation between the two countries. The Ministry, as one of the key tas date2020-10-13

Foreign direct investment pledged to Korea rise 43.6% to $5.2 billion in Q3

The Ministry of Trade, Industry and Energy announced on October 13 that foreign direct investment (FDI) pledged to Korea totaled USD 5.2 billion in the third quarter, posting a year-on-year growth of 43.6%. Cumulative announced FDI inflows this year reached $12.9 billion. Over the July-September period, the FDI pledges marked the record-high amount for the third quarter as current investors greatly expanded their investment. Investments in high-tech materials, parts, and research and developme date2020-10-13

Korea’s September exports post growth for first time since COVID-19, up 7.7% to $48.1 billion

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports in September went up 7.7 percent to USD 48.1 billion, rebounding for the first time since the outbreak of COVID-19. Imports also increased 1.1 percent to $39.2 billion, resulting in a trade surplus of $8.9 billion. The September exports recorded growth for the first time in seven months, and the percentage of increase was the highest since October, 2018. The trade surplus also marked the largest figure date2020-10-01

South Korea to work in public-private partnership to become leader in contact-free economy

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the Open Forum for Standardization of Contact-free Services, on September 29, in the government’s Digital New Deal efforts to establish a global standard for various contact-free services including healthcare, education, and retail/logistics.   The Ministry will invest 37 billion won (USD 30 million) by 2025 for the development of business models through international standardization, which could becom date2020-09-29

Korea’s August retail sales post a year-on-year growth of 6.6%

The Ministry of Trade, Industry and Energy announced on September 29 that Korea’s overall retail sales in August rose 6.6 percent compared to the same period last year. Sales of offline retailers edged down 2.4 percent, but those of online retailers jumped 20.1 percent. 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 chai date2020-09-29

Industry Ministry encourages greater cooperation in biohealth materials, parts, and equipment sectors

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the Cooperation Council for Biohealth Materials, Parts, and Equipment Sectors, in Yeouido, Seoul, on September 24, to strengthen competitiveness of the biohealth industry and facilitate adequate policy support.   The Ministry plans to spend 85.7 billion won (USD 73 million) over the next five years for the development of biohealth products, and encourage cooperation between supply and demand companies to inc date2020-09-28

Minister Sung attends launching ceremony for midsized firm-led digital transformation partnership

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the digital transformation partnership led by midsized businesses, on September 23, in the government’s efforts to promote the “Digital New Deal” and the digital-based industrial innovation growth strategy announced in August.   Minister Sung said that this will open the door for many mid-sized companies to digital innovation and new business opportunities through cooperation between suppli date2020-09-23

MOTIE to support 4,000 energy companies by 2025 in Korea’s Green New Deal drive

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) held a conference with representatives from the renewable energy sector and state-run energy companies, on September 22, and announced the Ministry’s plans to discover and encourage energy innovation companies by expanding R&D assistance, boosting private investment, and building foundation for the overall support system.   Under the new strategy, the government will focus its support on the following six pr date2020-09-22

Korea's August EV exports grow 22.2%, share of domestic green car sales set new record

The Ministry of Trade, Industry and Energy announced on September 18 that Korea’s automobile output, domestic sales, and exports in August decreased 6.4 percent, 1.2 percent, and 15.8 percent, respectively. The number of vehicles produced by Korean automakers recorded a year-on-year decline of 6.4 percent to 233,357 units. The primary reason for the decline was the resurgence of COVID-19 and temporary shutdowns of major plants due to the new vehicle line facility constructions at Hyundai date2020-09-18