Ministry of Trade, Industry and Energy

Minister Sung visits Changwon industrial complex as part of Korea’s Green New Deal initiative

Trade, Industry and Energy Minister Sung Yun-mo made an on-site visit to Changwon National Industrial Complex, one of the seven sites for the “smart green industrial project”, on September 17, in the Korean government’s Green New Deal drive to foster high-tech, eco-friendly industrial complexes.The government plans to designate 15 smart green industrial complexes by 2025, and transform traditional manufacturing sites into digitalized, energy-efficient industrial clusters to imp date2020-09-18

Korea, Myanmar to expand economic ties

Trade, Industry and Energy Minister Sung Yun-mo attended the virtual meeting of Joint Commission on Trade and Industry Cooperation between Myanmar and Korea, on September 16, to discuss bilateral economic cooperation in trade, industry, energy, and investment between the two countries.In particular, the two countries agreed to start the construction of Korea-Myanmar Industrial Complex (KMIC) in December, and continue with cooperation in the construction and infrastructure industries. date2020-09-17

Minister Sung discusses additional support measures for coronavirus-hit industries

Trade, Industry and Energy Minister Sung Yun-mo held the 2nd meeting to check the impact of the resurge in COVID-19 cases on the real economy with industrial representatives at the Jeollabuk-do branch of Korea Industrial Complex Corporation in Gunsan, on September 15, to discuss additional support measures for the virus-hit industries. Minister Sung stressed the need for attention to small and medium-sized businesses which lack financial stabilities, and announced the Ministry’s plans to f date2020-09-15

Korea’s August exports of ICT products rise for 3rd consecutive month, up 0.3% to $15.2 billion

The Ministry of Trade, Industry and Energy announced on September 15 that Korean information and communications technology (ICT) exports posted a year-on-year growth of 0.3 percent to USD 15.2 billion. Imports also rose 4.3 percent to $9.2 billion, and the trade balance stood at a surplus of $6.1 billion. By item, outbound shipments of semiconductors, computers and peripherals went up, while those of displays and mobile phones went down. Chip exports increased 2.6 percent to $8.3 billion. Mem date2020-09-15

MOTIE signs MOU to encourage next generation smart semiconductor development

Trade, Industry and Energy Minister Sung Yun-mo (center) attended a signing ceremony for the memorandum of understanding (MOU) aimed to boost the development of the next generation smart semiconductors at Korea Semiconductor Industry Association in Pangyo, Gyeonggi Province, on September 10. The ceremony was attended by Science and ICT minister Choi Ki-young as well, and the two ministries promised to put efforts together for the technological competitiveness of semiconductor materials, parts, a date2020-09-10

Industry Ministry stresses autonomy and global cooperation in market-oriented R&D policy innovation plan

Trade, Industry and Energy Minister Sung Yun-mo (center) held a virtual meeting with representatives from the industry, academia, and research institutes, on September 8, to discuss the market-oriented R&D policy innovation plan amid uncertainties presented by COVID-19 and the digital transition.The Ministry will allow more flexibility to R&D projects by lifting regulations for outstanding institutes in revising and adjusting research goals according to the market condition, encourage ma date2020-09-08

Minister Sung discusses renewable energy sector’s institutional innovation at Green New Deal conference

Trade, Industry and Energy Minister Sung Yun-mo held the Green New Deal policy conference virtually at the Government Complex in Sejong, on September 2, with representatives from major energy companies to discuss the institutional innovation for the renewable energy sector.The Ministry will provide support measures for the Green New Deal, which aims to increase the solar and wind capacities three times by 2025, to expand the use of renewable sources and strengthen the industrial competitiveness date2020-09-02

Korea’s exports in August fall 9.9 percent to $39.7 billion

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s exports in August decreased 9.9 percent to USD 39.7 billion. Imports fell 16.3 percent to $35.5 billion, resulting in a trade surplus of $4.1 billion. The August exports recorded a single-digit decline for the second consecutive month despite fewer working days (down 1.5 days). Daily exports went down only 3.8 percent, showing the smallest decline since the outbreak of COVID-19. Four out of 15 major export i date2020-09-01

Trade Minister Yoo meets with trade ministers virtually to talk about global economic recovery

Trade Minister Yoo Myung-hee attended the RCEP ministerial meeting and the ASEAN, ASEAN+3, EAS economic ministers' meetings virtually from August 27 to 29, and checked the progress of the RCEP agreement as well as the economic cooperation programs between Korea and ASEAN.Trade Minister Yoo also discussed with her fellow ministers the cooperation measures for easing the impact of COVID-19 on the global economy. date2020-08-31

Korea’s retail sales increase 4.4% in July

The Ministry of Trade, Industry and Energy announced on August 28 that Korea’s overall retail sales in July saw a year-on-year growth of 4.4 percent. Sales of offline retailers edged down 2.1 percent, and those of online retailers went up 13.4 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 chains, and four SSM o date2020-08-31