Ministry of Trade, Industry and Energy

Minister Sung meets with COP26 president

Trade, Industry and Energy Minister Sung Yunmo (left) met with Alok Sharma, president of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change in Seoul, on April 6, and discussed measures against climate change.   Minister Sung pointed out local industries’ efforts in setting targets for carbon neutrality and the government’s plans to develop renewable energy sources.   He added, the COP26 meeting will be an opportunity to es date2021-04-07

Minister Sung attends launching ceremony for Energy Alliance

Trade, Industry and Energy Minister Sung Yunmo (center) attended a launching ceremony for the Energy Alliance in Seoul, on April 6, to encourage local energy companies’ efforts to cooperate in carbon initiative.Minister Sung emphasized the need for preemptive technological innovation across all energy sectors, and stressed the role of the Energy Alliance in providing a communication channel with the government for effective and market friendly policies to reduce carbon emissions and innova date2021-04-06

Minister Sung talks with commercial attachés

Trade, Industry and Energy Minister Sung Yunmo held a virtual meeting with 51 commercial attachés in 35 countries at the government complex in Sejong, on April 5, to discuss measures to revitalize exports and respond to global trade issues such as climate change, digital transformation, and technology security. date2021-04-06

FDI pledged to Korea amount to $4.7 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 5 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year jumped 44.7 percent year-on-year to USD 4.7 billion. The FDIs that actually arrived in Korea over the same period also went up 42.9 percent to $4.3 billion. Despite difficult external circumstances amid COVID-19, FDI arrivals hit the record high quarterly value for the first quarter in history. Investment that was delayed due to the virus outb date2021-04-05

Minister Sung encourages ‘white bio’ project

Trade, Industry and Energy Minister Sung Yunmo (center) attended the launching ceremony for a committee which will open communication between bio and petrochemical firms to boost the ‘white bio’ industry, on April 2.The committee is expected to play an important role toward the country’s 2050 carbon neutral target by helping to reduce waste plastics and greenhouse gas emissions. date2021-04-02

Minister Sung visits ‘U-Turn’ company in Busan

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of Nova International, a local manufacturer of eco-friendly footwear in Busan, on April 1, to encourage the company’s achievement in creating jobs and new investments by reshoring its operations to Korea.The Ministry will continue with efforts to support companies seeking to return by improving ‘U-turn’ policies and expanding subsidies. date2021-04-01

Korea’s March exports advance 16.6% to $53.8 billion

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March increased 16.6 percent to USD 53.8 billion. Imports grew 18.8 percent to $49.7 billion. The trade balance stood at a surplus of $4.2 billion, remaining positive for 11 straight months. The average daily exports went up 16.6 percent to $2.2 billion, hitting the record high value for the month of March in history. Exports posted growth for the fifth consecutive month, and the export value exceeded date2021-04-01

Korea, Malaysia discuss further economic cooperation

Trade Minister Yoo Myung-hee met with her Malaysian counterpart Mohamed Azmin bin Ali in Seoul, on April 1, and exchanged views on expanding economic cooperation between the two countries.In particular, the two ministers discussed pending trade issues including the early implementation of the Regional Comprehensive Economic Partnership (RCEP), Korea-Malaysia Free Trade Agreement (FTA), and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).They also discussed measures date2021-04-01

Industry Ministry to speed up digital transformation for industrial sector

Trade, Industry and Energy Minister Sung Yunmo held a meeting with experts involving industry, academia, and research officials at Hyundai Global Service headquartered in Busan, on April 1, to discuss strategies to beef up industrial digital transformation. Under the “Digital Big-Push” strategy, the government will prepare a comprehensive support system for local firms according to the level of digitalization and expand the use of data platforms across industrial value chains. date2021-04-01

Minister Sung encourages automobile industry’s carbon neutral goals

Trade, Industry and Energy Minister Sung Yunmo attended the launching ceremony for a committee on carbon neutrality by automobile firms on March 31, to encourage the industry’s efforts to reduce carbon emissions. Minister Sung said the Ministry will come up with policies to support the transformation in the transport sector to future cars. date2021-03-31