Ministry of Trade, Industry and Energy

Trade Minister Yoo stresses importance of international rules for e-commerce and digital trade at Davos

Trade Minister Yoo Myung-hee (center) attended a meeting of trade ministers on WTO e-commerce negotiations at the 2020 World Economic Forum held in Davos, Switzerland, on January 24 (local time), to discuss the importance of the establishment of digital trade rules.   Trade Minister Yoo said that provision of global digital trade agreements is one of the key tasks of the WTO to facilitate digital trade and investment in the era of the AI-driven 4th Industrial Revolution. She also emphasiz date2020-01-28

Trade Minister Yoo meets with WTO director-general at Davos 2020

Trade Minister Yoo Myung-hee (left) met with the WTO Director-General Roberto Azevedo (right) at the 2020 World Economic Forum held in Davos, Switzerland, on January 23 (local time), to discuss the restoration of the WTO-centered multilateral trading system and the contributions Korea can make to this end.   Trade Minister Yoo emphasized the need for the normalization of the WTO Appellate Body and the WTO reform. She went on to point out that because Korea is well placed to understand the date2020-01-28

Korea’s ICT industry posts exports of $176.9 billion in 2019

The Ministry of Trade, Industry and Energy announced on January 20 that Korea’s information and communications technology (ICT) Industry posted exports of USD 176.9 billion in 2019. Outbound shipments of ICT goods last year decreased 19.7 percent compared to 2018 due to stagnant markets for major items, the slowdown of the global economy including China, and the base effect. However, the ICT exports achieved the third highest value in history. Imports by the ICT sector in 2019 reached $1 date2020-01-21

Green vehicles sold within Korea hit record high in December 2019

The Ministry of Trade, Industry and Energy announced on January 16 that eco-friendly and hybrid vehicles sold within Korea in December 2019 increased 23.3% to 15,262 units compared to a year earlier. Automobile exports last month decreased by 6.7 percent year-on-year to 205,595 vehicles due to the need for overseas inventory exhaustion following the release of new K5 model and the adjustment of GM Korea export line. Although the number of vehicles shipped overseas went down, the increase in exp date2020-01-16

Vice Minister Cheong visits Korean photoresist manufacturer in Hwaseong

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) made an on-site visit to the plant of Dongjin Semichem, a local photoresist maker, in Hwaseong, Gyeonggi Province, on January 15, to encourage the firm’s plan to extend its production line.   Photoresist is one of the three materials used to make chips and displays that Japan restricted its exports to Korea on July 4 last year. The other two materials are high-purity hydrogen fluoride and fluorinated polyimides. &nbs date2020-01-15

Minister Sung visits Power to Gas solution provider

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) visited G-philos, a local Power to Gas (P2G) technology provider in Yongin, Gyeonggi Province, on January 13, to encourage the firm’s contribution for making technological progress in the country’s transition to a hydrogen economy.   Korea has stepped up the transition to a global hydrogen powerhouse since it announced the Roadmap for Hydrogen Economy on January 17, 2019. Under the policy vision, the natio date2020-01-13

Korea attracts DuPont investment to diversify EUV photoresist supply

Trade, Industry and Energy Minister Sung Yun-mo (center) met with DuPont president Jon Kemp (right) in San Francisco, on January 8 (local time), to confirm DuPont’s investment decision, which includes the plan to build a production line of EUV photoresist, a key material used to make chips, in Korea by 2021.The global chemical firm will invest $28 million to build production lines by 2021 for EUV photoresists and chemical mechanical planarization (CMP) pads, both of which are key materials date2020-01-09

Minister Sung discusses future car industry at CES 2020

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Uber Elevate Head Eric Allison (right) in Las Vegas, on January 7 (local time), to discuss the future of the automotive industry as well as the measures to expand cooperation in flying car projects.   Uber Elevate, an internal team at Uber Technologies working toward aerial ridesharing, has teamed up with Hyundai Motor to develop aerial transportation.   Minister Sung proposed cooperation and investment possibilities, date2020-01-08

Vice Minister Cheong holds meeting with petrochemical firms after Iran attack

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) held a meeting with government officials and representatives from the petrochemical firms in Seoul, on January 8, to discuss the impact of the recent U.S. and Iran conflict on global oil prices as well as the contingency plans in case tensions escalate in the Middle East area after the Iranian attack on the U.S. forces in Iraq.Vice Minister Cheong said that the government, related agencies and industries will undertake a full-scale date2020-01-08

FDI pledged to Korea reach $20 billion five years in a row

The Ministry of Trade, Industry and Energy announced on January 6 that foreign direct investments (FDI) pledged to Korea in 2019 hit USD 23.3 billion, marking the second highest in history and reaching $20 billion for the fifth consecutive year. FDI commitments dipped 13.3 percent last year, compared with the record high $26.9 billion in 2018. However, the figure in 2019 slightly exceeded the recent five-year average of $23.1 billion, and the Ministry said that it is an indication that Korea ha date2020-01-07