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Industry
Minister Sung attends forum to discuss digital-based industrial innovation
Trade, Industry and Energy Minister Sung Yun-mo attended the Digital-based Industrial Innovation Forum, co-organized by the National Academy of Engineering of Korea, in Seoul on November 19, to discuss innovative growth strategies for digital-based industries. Minister Sung emphasized the importance of industrial digital transformation in the private sector, and encouraged engineering technologists to take leading roles in the data sharing, industry-academia-research partnerships, and c date2020-11-19
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FTA/Economic Cooperation
Minister Sung holds public-private meeting to talk about RCEP
Trade, Industry and Energy Minister Sung Yun-mo held a meeting with representatives from major industries, research institutes and economic organizations in Yeouido on November 18 to discuss ways to utilize the Regional Comprehensive Economic Partnership (RCEP) effectively to encourage Korea’s exports and industrial development. Minister Sung stressed that the RCEP can be a great opportunity for a manufacturing powerhouse like Korea, and it is important to respond adequately to the post-co date2020-11-18
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FTA/Economic Cooperation
Korea, Kazakhstan discuss measures for economic cooperation in various fields
Trade, Industry and Energy Minister Sung Yun-mo attended the 9th Meeting of Korea-Kazakhstan Intergovernmental Committee on Trade-Economic and Scientific-Technical Cooperation through videoconference on November 17, and discussed measures for cooperation in trade, investment, industry, energy, science and technology, health and medicine, agriculture, and environment. date2020-11-17
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FTA/Economic Cooperation
[JOINT MINISTERIAL STATEMENT - 31ST APEC MINISTERIAL MEETING 2020]
JOINT MINISTERIAL STATEMENT 31st APEC MINISTERIAL MEETING 2020 We, the APEC Ministers, met on 16 November 2020, under the Chairmanship of The Honourable Dato' Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry, Malaysia. This marks the first time that the APEC Ministerial Meeting (AMM) has convened virtually. We assessed the forum's achievements in 2020, provided guidance on future work, and discussed preparations for the 2020 APEC Economic Leaders' date2020-11-17
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Industry
Industry Ministry holds industrial strategy dialogue with research institutes
Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with representatives of major research institutes in Seoul on November 16, to discuss the future direction for industrial policy in response to the prolonged COVID-19 crisis.At the meeting, Minister Sung mentioned three current issues surrounding Korea’s industrial environment – COVID-19, climate change, and the U.S. presidential election.He went on to talk about three industrial policy strategies to respond date2020-11-16
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Industry
Korea's automobile output, exports fall in October, domestic sales increase
The Ministry of Trade, Industry and Energy announced on November 16 that Korea’s automobile output and exports in October lost 4.3 percent and 3.2 percent, respectively. However, domestic sales inched up 1.7 percent despite fewer working days. The number of vehicles produced by Korean automakers dipped 4.3 percent to 336,279. The primary reasons for the decrease were the labor-management conflict at GM Korea and fewer working days (down 2 days) due to Chuseok holidays. Domestic sales wen date2020-11-16
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Trade/Investment
Korean ICT industry sees sales growth for 5 straight months
The Ministry of Trade, Industry and Energy announced on November 16 that Korea exported USD 16.4 billion worth of information and communications technology (ICT) goods in October. This is a 6.0 percent rise from a year earlier and the fifth consecutive month of increase. ICT imports totaled $10.2 billion, resulting in a trade surplus of $6.2 billion. By item, outbound shipments of semiconductors, displays, computers and peripherals expanded, while those of mobile phones contracted. Shipments date2020-11-16
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Industry
Government to promote middle market enterprises to become key players of Korean New Deal
The Ministry of Trade, Industry and Energy, jointly with relevant ministries, announced on November 12 at the policy coordinating meeting on key state affairs that it will strengthen support for hidden champions and middle-market enterprises to become key players of the Korean New Deal. Under the new growth strategy for hidden champions and middle-market enterprises, the government aims to develop 12,000 prominent companies related to Digital and Green New Deal projects and provide support for date2020-11-13
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FTA/Economic Cooperation
Korea, Indonesia agree to work together to overcome economic challenges amid pandemic
Trade, Industry and Energy Minister Sung Yun-mo (left) met with his Indonesian counterpart Bahlil Lahadalia in Seoul on November 12, to discuss ways to expand investment and industrial cooperation between the two nations. Minister Sung also requested that the two countries work together to overcome the difficult economic situation presented by COVID-19 and ensure smooth business activities by more than 2,000 Korean companies in steel, petrochemical, automobile, and textile industries operating i date2020-11-12
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Industry
Vice Minister Park attends Textile Day commemoration event
Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 34th Textile Day commemoration event at Seoul Textile Center on November 11, and announced the Korean New Deal Strategy for the Textile and Fashion Industry. According to the Strategy, the government will invest 1.4 trillion Won ($1.26 billion) and create 36,000 jobs in the industry by 2026. The Textile Day is celebrated every year to commemorate the day that the textile and fashion industry became the first out date2020-11-11