Ministry of Trade, Industry and Energy

Minister Sung delivers welcoming speech at KIREC Seoul 2019

Trade, Industry and Energy Minister Sung Yun-mo delivered welcoming remarks at the opening ceremony for Korea International Renewable Energy Conference (KIREC) Seoul 2019 at Coex in Seoul on Oct 23, co-hosted by the Ministry of Trade, Industry and Energy, REN21 and the Seoul Metropolitan Government.   During his speech, Minister Sung emphasized that the energy transition driven by renewables is a global innovation trend.   KIREC Seoul 2019 was attended by 3,500 energy leaders from date2019-10-23

Korea’s ICT industry posts exports of $15.8 billion in September

The Ministry of Trade, Industry and Energy announced on October 21 that Korean exports of information and communications technology (ICT) goods in September decreased 22 percent to USD 15.8 billion from a year earlier. Shipments of mobile phone parts expanded, but those of semiconductors and displays contracted.ICT imports, on the other hand, grew 9.8 percent year-on-year to $8.8 billion. The trade balance in this sector was a surplus of $7.0 billion.By item, semiconductor shipments fell 31.5 pe date2019-10-23

Domestic car sales return to growth in September

The Ministry of Trade, Industry and Energy announced on October 17 that automobile sales in Korea rose 4.1 percent year-on-year to 133,016 vehicles in September following seven consecutive monthly decreases.Domestic sales of Korean-made cars inched up 1.0 percent to 110,465 units, and those of imported cars improved 22.5 percent to 22,551 units despite a decline in Japanese car sales (down 59.8 percent). Domestic sales of environmentally friendly cars also gained 10.3 percent to 9,656 units. Loc date2019-10-21

Korea, Indonesia conclude CEPA talks to expand economic cooperation

Korea’s Trade Minister Yoo Myung-hee and Indonesia’s Trade Minister Enggartiasto Lukita signed a joint statement marking the conclusion of negotiations of the Korea-Indonesia Comprehensive Economic Partnership Agreement (KI-CEPA) in Tangerang on October 16.The Agreement will strengthen the economic relations between the two countries by improving the cross-border flows of goods, services, people, and investment.Read the joint statement here: date2019-10-18

Korea unveils three key strategies to accelerate the future development of the car industry

The Ministry of Trade, Industry and Energy announced three key strategies to accelerate the future development of the car industry on October 15. Under this plan, Korea’s green car industry will seek to account for 10 percent of total eco-friendly car sales in the global market by 2030.Read the summary of the plan here: date2019-10-17

Korea, Indonesia reach preliminary agreement on CEPA

Korea and Indonesia have reached a preliminary consensus on the Comprehensive Economic Partnership Agreement (CEPA). Trade Minister Yoo Myung-Hee (left) and her Indonesian counterpart Enggartiasto Lukita announced the in-principle agreement at Tangerang, Indonesia on Oct 16. date2019-10-17

Industry Minister Sung announces policy roadmap for Korea’s future mobility

Trade, Industry and Energy Minister Sung Yun-mo rolled out a policy roadmap for Korea's future mobility on Oct 15. The roadmap includes a goal to lift the country's share of the world's electric and hydrogen-powered vehicle market to 10% by 2030 from the current 4%. date2019-10-17

FDI pledged to Korea increases 4.8% to $3.6 billion in Q3

The Ministry of Trade, Industry and Energy announced on October 10 that the foreign direct investment (FDI) pledged to Korea was USD 3.6 billion in the third quarter, posting a year-on-year growth of 4.8 percent after four straight quarters of contraction. Cumulative announced FDI inflows so far this year totaled $13.5 billion, indicating that the annual goal of attracting $20 billion will be well achievable.FDI pledged from July to September exhibited three characteristics.First, FDI continued date2019-10-11

Minister Sung meets with Colombian Commerce Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Colombian Commerce, Industry and Tourism Minister Jose Manuel Restrepo Abondano in Seoul on Oct 8.   The two ministers exchanged views on ways to boost trade and investment between Korea and Colombia. date2019-10-08

Minister Sung attends Korea-Germany tech conference in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (center) delivered a congratulatory speech at the Korea-Germany tech conference in Seoul on Oct 8. The conference was part of efforts to strengthen partnership with Germany in parts, materials and equipment sectors.   Minister Sung also attended the MOU signing ceremony between the Korea International Trade Association (KITA) and the Korean-German Chamber of Commerce and Industry (KGCCI) at the conference. date2019-10-08