Ministry of Trade, Industry and Energy

Green car exports, domestic sales hit record high in 2020

The Ministry of Trade, Industry and Energy announced on January 14 that exports and domestic sales of eco-friendly vehicles hit record highs in 2020.   For 2020, the number of domestic vehicles produced by Korea’s seven automakers moved down 11.2 percent to 3.5 million units. Output in the first half of the year was more harshly hit by a slowdown in sales and a difficulty in procuring major parts due to COVID-19. The domestic automobile manufacturers are Hyundai Motor, Kia Motors, G date2021-01-14

Minister Sung encourages Ulsan Free Economic Zone Authority’s hydrogen initiative

Trade, Industry and Energy Minister Sung Yunmo (center) attended the launching ceremony for the Ulsan Free Economic Zone Authority at Ulsan Metropolitan City Hall on January 14, and delivered a congratulatory speech to encourage the Authority’s vision to establish a hydrogen industry hub for innovative growth.   Minister Sung mentioned that the UFEZ Authority has an important role in regional development and creation of jobs by fostering the new future hydrogen industry through the date2021-01-14

Minister Sung visits display exhibit at CES 2021

Trade, Industry and Energy Minister Sung Yunmo (second from the left) visited LG Display’s offline exhibition hall at the 2021 Consumer Electronics Show (CES) on January 13, and observed innovative achievements of the Korean display maker.   340 companies from Korea participated in the all-digital CES 2021 and introduced various innovative products and solutions, including the 5G-based AI, personalized smart home devices, and next-generation display technologies, that will lead the date2021-01-13

Minister Sung visits Korean solar module manufacturer in Gimje

Trade, Industry and Energy Minister Sung Yunmo made an on-site visit to the plant of Shinsung E&G, a local solar module manufacturer, in Gimje, Jeollabukdo, on January 12, to encourage new investments for carbon neutral projects despite COVID-19 struggles.Minister Sung pointed out that the government will continue with efforts to establish a strong domestic renewable energy industry ecosystem in order to achieve a carbon neutral economy. date2021-01-12

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

The Ministry of Trade, Industry and Energy announced on January 12 that foreign direct investments (FDI) pledged to Korea in 2020 recorded USD 20.7 billion, reaching $20 billion for six consecutive years since 2015. FDI commitments lost 11.1 percent last year amid the COVID-19 pandemic. The FDI that actually arrived in Korea decreased 17.0 percent to $11.1 billion. With the outbreak of the virus, the FDI decreased significantly in the first half of the year, but the decline was greatly mitigat date2021-01-12

Industry Ministry awards materials, parts and equipment companies for technological achievements and future growth potential  

Trade, Industry and Energy Minister Sung Yunmo attended the proclamation ceremony for the global top specialty materials, parts and equipment companies at the Sejong Government Convention Center on January 11, and awarded 22 companies for their technological achievements and future growth potential.Minister Sung said that the government will actively support the materials, parts and equipment industries with R&D funds, global market entry strategy consulting, and regulatory exemptions in ord date2021-01-11

Government to allow renewable energy purchase as part of RE100 initiative

The Ministry of Trade, Industry and Energy announced on January 5th that it will allow domestic electricity consumers to purchase electricity from renewable sources as part of the RE100 initiative, a global campaign for transition to 100% renewable energy. Both industrial and general consumers of electricity can participate in the K-RE100 system through registration at the state-run Korea Energy Agency. Electricity from renewable sources will be procured through the green premium system, the th date2021-01-06

Korea’s exports reach $512.9 billion in 2020, exceeding $500 billion mark for 4th consecutive year

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2020 reached USD 512.9 billion, falling 5.4 percent. The country’s annual imports recorded $467.2 billion, down 7.2 percent. Korea remained as a net exporter for the 12th consecutive year with a trade surplus of $45.6 billion. Despite a downturn in overall exports due to the global economic fallout and a plunge in oil prices amid pandemic, Korea’s exports showed noticeable signs of recove date2021-01-04

Minister Sung visits Incheon New Port to encourage logistics industry workers

Trade, Industry and Energy Minister Sung Yunmo (center) made an on-site visit to Hanjin Incheon Container Terminal at Incheon New Port on January 1, to encourage frontline workers at the export logistics site amid challenging economic circumstances. Minister Sung said that the government will focus its policy efforts to revitalize exports and asked to join forces in the field as well. date2021-01-04

Government announces plans to promote renewable energy

The Ministry of Trade, Industry and Energy announced the 5th Basic Plan on Renewable Energy on December 29, to accelerate Korea’s transition to a low-carbon economy and society based on renewable energy innovations in supply, market, demand, industry, and infrastructure. date2020-12-30