Ministry of Trade, Industry and Energy

Minister Sung delivers speech at Korea-Saudi Arabia Business Forum in Seoul

Trade, Industry and Energy Minister Sung Yun-mo and Saudi Arabia’s Economy and Planning Minister Mohammed Al-Tuwaijri attended the Korea-Saudi Arabia Business Forum held in Seoul on April 3.The event was attended by more than 350 government officials and business leaders from both countries, including Korea Chamber of Commerce and Industry (KCCI) Vice President Kong Young-Woon, Korea Trade-Investment Promotion Agency (KOTRA) President Kwon Pyung-oh, and Saudi Ambassador to Korea Riyadh Al date2019-04-03

Minister Sung meets with Saudi Economy and Planning Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Saudi Arabia’s Economy and Planning Minister Mohammed Al-Tuwaijri in Seoul on April 3.During the meeting, the two Ministers discussed various bilateral cooperation issues such as the Korea-Saudi Vision 2030 committee and nuclear power industry. date2019-04-03

The 2nd Korea-Saudi Arabia Vision 2030 Committee Meeting takes place in Seoul

Trade, Industry and Energy Minister Sung Yun-mo and Saudi Arabia’s Economy and Planning Minister Mohammad Al-Tuwaijri reviewed the status of bilateral economic cooperation between Korea and Saudi Arabia and discussed future plans at the second Korea-Saudi Vision 2030 Committee Meeting held in Seoul on April 3.During the meeting, the two countries discussed nearly 40 cooperation projects in five different areas of economic cooperation and their implementation plans.In conjunction with this date2019-04-03

Korea’s March exports drop 8.2 percent to $47.1 billion

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 8.2 percent from a year earlier to USD 47.1 billion. Imports fell 6.7 percent to $41.9 billion.The trade balance stood at a surplus of $5.2 billion, remaining positive for 86 straight months. The average daily exports recorded $2.1 billion.The decline in last month’s exports was mainly due to combined effects of external risks and cyclical factors. The former includes the U.S.-Chin date2019-04-01

Minister Sung discusses industry innovation strategies at 2019 Boao Forum

Trade, Industry and Minister Sung Yun-mo participated in a session titled “5G : Bringing Things to Life with IoT” at the 2019 Boao Forum held in Hainan on March 28 (local time).During the session, Minister Sung said Korea is preparing to be the world’s first to commercialize the 5G network. Minister Sung also introduced Korea’s industry innovation strategy that includes autonomous vehicles and smart factories that operate on 5G and Internet of Things (IoT) infrastructure. date2019-03-28

Overall retail sales inch down 0.4 percent in February

The Ministry of Trade, Industry and Energy announced on March 28 that Korea’s overall retail sales in February inched down 0.4 percent compared to the same period last year. While offline retail sales fell 7.1 percent, online retail sales gained 12.0 percent.The decline in sales at brick-and-mortar stores was mostly caused by the effect of the Seollal holiday that fell on February 5 this year. Last year, the same holiday fell on February 16. The earlier holiday meant greater demand for gif date2019-03-28

Korea, China discuss expanding industrial cooperation at 2019 Boao Forum

Trade, Industry and Minister Sung Yun-mo (left) had a meeting with Chinese Industry and Information Technology Minister Miao Wei at the Boao Forum for Asia Annual Conference 2019 held in Hainan on March 28 (local time).During the meeting, the two Ministers discussed ways to enhance win-win cooperation in new industries such as hydrogen cars, autonomous vehicles, and eco-industrial parks in preparation for the Fourth Industrial Revolution.Both sides also agreed to hold the fourth Korea-China Indu date2019-03-28

Minister Sung attends Korea-China luncheon at 2019 Boao Forum in Hainan

Trade, Industry and Minister Sung Yun-mo attended a Korea-China luncheon held to advance cooperation between the two governments and private sectors at the 2019 Boao Forum in Hainan on March 28 (local time).The event was attended by some 100 officials and business leaders from both countries, including former UN Secretary-General Ban Ki Moon, Boao Forum Vice Chairman Zhou Xiaochuan, and Hainan Provincial Government Vice Governor Mao Chaofeng. date2019-03-28

Minister Sung discusses with China’s Energy Administration Director Zhang Jianhua in Beijing

Trade, Industry and Energy Minister Sung Yun-mo (right) had a discussion with Chinese National Energy Administration Director Zhang Jianhua at a meeting held in Beijing on March 27.During the meeting, Minister Sung and Director Zhang explored potential cooperation opportunities between the two countries in a range of areas, including electric power grids, natural gas, renewables, and energy-related new industries.Minister Sung said that further cooperation between Korea and China is needed to re date2019-03-27

Minister Sung meets with China’s Market Regulator Director Zhang Mao in Beijing

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Chinese State Market Regulatory Administration Director Zhang Mao at a meeting held in Beijing on March 27.During the meeting, Minister Sung and Director Zhang agreed to expand bilateral cooperation in various areas, including standards, certification, and safety of products as well as intellectual property protection and new industries.Both officials acknowledged that new approaches to cooperation are necessary to respond to global date2019-03-27