Ministry of Trade, Industry and Energy

MOTIE hosts 2020 Invest KOREA Week (IKW)

The 2020 Invest KOREA Week (IKW), an investor relations event hosted by the Ministry of Trade, Industry and Energy and organized by Korea Trade-Investment Promotion Agency (KOTRA) kicked off on November 11 with the slogan “Smart Innovation & Safe Growth with Korea”.This year’s event, the 16th of its kind, is held virtually due to COVID-19 concerns and is expected to attract foreign investors through various programs such as Global Innovation Forum, Forum on Leading Industri date2020-11-11

Korea Sale Festa leads to 8.4% rise in credit card revenues over first week of November

Trade, Industry and Energy Ministry announced on November 10 that the 2020 Korea Sale Festa, a 15-day nationwide shopping event that kicked off on November 1, has already achieved better results than expected, with credit card revenues over the first seven days of the festival expanding 8.4 percent compared to the same period last year. date2020-11-10

Minister Sung meets Uzbek counterpart at Joint Committee on Trade and Economic Cooperation

Trade, Industry and Energy Minister Sung Yun-mo met with Uzbek deputy prime minister for investments and foreign trade Sardor Umurzakov virtually at the 10th Joint Committee on Trade and Economic Cooperation between Korea and Uzbekistan on November 6, to call for bilateral trade talks and expanded digital cooperation. date2020-11-06

MOTIE awards companies for attracting foreign investment in high-tech industries

Trade, Industry and Energy Vice Minister Park Jin-kyu attended the 2020 Foreign Company Day event in Seoul, on November 3, and awarded 44 companies for playing important roles in attracting foreign investment in high-tech industries.   Vice Minister Park mentioned that despite challenging circumstances in the global supply chain presented by the virus, foreign direct investment in high-tech materials, parts and equipment have recovered and contributed to the development of related industr date2020-11-04

Industry Ministry to launch new division on future cars

Ministry of Trade, Industry and Energy announced on November 3 that it will launch a new division on future cars, which will be in charge of tasks related to R&D, infrastructure, industry convergence, and global regulations of self-driving and eco-friendly vehicles.According to the Ministry, the future car industry is at the core of the Digital New Deal and the Green New Deal, and the launch of the new division is expected to establish a stronger foundation for the growth of the future car i date2020-11-03

October exports in Korea decrease 3.6% to $45.0 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October saw a year-on-year decline of 3.6 percent to USD 45.0 billion. Imports went down 5.8 percent to $39.0 billion, resulting in a trade surplus of $6.0 billion. The exports in October experienced a slight decrease (down 3.6 percent) due to fewer working days. However, the average daily exports rose 5.6 percent to $2.1 billion, rebounding for the first time in nine months. The average daily expor date2020-11-02

Vice Minister Cheong announces Roadmap for Regulatory Innovation in Robot Industry

Trade, Industry and Energy Vice Minister Cheong Seung-il announced the Roadmap for Regulatory Innovation in the Robot Industry, on October 28, in the government’s efforts to encourage the growth of robot technology in the contact-free economy after pandemic.   Korea plans to allocate 194.4 billion won (USD 171.7 million) next year to the robot industry, which is 32% greater than this year, to the development of manufacturing and service robots. date2020-10-29

MOTIE launches Industrial Digital Transformation Alliance

Trade, Industry and Energy Minister Sung Yun-mo attended the Inaugural Ceremony of the Industrial Digital-Transformation Alliance in Seoul on October 28, launched as a follow-up to the digital-based industrial innovation growth strategy announced in August.The alliance is designed to support digital transformation projects in various industrial sectors, and 150 companies and institutions from the following 6 industries participated this time: future cars, home appliances/electronics, healthcare, date2020-10-28

Minister Sung attends conference to encourage cooperation in smart green industrial complex project

Trade, Industry and Energy Minister Sung Yun-mo held a conference with industrial representatives at Banwol Industrial Complex on October 27, to facilitate the successful implementation of the smart green industrial complex strategy. Minister Sung stressed the importance of solidarity and cooperation beyond digital and green transformations of individual businesses, and mentioned that the project on smart green industrial complexes could play a pivotal role as a symbol of Korean New Deal in the date2020-10-27

Korea, Britain discuss post-corona cooperation in industry and energy

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) met with British Secretary of State for Business, Energy and Industrial Strategy Alok Sharma at Lotte Hotel Seoul, on October 26, and the two countries agreed to cooperate closely in the industrial and energy sectors in the post-corona world.They also participated in the signing ceremony for the agreed minutes of the 6th Science, Technology and Innovation Partnership Committee, in Korea and Britain’s efforts to strength date2020-10-26