Ministry of Trade, Industry and Energy

Industry Ministry announces 1st set of ‘regulatory sandbox’ cases for new business models

Trade, Industry and Energy Minister Sung Yun-mo presided over the first committee meeting on reviewing regulatory exemptions for new business models in Seoul on February 11.The meeting was held based on the newly-launched “regulatory sandbox” bill with a goal of bolstering innovation-driven new industries beyond the current regulatory challenges.After deliberations, the committee decided to approve regulatory exemption requests for three demonstration projects that are prohibited und date2019-02-11

Trade Minister Kim discusses export promotion strategies for 2019

Trade Minister Kim Hyun-chong (second from the left) discussed export promotion strategies for 2019 with industry groups and government officials at a meeting held at the Korea Trade Insurance Corporation (K-sure) in Seoul on February 11.During the meeting, Trade Minister Kim said that amid growing uncertainties in the global trade scene, the Korean government will make every effort to revitalize exports by strategically responding to trade conditions.The topics for the discussion included expor date2019-02-11

Minister Sung discusses industrial revitalization and innovation with think tank leaders

Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left) discussed industrial revitalization and innovation at a meeting with Korean think tank leaders that took place at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on February 7.At the meeting, Minister Sung mentioned that while recent difficult export conditions largely resulted from the impact of external factors such as the U.S.-China trade dispute, a global economic slowdown, and falling oil prices, now is the ti date2019-02-07

Trade Minister Kim extends outreach to US lawmakers

Trade Minister Kim Hyun-chong (right) had meetings with U.S. Representative Kay Granger of Texas (left) and other Congress members, including Sen. Joni Ernst and Reps. Rob Woodall, Andy Kim, and Jackie Walorski, during his trip to Washington, D.C., from January 29 to February 6.During the meetings, Trade Minister Kim underlined that Korea should be exempt from potential Section 232 tariffs on auto and auto parts in order to deepen the future-oriented economic partnership between the two allies.T date2019-02-06

Trade Minister Kim talks with Trump administration’s economic team

Trade Minister Kim Hyun-chong (left) had talks with key economic team members of the Trump administration including U.S. National Economic Council Director Larry Kudlow (right), U.S. Commerce Department Secretary Wilbur Ross, and U.S. Trade Representative Robert Lighthizer during his visit to Washington, D.C., from January 29 to February 6.During the talks, Trade Minister Kim emphasized that Korea should be spared from potential Section 232 auto and auto parts tariffs, considering the closer, fu date2019-02-06

Korea’s January exports decrease 5.8 percent to $46.4 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January decreased 5.8 percent to USD 46.4 billion compared to the same period last year.Its imports also slipped 1.7 percent to $45.0 billion, but its trade balance remained positive at $1.3 billion, making the country a net exporter for 84 consecutive months.Exports last month were affected by many external factors such as the U.S.-China trade dispute and the falling prices of semiconductors and oil date2019-02-01

Trade Minister Kim meets with US Senator Steve Daines in Washington, DC

Trade Minister Kim Hyun-chong (left) met with U.S. Senator Steve Daines of Montana in Washington, D.C., on January 30 (local time) to explain Korea’s stance on the U.S. Commerce Department’s Section 232 probe into auto imports. date2019-01-31

Trade Minister Kim meets with US Senator David Perdue in Washington, DC

Trade Minister Kim Hyun-chong (right) had a meeting with U.S. Senator David Perdue of Georgia in Washington, D.C., on January 30 (local time) to convey Korea’s stance on the U.S. Commerce Department’s Section 232 auto investigation. date2019-01-31

Minister Sung gives congratulatory remarks to smart medical device makers

Trade, Industry and Energy Minister Sung Yun-mo (right) gave congratulatory remarks at the inauguration ceremony of the “Korea Smart Medical Device Industrial Promotion Foundation” held in Seongnam on January 30.During his speech, Minister Sung emphasized the importance of cooperation between hospitals and medical device makers for the further development of the industry as well as for creating demand in both domestic and foreign markets. He added that the Korean government will supp date2019-01-30

Trade Minister Kim discusses with US Senator Chuck Grassley in Washington, DC

Trade Minister Kim Hyun-chong (right) had a meeting with U.S. Senate Finance Committee Chairman Chuck Grassley (left) in Washington, D.C., on January 29 (local time).During the meeting, Trade Minister Kim delivered Korea’s stance on the U.S. Department of Commerce’s Section 232 investigation into auto tariffs. date2019-01-30