Ministry of Trade, Industry and Energy

Korean retail sales post year-on-year growth rate of 6.8 percent in 2018

The Ministry of Trade, Industry and Energy announced on January 30 that Korea’s retail sales in 2018 rose 6.8 percent compared to the previous year.More specifically, online retail sales improved by 15.9 percent, and brick-and-mortar sales inched up 1.9 percent. While both online sales and offline sales posted growth, consumers’ preference towards online shopping was greater due to its convenience that was enhanced by new technologies and bettered delivery services.The Ministry relea date2019-01-30

Trade Minister Kim has bilateral meeting with his EU counterpart in Davos

Trade Minister Kim Hyun-chong (right) had a bilateral discussion with EU Trade Commissioner Cecilia Malmström (left) as an effort to bolster Korea’s exports and new industries during his visit to Davos, Switzerland, from January 22 to 25.Trade Minister Kim also had bilateral meetings with top government officials from other countries such as Saudi Arabia, Canada, the UK, Brazil, and Russia.During his trip to Davos, Trade Minister Kim attended WTO ministerial meetings where he apprecia date2019-01-26

Minister Sung shares government’s industrial policy plans with biotech leaders

Trade, Industry and Energy Minister Sung Yun-mo shared the Korean government’s industrial policy plans with the country’s biotech leaders at a New Year’s meeting in Seoul on January 25.Expressing his gratitude for the development in the biotech sector, Minister Sung laid out four policy directions that would accelerate innovation and promote growth in the industry: improving regulations, creating an innovation ecosystem, building a core infrastructure, and developing new export date2019-01-25

Minister Sung attends inauguration ceremony of tripartite forum for auto industry

Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left), together with Employment and Labor Minister Lee Jae-kap (fourth from the right), attended the inauguration ceremony of the labor-management-government forum for the Korean auto industry that was held in Seoul on January 24.During the meeting, Minister Sung said that the establishment of this tripartite forum will allow future-oriented discussions to take place between the participants based on mutual trust, providing opportu date2019-01-24

Vice Minister Cheong attends 2019 Drone Show Korea in Busan

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) and Science Vice Minister Mun Mi-ock (fourth from the right) gave welcoming remarks at the opening ceremony of 2019 Drone Show Korea held in Busan on January 24.During his speech, Vice Minister Cheong introduced the Korean government’s support plans for the drone sector, adding that the competitiveness of the drone industry would require business skills as well as the technology the market wants. He also visited the exhibiti date2019-01-24

Minister Sung appreciates machine industry for its contribution to exports

Trade, Industry and Energy Minister Sung Yun-mo expressed appreciation to the Korean machine industry for its contribution to exports last year during his speech at a New Year’s meeting in Seoul on January 23.Minister Sung emphasized that the Korean government will bolster its support for the machine sector as it underpins the nation’s industrial competitiveness. He added that the government will also push ahead with projects that involve developing smart construction machines and sm date2019-01-24

Trade Minister Kim meets with UK counterpart to discuss bilateral trade ties in Davos

Trade Minister Kim Hyun-chong (right) met with UK International Trade Secretary Liam Fox to discuss bilateral trade ties during his visit to Davos, Switzerland, on January 23 (local time).During the meeting, the two top trade officials agreed that it is necessary to minimize the potential impact of Brexit outcomes on trade between the two countries and their economies. date2019-01-24

Minister Sung shares government’s vision with foreign-invested companies in Korea

Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left) shared with foreign-invested companies the Korean government’s vision for economic and industrial development at a New Year’s meeting held in Seoul on January 22.At the gathering, Minister Sung expressed appreciation for the continuous growth of foreign-invested companies’ contribution to the Korean economy, citing last year’s all-time high foreign direct investment pledges of $26.9 billion.Among the a date2019-01-22

Minister Sung delivers speech to energy industry leaders at New Year’s meeting

Trade, Industry and Energy Minister Sung Yun-mo delivered a speech to energy industry leaders and had conversations with them at a New Year’s meeting held in Seoul on January 21.During his remarks, Minister Sung said the Korean government will focus on implementing the strategy for innovation in manufacturing that was outlined last year as a means to revitalize the country’s economy. He added that it will also develop specific plans for individual energy sectors to help energy transi date2019-01-21

Minister Sung co-chairs first export strategy meeting between public and private sectors

Trade, Industry and Energy Minister Sung Yun-mo co-chaired with the Chairman of the Korea International Trade Association the first export strategy meeting between the public and private sectors in Seoul on January 21.During the meeting, Minister Sung asked the export industry to strive for developing new export items and diversifying export markets. At the same time, he requested export promotion agencies to actively assist export companies. Minister Sung also said that the Korean government wi date2019-01-21