Ministry of Trade, Industry and Energy

Korea’s August retail sales post a year-on-year growth of 6.6%

The Ministry of Trade, Industry and Energy announced on September 29 that Korea’s overall retail sales in August rose 6.6 percent compared to the same period last year. Sales of offline retailers edged down 2.4 percent, but those of online retailers jumped 20.1 percent. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chai date2020-09-29

Industry Ministry encourages greater cooperation in biohealth materials, parts, and equipment sectors

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the Cooperation Council for Biohealth Materials, Parts, and Equipment Sectors, in Yeouido, Seoul, on September 24, to strengthen competitiveness of the biohealth industry and facilitate adequate policy support.   The Ministry plans to spend 85.7 billion won (USD 73 million) over the next five years for the development of biohealth products, and encourage cooperation between supply and demand companies to inc date2020-09-28

Minister Sung attends launching ceremony for midsized firm-led digital transformation partnership

Trade, Industry and Energy Minister Sung Yun-mo attended a launching ceremony for the digital transformation partnership led by midsized businesses, on September 23, in the government’s efforts to promote the “Digital New Deal” and the digital-based industrial innovation growth strategy announced in August.   Minister Sung said that this will open the door for many mid-sized companies to digital innovation and new business opportunities through cooperation between suppli date2020-09-23

MOTIE to support 4,000 energy companies by 2025 in Korea’s Green New Deal drive

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) held a conference with representatives from the renewable energy sector and state-run energy companies, on September 22, and announced the Ministry’s plans to discover and encourage energy innovation companies by expanding R&D assistance, boosting private investment, and building foundation for the overall support system.   Under the new strategy, the government will focus its support on the following six pr date2020-09-22

Korea's August EV exports grow 22.2%, share of domestic green car sales set new record

The Ministry of Trade, Industry and Energy announced on September 18 that Korea’s automobile output, domestic sales, and exports in August decreased 6.4 percent, 1.2 percent, and 15.8 percent, respectively. The number of vehicles produced by Korean automakers recorded a year-on-year decline of 6.4 percent to 233,357 units. The primary reason for the decline was the resurgence of COVID-19 and temporary shutdowns of major plants due to the new vehicle line facility constructions at Hyundai date2020-09-18

Minister Sung visits Changwon industrial complex as part of Korea’s Green New Deal initiative

Trade, Industry and Energy Minister Sung Yun-mo made an on-site visit to Changwon National Industrial Complex, one of the seven sites for the “smart green industrial project”, on September 17, in the Korean government’s Green New Deal drive to foster high-tech, eco-friendly industrial complexes.The government plans to designate 15 smart green industrial complexes by 2025, and transform traditional manufacturing sites into digitalized, energy-efficient industrial clusters to imp date2020-09-18

Korea, Myanmar to expand economic ties

Trade, Industry and Energy Minister Sung Yun-mo attended the virtual meeting of Joint Commission on Trade and Industry Cooperation between Myanmar and Korea, on September 16, to discuss bilateral economic cooperation in trade, industry, energy, and investment between the two countries.In particular, the two countries agreed to start the construction of Korea-Myanmar Industrial Complex (KMIC) in December, and continue with cooperation in the construction and infrastructure industries. date2020-09-17

Minister Sung discusses additional support measures for coronavirus-hit industries

Trade, Industry and Energy Minister Sung Yun-mo held the 2nd meeting to check the impact of the resurge in COVID-19 cases on the real economy with industrial representatives at the Jeollabuk-do branch of Korea Industrial Complex Corporation in Gunsan, on September 15, to discuss additional support measures for the virus-hit industries. Minister Sung stressed the need for attention to small and medium-sized businesses which lack financial stabilities, and announced the Ministry’s plans to f date2020-09-15

Korea’s August exports of ICT products rise for 3rd consecutive month, up 0.3% to $15.2 billion

The Ministry of Trade, Industry and Energy announced on September 15 that Korean information and communications technology (ICT) exports posted a year-on-year growth of 0.3 percent to USD 15.2 billion. Imports also rose 4.3 percent to $9.2 billion, and the trade balance stood at a surplus of $6.1 billion. By item, outbound shipments of semiconductors, computers and peripherals went up, while those of displays and mobile phones went down. Chip exports increased 2.6 percent to $8.3 billion. Mem date2020-09-15

MOTIE signs MOU to encourage next generation smart semiconductor development

Trade, Industry and Energy Minister Sung Yun-mo (center) attended a signing ceremony for the memorandum of understanding (MOU) aimed to boost the development of the next generation smart semiconductors at Korea Semiconductor Industry Association in Pangyo, Gyeonggi Province, on September 10. The ceremony was attended by Science and ICT minister Choi Ki-young as well, and the two ministries promised to put efforts together for the technological competitiveness of semiconductor materials, parts, a date2020-09-10