Ministry of Trade, Industry and Energy

Korea, Malaysia announce official launch of FTA talks

Trade Minister Yoo Myung-hee (center) had a video conference with Malaysian International Trade and Industry Minister Darell Leiking in the Government Complex Gwacheon to officially announce the launch of Korea-Malaysia Free Trade Agreement negotiations on June 27.The two sides agreed to work towards signing the deal by this November when the Korea-Association of Southeast Asian Nations (ASEAN) special summit is scheduled to take place in Busan, Korea’s largest port city. date2019-06-28

Overall retail sales in Korea improve 8% in May

The Ministry of Trade, Industry and Energy announced on June 27 that Korea’s overall retail sales in May saw a year-on-year growth of 8.0 percent as both offline and online retailers experienced sales improvement.Specifically, sales of brick-and-mortar stores inched up 1.9 percent compared to the same period last year, while those of web-based retailers jumped 18.1 percent.The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and- date2019-06-27

Minister Sung discusses bilateral ties with Saudi Energy Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) had a meeting with Saudi Arabian Energy Minister Khalid Al-Falih in Seoul on June 27 to discuss the Korea-Saudi Vision 2030 and cooperation in nuclear energy.The day before the meeting, the two Ministers signed memoranda of understanding (MOUs) for cooperation in the automobile industry and hydrogen economy in the presence of President Moon Jae-in and Saudi Crown Prince Mohammed bin Salman. date2019-06-27

Minister Sung attends Seoul Climate and Energy Summit 2019

Trade, Industry and Energy Minister Sung Yun-mo (fifth from the left in the front row) delivered a congratulatory speech at the Seoul Climate and Energy Summit 2019 that took place in the capital of Korea on June 27.Held under the title of “Globalization 4.0 and the Paris Agreement as Smart City Strategy,” the event attracted some 300 participants, including Climate Change Center Chairman Kang Chang-hee, Seoul Mayor Park Won-soon, and Korea Energy Agency President Kim Chang-seop. date2019-06-27

Korea, Indonesia hold industry ministerial meeting in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) had a meeting with Indonesia’s Industry Minister Airlangga Hartarto in Seoul on June 26.The two Ministers discussed ways to expand bilateral trade and to improve cooperation in key industries such as steel, petrochemicals, and automobiles. date2019-06-26

Korean universities launch programs to train students in system chip design

Trade, Industry and Energy Vice Minister Cheong Seung-il (center in the front row) visited Seongnam, near Seoul, on June 25 to join the launching ceremony of new university programs aimed at training students to be experts in system semiconductor design.Starting the second semester of this year, 13 universities in Korea will offer 3rd year undergraduate courses related to chip design in existing departments such as electrical engineering. From 2021, these programs are expected to produce more th date2019-06-25

ICT industry exports $14.3 billion worth of goods in May

The Ministry of Trade, Industry and Energy announced on June 21 that Korean information and communications technology (ICT) exports in May decreased 22.6 percent year-on-year to USD 14.3 billion, declining for seven straight months.Imports, on the other hand, grew 10.8 percent to $9.7 billion, and the trade balance in this sector was a surplus of $4.6 billion.Decreases were experienced in exports of semiconductors, displays, mobile phones, and computers and peripheral devices.Outbound shipments date2019-06-21

Korea, Russia announce launch of FTA talks in service, investment

Trade Minister Yoo Myung-hee (left) and Russia’s Economic Development Minister Maxim Oreshkin signed the joint statement on the official launch of negotiations for a Korea-Russia free trade agreement in service and investment at a meeting held in Moscow on June 20 (local time).After the signing, Trade Minister Yoo visited the Skolkovo Innovation Center to discuss innovation and cooperation between Korean and Russian businesses. date2019-06-21

Minister Sung visits 5G-based smart office in Seoul

Trade, Industry and Energy Minister Sung Yun-mo, together with Science Minister You Young-min, Education Minister Yoo Eun-hae, and Health Minister Park Neung-hoo, visited a 5G smart office located in Seoul on June 20.During the visit, the Ministers observed demonstrations of various 5G-based technologies such as robot baristas, virtual meetings, and cooperative robots. The presentations were followed by a meeting between the public and private sectors that was held to promote 5G business-to-busi date2019-06-20

2019 Korea Hydrogen Expo takes place in Seoul

Trade, Industry and Energy Minister Sung Yun-mo delivered a keynote speech at the opening ceremony of the 2019 Korea Hydrogen Expo held in Dongdaemun Design Plaza, Seoul, on June 19.The opening event was attended by some 200 officials, including National Assembly Hydrogen Economy Forum Chairman Kim Young-choon, SMEs and Startups Minister Park Young-sun, Environment Minister Cho Myung-rae, and Seoul Mayor Park Won-soon.The country’s hydrogen showcase is scheduled to take place from June 19 date2019-06-19