Ministry of Trade, Industry and Energy

Minister Sung attends MOU signing ceremony between battery makers

Trade, Industry and Energy Minister Sung Yunmo (center) attended the memorandum of understanding (MOU) signing ceremony between Korea’s battery manufacturers that was held in Seoul on November 12.After the MOUs were signed between the three battery makers to create a fund and collaborate on research and development, Minister Sung said in his speech that the Korean government will actively support technology innovation and investment in the battery sector.The event was attended by about 10 date2018-11-12

Minister Sung discusses with Korean business leaders

Trade, Industry and Energy Minister Sung Yunmo (fourth from left in the front row) had a discussion with business leaders of the Korea Chamber of Commerce and Industry (KCCI) at the KCCI building in Seoul on November 12.The meeting was held to listen to the opinions of the industry representatives and to enhance cooperation between the public and private sectors.Among the attendees were KCCI Chairman Park Yongmaan, Tong Yang Moolsan Corp. Chairman Kim Hui Yong, and LG Chem Vice Chairman Park Jin date2018-11-12

Minister Sung appreciates development of textile industry

Trade, Industry and Energy Minister Sung Yunmo (left) appreciated the development of the textile industry during his speech at the commemoration ceremony of the 32nd Textile Day in Seoul on November 9.At the event, Minister Sung said that the textile and fashion industries have been one of the main drivers of Korea’s economic growth and still play a key role in the country’s economy. Minister Sung also emphasized cooperation in manufacturing higher value-added products, developing ne date2018-11-09

Trade Ministry hosts Invest Korea Week 2018 in Seoul

The Ministry of Trade, Industry and Energy held an opening ceremony of the 14th Invest Korea Week (IKW) 2018 to promote Korea to foreign investors in Seoul on November 6.During the ceremony, Deputy Minister for International Trade and Legal Affairs Kim Changkyu (center) emphasized in his speech that Korea is being internationally recognized as an attractive investment destination with improved inter-Korean relations, test beds for new technologies and innovations, extensive free trade agreement date2018-11-06

Vice Minister Cheong awards government prizes on 18th Foreign Company Day

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) awarded government prizes to 46 individuals and organizations that contributed to foreign investment in Korea during a ceremony of the 2018 Foreign Company Day held in Seoul on November 5.During its 18th commemoration, Vice Minister Cheong said that the foreign-invested enterprises in Korea have become one of key contributors to the country’s economy, accounting for 12 percent of the total sales, 20.2 percent of the total ex date2018-11-05

Trade Ministry to enhance industrial cooperation with Bulgaria

The Ministry of Trade, Industry and Energy held the second Korea-Bulgaria Industrial Cooperation Committee with the Korea Trade Commission’s Standing Commissioner Kang Myung-soo (left) and Bulgarian Deputy Minister of Economy Lachezar Borisov leading the talks in Seoul on November 2.The two sides discussed efforts for cooperation in economy, trade, and energy. They also talked about enhancing collaboration between private sectors and providing more support to Korean businesses in Bulgaria. date2018-11-02

Minister Sung and Danish counterpart seek green energy cooperation

Trade, Industry and Energy Minister Sung Yunmo (left) signed with Denmark’s Energy, Utilities and Climate Minister Lars Lilleholt a memorandum of understanding on cooperation in renewable energy and new energy industries at the 8th Korea-Denmark Green Growth Alliance Meeting in Seoul on November 1.During his opening speech at the event, Minister Sung said that the energy transition is inevitable in the current times and that the Ministry plans to expand the supply of renewable energies, st date2018-11-01

Korea’s October exports hit second highest on record

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October rose 22.7 percent year-on-year to USD 55 billion, the second highest on record.This achievement was possible because of both internal and external factors. The internal factors include the Korean firms’ pursuit of manufacturing high value products, diversification of exports items, and balanced growth of exports to foreign destinations. The external factors are strong manufacturing indu date2018-11-01

Vice Minister Cheong emphasizes smart use of data for customized services

Trade, Industry and Energy Vice Minister Cheong Seung-il (center) emphasized to businesses the smart use of data for customized services in the age of the Fourth Industrial Revolution at the Virtual Human Big Data Platform Exhibition and Forum held in the Assembly Members’ Office Building on October 30.At the forum, Vice Minister Cheong said that the big data platform project will provide new business models to small- and medium-sized enterprises and startups, leading to the creation of qu date2018-10-30

Overall retail sales grow 6.9 percent in September

The Ministry of Trade, Industry and Energy announced on October 30 that overall retail sales in September posted a year-on-year increase of 6.9 percent thanks to growths in both online and retail sales.Brick-and-mortar retailers saw a 6.0 percent growth in sales because of the national Chuseok holiday. Last year, the public holiday was in October.Sales of online retailers increased 8.6 percent, the smallest positive change since October 2017, due to the suspension of delivery services during Kor date2018-10-30