Ministry of Trade, Industry and Energy

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

Korea’s annual chip exports surpass $100 billion for first time

Seoul, Korea - The Ministry of Trade, Industry and Energy hosted the 11th Semiconductor Day at COEX in Seoul on October 25 to commemorate this year’s annual exports of semiconductors that surpassed $100 billion for the first time. This is an unprecedented achievement for any single export item. During his commemoration remarks at the event, Trade, Industry and Energy Minister Sung Yunmo said that this accomplishment was possible because of close public-private cooperation, as well as home date2018-10-25

Minister Sung lauds Korea’s achievement of surpassing annual chip exports of $100 billion

Trade, Industry and Energy Minister Sung Yunmo (third from the left) lauded Korea’s unprecedented achievement of surpassing annual chip exports of $100 billion at the ceremony of the 11th Annual Semiconductor Day that took place at COEX in Seoul on October 25.During his commemorative address at the event, Minister Sung said that this accomplishment was possible because of close public-private cooperation, as well as homegrown companies that made bold endeavors, continuous investments, and date2018-10-25

Minister Sung commemorates Korea’s first implementation of hydrogen fuel cell buses

Trade, Industry and Energy Minister Sung Yunmo (second from right in the first row) attended the ceremony for Korea’s first implementation of hydrogen fuel cell buses to raise public awareness and promote the national spread of fuel cell buses in Ulsan on October 22.During his commemorative address, Minister Sung highlighted that the Korean government plans to expand its support for technological development in fuel cell cars as well as other future car technologies. Seoul also aims to imp date2018-10-23