Ministry of Trade, Industry and Energy

Industry Minister Sung announces policy roadmap for Korea’s future mobility

Trade, Industry and Energy Minister Sung Yun-mo rolled out a policy roadmap for Korea's future mobility on Oct 15. The roadmap includes a goal to lift the country's share of the world's electric and hydrogen-powered vehicle market to 10% by 2030 from the current 4%. date2019-10-17

FDI pledged to Korea increases 4.8% to $3.6 billion in Q3

The Ministry of Trade, Industry and Energy announced on October 10 that the foreign direct investment (FDI) pledged to Korea was USD 3.6 billion in the third quarter, posting a year-on-year growth of 4.8 percent after four straight quarters of contraction. Cumulative announced FDI inflows so far this year totaled $13.5 billion, indicating that the annual goal of attracting $20 billion will be well achievable.FDI pledged from July to September exhibited three characteristics.First, FDI continued date2019-10-11

Minister Sung meets with Colombian Commerce Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Colombian Commerce, Industry and Tourism Minister Jose Manuel Restrepo Abondano in Seoul on Oct 8.   The two ministers exchanged views on ways to boost trade and investment between Korea and Colombia. date2019-10-08

Minister Sung attends Korea-Germany tech conference in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (center) delivered a congratulatory speech at the Korea-Germany tech conference in Seoul on Oct 8. The conference was part of efforts to strengthen partnership with Germany in parts, materials and equipment sectors.   Minister Sung also attended the MOU signing ceremony between the Korea International Trade Association (KITA) and the Korean-German Chamber of Commerce and Industry (KGCCI) at the conference. date2019-10-08

Trade Ministry releases a statement on Japan’s export restrictions imposed on Korea since July

The Ministry of Trade, Industry and Energy on October 1 released the government of the Republic of Korea’s statement on Japan’s export restrictions against Korea as 90 days have passed since the July imposition of Japan’s measure.Read the statement here: date2019-10-01

September exports decrease 11.7% to $44.7 billion

The Ministry of Trade, Industry and Energy announced on October 1 that Korean exports in September decreased 11.7 percent year-on-year to USD 44.7 billion. Imports fell 5.6 percent to $38.7 billion and the trade balance recorded a surplus of $6.0 billion, remaining positive for 92 consecutive months.The fall in exports was affected by unfavorable external conditions such as the U.S.-China trade conflict and Japan’s stricter export restrictions against Korea. Another factor that contributed date2019-10-01

Korean retail industry sees 7% increase in sales in August

The Ministry of Trade, Industry and Energy announced on September 29 that the Korean retail industry saw a 7.0 percent year-on-year increase in sales in August. Sales at brick-and-mortar stores advanced 2.1 percent, while sales at online retailers rose 15.2 percent.These results are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSM) operators. The oth date2019-09-30

Minister Sung meets with IEA Executive Director

Trade, Industry and Energy Minister Sung Yun-mo (left) had a meeting with IEA Executive Director Fatih Birol and exchanged views on global energy security, energy transition and the hydrogen economy in Seoul on Sep 27. date2019-09-27

Trade Minister Yoo meets with foreign investors in materials & components industry in Seoul

Trade Minister Yoo Myung-hee (center) discussed current trade and industry issues with foreign investors in the materials and components industry in Seoul on Sep 26.   The meeting was attended by more than 30 government officials and business leaders from foreign-invested companies including 3M Korea, DuPont Korea and Merck Korea. date2019-09-27

Minister Sung meets with US Secretary of Commerce

Trade, Industry and Energy Minister Sung Yun-mo (left) and U.S. Secretary of Commerce Wilbur Ross discussed ways to expand trade and investment between Korea and the U.S. in a meeting held in New York. During the talks, Minister Sung stressed Korea should be exempted from potential U.S. auto tariffs. date2019-09-25