Ministry of Trade, Industry and Energy

Korea attracts DuPont investment to diversify EUV photoresist supply

Trade, Industry and Energy Minister Sung Yun-mo (center) met with DuPont president Jon Kemp (right) in San Francisco, on January 8 (local time), to confirm DuPont’s investment decision, which includes the plan to build a production line of EUV photoresist, a key material used to make chips, in Korea by 2021.The global chemical firm will invest $28 million to build production lines by 2021 for EUV photoresists and chemical mechanical planarization (CMP) pads, both of which are key materials date2020-01-09

Minister Sung discusses future car industry at CES 2020

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Uber Elevate Head Eric Allison (right) in Las Vegas, on January 7 (local time), to discuss the future of the automotive industry as well as the measures to expand cooperation in flying car projects.   Uber Elevate, an internal team at Uber Technologies working toward aerial ridesharing, has teamed up with Hyundai Motor to develop aerial transportation.   Minister Sung proposed cooperation and investment possibilities, date2020-01-08

Vice Minister Cheong holds meeting with petrochemical firms after Iran attack

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) held a meeting with government officials and representatives from the petrochemical firms in Seoul, on January 8, to discuss the impact of the recent U.S. and Iran conflict on global oil prices as well as the contingency plans in case tensions escalate in the Middle East area after the Iranian attack on the U.S. forces in Iraq.Vice Minister Cheong said that the government, related agencies and industries will undertake a full-scale date2020-01-08

FDI pledged to Korea reach $20 billion five years in a row

The Ministry of Trade, Industry and Energy announced on January 6 that foreign direct investments (FDI) pledged to Korea in 2019 hit USD 23.3 billion, marking the second highest in history and reaching $20 billion for the fifth consecutive year. FDI commitments dipped 13.3 percent last year, compared with the record high $26.9 billion in 2018. However, the figure in 2019 slightly exceeded the recent five-year average of $23.1 billion, and the Ministry said that it is an indication that Korea ha date2020-01-07

Minister Sung visits Korean hydrogen fluoride manufacturer

Trade, Industry and Energy Minister Sung Yun-mo (center) made an on-site visit to the plant of Soulbrain, a Korean manufacturer of hydrogen fluoride, located in Gongju, South Chungcheong Province on January 2, in order to encourage the firm’s achievement in contributing to the domestic supply of high purity hydrofluoric acid to local chips and display makers.The Ministry said since Soulbrain expanded the production volume through establishment and enlargement of related facilities, domesti date2020-01-02

Korea’s trade value reaches $1 trillion in 2019 for the third consecutive year despite challenges in global trade

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s trade value in 2019 reached USD 1 trillion for the third year. Although the country’s annual exports marked a 10.3 percent drop to $542.4 billion and imports saw a 6.0 percent decrease to $503.2 billion, Korea achieved the overall trade value of 1 trillion dollars and remained as a net exporter for the 11th consecutive year with a trade surplus of $39.2 billion.Despite a downturn in semiconductors, pe date2020-01-02

Both online and offline retail sales grow in November

The Ministry of Trade, Industry and Energy announced on December 25 that Korea’s overall retail sales in November grew 7.5 percent from a year earlier. This rise was a result of increases in sales at both online and offline retailers partly due to this year’s Korea Sales Festa that was held last month. The nation’s largest annual shopping festival provides discount benefits to consumers.The analysis was based on surveys of 26 major retailers. Half of them are offline retailers: date2019-12-27

ICT exports in November total $14.3 billion

The Ministry of Trade, Industry and Energy announced on December 22 that Korea’s November exports of information and communications technology (ICT) goods amounted to USD 14.3 billion. Imports of these items reached $9.1 billion, and the trade surplus in this sector was $5.2 billion.Exports fell 21.8 percent compared to the same period last year as a result of falling shipments of semiconductors, display panels, and mobile phones.By item, semiconductor exports dropped 30.7 percent year-on- date2019-12-23

Minister Sung discusses policy directions for Renewable Energy 3020 initiative

Trade, Industry and Energy Minister Sung Yun-mo (fifth from the right) discussed next year’s policy directions for the Ministry's “Renewable Energy 3020” initiative at the 2nd Renewable Energy Policy Meeting held in Seoul on December 20 with government officials and representatives from energy industries. date2019-12-20

Vice Minister Cheong meets with Sweden’s State Secretary to Minister for Industry and Innovation

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) met with Sweden’s State Secretary to Minister for Business, Industry and Innovation Emil Högberg in Seoul on December 18. They explored ways to foster broad cooperation between the two countries on areas ranging from future mobility to biohealth. date2019-12-19