Ministry of Trade, Industry and Energy

Korea, Uzbekistan hold 9th trade and economy meeting in Tashkent

Trade, Industry and Energy Minister Sung Yun-mo (right) co-chaired with Uzbekistan Deputy Prime Minister Ganiev Elyor Majidovich the ninth Korea-Uzbekistan Joint Committee for Trade and Economic Cooperation Meeting held at the International Business Center in Tashkent on March 4 (local time).The two delegations discussed ways of enhancing bilateral ties in an array of areas such as trade and investment, industry and technology, and energy and resources.During his opening remarks at the event, Mi date2019-03-04

Trade Minister Kim gives speech to government officials at his farewell ceremony in Sejong

Trade Minister Kim Hyun-chong delivered a speech to government officials at his farewell ceremony at the Sejong Government Complex on March 4.Among the attendees at the event were all Ministry officials and senior staff from the Korean Agency for Technology and Standards (KATS).Trade Minister Kim was appointed second vice chief of the National Security Office on February 28. date2019-03-04

Korea’s exports decrease 11.1 percent to $39.6 billion in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports in February reached USD 39.6 billion, down 11.1 percent from the same period last year.Imports also went down 12.6 percent to $36.5 billion, but the trade balance recorded $3.1 billion, remaining positive for 85 consecutive months.Last month’s exports fell at a faster rate compared to January’s outbound shipments, which declined 5.9 percent year-on-year. However, average exports per working day date2019-03-01

2nd committee meeting approves ‘regulatory sandbox’ program requests for five new business models

Trade, Industry and Energy Minister Sung Yun-mo chaired the second committee meeting on deliberating regulatory exemption and temporary permission requests for five new, high-tech business models at the Korea Technology Center in Seoul on February 27.The primary aim for approving regulatory sandbox programs is to bolster innovation-driven growth by allowing companies and enterprises to keep pace with rapid technological and market changes.After the reviews, the committee agreed to accept all of date2019-02-27

Overall retail sales in January gain 10.6 percent with online sales expanding at 17.3 percent

The Ministry of Trade, Industry and Energy announced on February 27 that Korea’s overall retail sales in January gained 10.6 percent compared to the same period last year.Offline retailers saw a sales improvement of 6.5 percent thanks to the Lunar New Year holiday that fell in early February. Increased sales of gift sets for the holiday led to sales growth in all types of stores. January’s year-on-year expansion was the largest for brick-and-mortar stores since February 2018.Sales at date2019-02-27

Minister Sung visits pharmaceutical company to stress Korean government’s commitment to export industries

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) stressed the Korean government’s commitment to export industries during his visit to a factory of Daewoong Pharmaceutical located in the Osong Life Science Complex in Cheongju on February 25.During his speech, Minister Sung said that the Ministry will develop tailored export promotion measures not only for major export items but also for highly promising products like pharmaceuticals. He added that the Ministry and rele date2019-02-25

Vice Minister Cheong gives New Year’s address to representatives of new, renewable energy industry

Trade, Industry and Energy Vice Minister Cheong Seung-il delivered a New Year’s address to representatives of Korea’s new and renewable energy industry at a meeting in Seoul on February 22.The gathering was held to express gratitude for efforts made by the new energy sector and to reiterate commitment to smooth implementation of the “Renewable Energy 3020” initiative.The meeting was attended by some 150 participants, including Korea New and Renewable Energy Association (K date2019-02-22

Korea, Turkmenistan hold 7th joint economic committee to strengthen bilateral ties

Trade, Industry and Energy Minister Sung Yun-mo (left) discussed with Turkmenistan Deputy Prime Minister of Petroleum and Mineral Resources Myratgeldi Meredov ways to enhance bilateral cooperation in economy, industry, energy, resources, and other key areas at the seventh Korea-Turkmenistan Joint Economic Committee held in Seoul on February 22.During the opening remarks, Minister Sung emphasized the importance of boosting the cooperation between the two countries as he reviewed the successful co date2019-02-22

Minister Sung meets with Indian Prime Minister Modi at Korea-India Business Symposium

Trade, Industry and Energy Minister Sung Yun-mo (left) met with India’s Prime Minister Narendra Modi and delivered welcoming remarks at the Korea-India Business Symposium held in Seoul on February 21.The event was attended by over 300 business leaders and officials from both countries, including Korea-India Economic Cooperation Committee Chairman Kong Young-woon and Indian Ambassador to Korea Sripriya Ranganathan. date2019-02-21

ICT exports reach $14.5 billion, imports amount to $9.4 billion in January

The Ministry of Trade, Industry and Energy announced on February 21 that Korea’s information and communications technology (ICT) Industry in January totaled USD 14.5 billion in exports and $9.4 billion in imports. The trade surplus stood at $5.1 billion.Outbound shipments of ICT goods last month decreased 18.2 percent compared to the same period of the previous year. This is attributable to declines in exports of semiconductors, displays, and mobile phones.By item, the value of semiconduct date2019-02-21