Ministry of Trade, Industry and Energy

8th Korea-Guangdong Economic and Trade Development Forum takes place in Seoul

Trade Minister Yoo Myung-hee (third from the left) gave congratulatory remarks at the eighth Korea-Guangdong Economic and Trade Development Forum, which was held in Seoul on April 4 to discuss ways to cooperate in the age of the Fourth Industrial Revolution.During her speech, Trade Minister Yoo highlighted that Korea and the Chinese province of Guangdong need to expedite cooperation as first movers rather than as fast followers.The event was attended by more than 250 participants from government date2019-04-04

Trade Minister Yoo discusses expanding economic ties with China’s Guangdong Governor

Trade Minister Yoo Myung-hee (left) had a meeting with China’s Guangdong Province Governor Ma Xingrui in Seoul on April 4.During the meeting, Minister Yoo and Governor Ma discussed ways to improve bilateral economic ties, including expanding investment between the two sides.The meeting was attended by government officials and business leaders from both countries. date2019-04-04

2nd Korea-Saudi Arabia Vision 2030 Committee Meeting takes place in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) and Saudi Arabia’s Economy and Planning Minister Mohammed Al-Tuwaijri signed an agreed minute at the second Korea-Saudi Vision 2030 Committee Meeting held in Seoul on April 3.During the meeting, the two countries discussed nearly 40 cooperation projects in five different areas and their implementation plans. These five areas are manufacturing and energy, digital and smart infrastructure, capability enhancement, public healthcare and li date2019-04-03

Minister Sung delivers speech at Korea-Saudi Arabia Business Forum in Seoul

Trade, Industry and Energy Minister Sung Yun-mo and Saudi Arabia’s Economy and Planning Minister Mohammed Al-Tuwaijri attended the Korea-Saudi Arabia Business Forum held in Seoul on April 3.The event was attended by more than 350 government officials and business leaders from both countries, including Korea Chamber of Commerce and Industry (KCCI) Vice President Kong Young-Woon, Korea Trade-Investment Promotion Agency (KOTRA) President Kwon Pyung-oh, and Saudi Ambassador to Korea Riyadh Al date2019-04-03

Minister Sung meets with Saudi Economy and Planning Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Saudi Arabia’s Economy and Planning Minister Mohammed Al-Tuwaijri in Seoul on April 3.During the meeting, the two Ministers discussed various bilateral cooperation issues such as the Korea-Saudi Vision 2030 committee and nuclear power industry. date2019-04-03

The 2nd Korea-Saudi Arabia Vision 2030 Committee Meeting takes place in Seoul

Trade, Industry and Energy Minister Sung Yun-mo and Saudi Arabia’s Economy and Planning Minister Mohammad Al-Tuwaijri reviewed the status of bilateral economic cooperation between Korea and Saudi Arabia and discussed future plans at the second Korea-Saudi Vision 2030 Committee Meeting held in Seoul on April 3.During the meeting, the two countries discussed nearly 40 cooperation projects in five different areas of economic cooperation and their implementation plans.In conjunction with this date2019-04-03

Korea’s March exports drop 8.2 percent to $47.1 billion

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 8.2 percent from a year earlier to USD 47.1 billion. Imports fell 6.7 percent to $41.9 billion.The trade balance stood at a surplus of $5.2 billion, remaining positive for 86 straight months. The average daily exports recorded $2.1 billion.The decline in last month’s exports was mainly due to combined effects of external risks and cyclical factors. The former includes the U.S.-Chin date2019-04-01

Minister Sung discusses industry innovation strategies at 2019 Boao Forum

Trade, Industry and Minister Sung Yun-mo participated in a session titled “5G : Bringing Things to Life with IoT” at the 2019 Boao Forum held in Hainan on March 28 (local time).During the session, Minister Sung said Korea is preparing to be the world’s first to commercialize the 5G network. Minister Sung also introduced Korea’s industry innovation strategy that includes autonomous vehicles and smart factories that operate on 5G and Internet of Things (IoT) infrastructure. date2019-03-28

Overall retail sales inch down 0.4 percent in February

The Ministry of Trade, Industry and Energy announced on March 28 that Korea’s overall retail sales in February inched down 0.4 percent compared to the same period last year. While offline retail sales fell 7.1 percent, online retail sales gained 12.0 percent.The decline in sales at brick-and-mortar stores was mostly caused by the effect of the Seollal holiday that fell on February 5 this year. Last year, the same holiday fell on February 16. The earlier holiday meant greater demand for gif date2019-03-28

Korea, China discuss expanding industrial cooperation at 2019 Boao Forum

Trade, Industry and Minister Sung Yun-mo (left) had a meeting with Chinese Industry and Information Technology Minister Miao Wei at the Boao Forum for Asia Annual Conference 2019 held in Hainan on March 28 (local time).During the meeting, the two Ministers discussed ways to enhance win-win cooperation in new industries such as hydrogen cars, autonomous vehicles, and eco-industrial parks in preparation for the Fourth Industrial Revolution.Both sides also agreed to hold the fourth Korea-China Indu date2019-03-28