Ministry of Trade, Industry and Energy

Vice Minister Cheong meets with French Minister of State Mahjoubi to discuss industrial cooperation

Trade, Industry and Energy Vice Minister Cheong Seung-il (left) met with France’s Minister of State for the Digital Sector Mounir Mahjoubi to discuss industrial and economic ties between Korea and France in Seoul on February 19.At the meeting, Vice Minister Cheong talked about bolstering bilateral cooperation in new industries, including their trade and investment, and in the hydrogen economy that would see more hydrogen-powered vehicles on the road. date2019-02-19

Trade Minister Kim discusses changing trade conditions with commercial attaches

Trade Minister Kim Hyun-chong (center) discussed changing trade conditions and measures necessary to respond to them with Korean commercial attaches at the Sejong Government Complex on February 13.During the discussion, Trade Minister Kim underscored that protectionism and the Fourth Industrial Revolution are shifting the current global value chains to regional ones and that this places greater importance on the coordination between industry and trade policies. Trade Minister Kim stressed that t date2019-02-13

Vice Minister Cheong to lead efforts for public-private investment promotion

Trade, Industry and Energy Vice Minister Cheong Seung-il (fourth from the left) attended the inauguration ceremony for the “Public-Private Investment Promotion Group” held at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on February 12.As the head of the group, Vice Minister Cheong emphasized during his opening remarks that investment is integral to economic growth, future competitiveness, and job creation. Asking for cooperation between the public and private sectors, h date2019-02-12

Industry Ministry announces 1st set of ‘regulatory sandbox’ cases for new business models

Trade, Industry and Energy Minister Sung Yun-mo presided over the first committee meeting on reviewing regulatory exemptions for new business models in Seoul on February 11.The meeting was held based on the newly-launched “regulatory sandbox” bill with a goal of bolstering innovation-driven new industries beyond the current regulatory challenges.After deliberations, the committee decided to approve regulatory exemption requests for three demonstration projects that are prohibited und date2019-02-11

Trade Minister Kim discusses export promotion strategies for 2019

Trade Minister Kim Hyun-chong (second from the left) discussed export promotion strategies for 2019 with industry groups and government officials at a meeting held at the Korea Trade Insurance Corporation (K-sure) in Seoul on February 11.During the meeting, Trade Minister Kim said that amid growing uncertainties in the global trade scene, the Korean government will make every effort to revitalize exports by strategically responding to trade conditions.The topics for the discussion included expor date2019-02-11

Minister Sung discusses industrial revitalization and innovation with think tank leaders

Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left) discussed industrial revitalization and innovation at a meeting with Korean think tank leaders that took place at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on February 7.At the meeting, Minister Sung mentioned that while recent difficult export conditions largely resulted from the impact of external factors such as the U.S.-China trade dispute, a global economic slowdown, and falling oil prices, now is the ti date2019-02-07

Trade Minister Kim extends outreach to US lawmakers

Trade Minister Kim Hyun-chong (right) had meetings with U.S. Representative Kay Granger of Texas (left) and other Congress members, including Sen. Joni Ernst and Reps. Rob Woodall, Andy Kim, and Jackie Walorski, during his trip to Washington, D.C., from January 29 to February 6.During the meetings, Trade Minister Kim underlined that Korea should be exempt from potential Section 232 tariffs on auto and auto parts in order to deepen the future-oriented economic partnership between the two allies.T date2019-02-06

Trade Minister Kim talks with Trump administration’s economic team

Trade Minister Kim Hyun-chong (left) had talks with key economic team members of the Trump administration including U.S. National Economic Council Director Larry Kudlow (right), U.S. Commerce Department Secretary Wilbur Ross, and U.S. Trade Representative Robert Lighthizer during his visit to Washington, D.C., from January 29 to February 6.During the talks, Trade Minister Kim emphasized that Korea should be spared from potential Section 232 auto and auto parts tariffs, considering the closer, fu date2019-02-06

Korea’s January exports decrease 5.8 percent to $46.4 billion

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January decreased 5.8 percent to USD 46.4 billion compared to the same period last year.Its imports also slipped 1.7 percent to $45.0 billion, but its trade balance remained positive at $1.3 billion, making the country a net exporter for 84 consecutive months.Exports last month were affected by many external factors such as the U.S.-China trade dispute and the falling prices of semiconductors and oil date2019-02-01

Trade Minister Kim meets with US Senator Steve Daines in Washington, DC

Trade Minister Kim Hyun-chong (left) met with U.S. Senator Steve Daines of Montana in Washington, D.C., on January 30 (local time) to explain Korea’s stance on the U.S. Commerce Department’s Section 232 probe into auto imports. date2019-01-31