Ministry of Trade, Industry and Energy

Minister Sung shares government’s vision with foreign-invested companies in Korea

Trade, Industry and Energy Minister Sung Yun-mo (fourth from the left) shared with foreign-invested companies the Korean government’s vision for economic and industrial development at a New Year’s meeting held in Seoul on January 22.At the gathering, Minister Sung expressed appreciation for the continuous growth of foreign-invested companies’ contribution to the Korean economy, citing last year’s all-time high foreign direct investment pledges of $26.9 billion.Among the a date2019-01-22

Minister Sung delivers speech to energy industry leaders at New Year’s meeting

Trade, Industry and Energy Minister Sung Yun-mo delivered a speech to energy industry leaders and had conversations with them at a New Year’s meeting held in Seoul on January 21.During his remarks, Minister Sung said the Korean government will focus on implementing the strategy for innovation in manufacturing that was outlined last year as a means to revitalize the country’s economy. He added that it will also develop specific plans for individual energy sectors to help energy transi date2019-01-21

Minister Sung co-chairs first export strategy meeting between public and private sectors

Trade, Industry and Energy Minister Sung Yun-mo co-chaired with the Chairman of the Korea International Trade Association the first export strategy meeting between the public and private sectors in Seoul on January 21.During the meeting, Minister Sung asked the export industry to strive for developing new export items and diversifying export markets. At the same time, he requested export promotion agencies to actively assist export companies. Minister Sung also said that the Korean government wi date2019-01-21

Korea’s auto exports, production grow at double-digit rates in December 2018

The Ministry of Trade, Industry and Energy announced on January 18 that Korea's automobile exports and production in December 2018 grew at double-digit rates compared to a year earlier.Automobile exports last month increased 22.6 percent year-on-year to 219,313 vehicles due to newly introduced models, a base effect, and higher demand for eco-friendly cars. The number of green cars shipped overseas jumped 70.8 percent to 22,933 vehicles.The number of domestic vehicles produced by Korea's seven ma date2019-01-18

Materials, components exports rose 11.8 percent to $316.2 billion in 2018

The Ministry of Trade, Industry and Energy announced on January 17 that exports of 11 types of industrial materials and components in 2018 rose 11.8 percent year-on-year to USD 316.2 billion.Imports also improved 5.3 percent to $177.2 billion, making the trade surplus stand at $139.1 billion.By type, electronic components were responsible for 43.8 percent of the total exports. They were followed by chemical products and primary metals, which represented 15.6 percent and 8.9 percent, respectively date2019-01-17

Korea’s ICT industry posts record-breaking exports of $220.4 billion in 2018

The Ministry of Trade, Industry and Energy announced on January 17 that Korea’s information and communications technology (ICT) Industry posted record-breaking exports of USD 220.4 billion in 2018.Outbound shipments of ICT goods last year increased 11.5 percent compared to 2017, achieving double-digit growth rates for two years in a row. Monthly ICT exports have also been increasing for 24 consecutive months.Imports by the ICT sector in 2018 reached $107.1 billion, resulting in a trade sur date2019-01-17

Minister Sung meets with Saudi ministers to advance bilateral cooperation

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) had a meeting with Saudi Arabia’s Energy Minister Khalid A. Al-Falih (third from the right) and Saudi Economy Minister Mohammed Al-Tuwaijri (second from the right) in the UAE on January 14 (local time).During the ministerial talk, the top officials discussed key issues involving bilateral cooperation in industry and energy, as well as the Korea-Saudi Vision 2030.The ministers agreed to hold the second meeting of the Kor date2019-01-15

Minister Sung visits UAE to enhance industrial bilateral ties

Industry, Trade and Energy Minister Sung Yun-mo (right) met with Abu Dhabi Executive Affairs Authority Chairman Khaldoon Khalifa Al Mubarak in the UAE on January 13 (local time).Minister Sung and Chairman Al Mubarak discussed ways of enhancing bilateral cooperation in industry and investment, including nuclear power plants.Prior to the meeting with Chairman Al Mubarak, Minister Sung also held a gathering to encourage the representatives of the Korean corporations participating in the Barakah pow date2019-01-14

Minister Sung meets with steel industry leaders to share policy directions for 2019

Trade, Industry and Energy Minister Sung Yun-mo (center) met with steel industry leaders to share the Korean government’s 2019 policy directions at a new year’s gathering in Seoul on January 10.During his congratulatory remarks at the meeting, Minister Sung praised their efforts in achieving steel exports of $600 billion last year amid rising global protectionism and other uncertainties.To overcome the challenges posed by internal and external factors this year, Minister Sung asked f date2019-01-10

Vice Minister Cheong delivers speech at conference for global market entry strategies

Trade, Industry and Energy Vice Minister Cheong Seung-il delivered a congratulatory speech at the conference for global market entry strategies in Seoul on January 9.After expressing his gratitude to Korea’s exporters for their efforts, Vice Minister Cheong said that the Korean government will focus on the revitalization and innovation strategies for the manufacturing sector in order to globalize materials, components, and equipment, to encourage smart and eco-friendly operations of major date2019-01-09