Ministry of Trade, Industry and Energy

Fast growing e-commerce boosts retail sales by 4.3% in August

The Ministry of Trade, Industry and Energy announced on September 29 that retail sales increased 4.3 percent to 9.81 trillion won in August on a double-digit growth in online revenues.   Online sales, which account for about a third of the total retail sales, jumped 13.1 percent from a year earlier, while in-store revenues inched up 0.4 percent.    Web-based sales returned to a double-digit year-on-year growth after recording a 4.4-percent increase in July. In-store sales grew date2017-09-29

Minister Paik shares policy directions with foreign investors

Trade, Industry and Energy Minister Paik Ungyu (second from left) spoke at the Ministerial Roundtable for Investors in a hotel in downtown Seoul on September 26. The Ministerial Roundtable for Investors was organized by the Ministry of Trade, Industry and Energy to inform foreign investors the directions of the new government’s economic policies and stable policies on foreign investment. The roundtable was also designed to resolve foreign investors’ concerns stemming from external a date2017-09-26

Korea, India sign agreed minutes at 3rd CEPA Joint Committee meeting

Trade Minister Kim Hyun-chong (left) and India’s Minister of Commerce and Industry Suresh Prabhu posed for a photo with the signed agreed minutes at the third meeting of the Joint Committee on the Korea-India Comprehensive Economic Partnership Agreement (CEPA) held on September 23 at the COEX in southern Seoul. Trade Minister Kim and Minister Prabhu signed the agreed minutes after discussing the Korea-India CEPA, bilateral industrial and technological cooperation, import regulations, and date2017-09-23

Ministry hosts 7th ASEM Economic Ministers’ Meeting in Seoul

Trade, Industry and Energy Minister Paik Ungyu (center) delivered a speech at the opening ceremony of the seventh ASEM (Asia-Europe Meeting) Economic Ministers’ Meeting (ASEM EMM) at the COEX in southern Seoul on September 22. In his opening remarks, Minister Paik called for ASEM member countries’ joint responses to protectionism and support for multilateral trade system.  During the meeting, themed “Innovative Partnership for Inclusive Prosperity of Asia and Europe,&rdq date2017-09-22

ASEM economic ministers voice support for free, multilateral trade system

The Ministry of Trade, Industry and Energy announced on September 22 that members of the Asia-Europe Meeting (ASEM) voiced their support for free trade and multilateral trade regime at the seventh ASEM Economic Ministers’ Meeting (ASEM EMM) in Seoul.    Economic ministers and high-level officials from the 51 ASEM members adopted a joint statement that supports multilateral trade system and calls for joint response to protectionism. The statement also urged ASEM members to make date2017-09-22

Minister Paik discusses economic cooperation with Swedish Trade Minister

Trade, Industry and Energy Minister Paik Ungyu (left) posed for a photo with Sweden’s Minister for EU Affairs and Trade Ann Linde during their meeting at the Government Complex Seoul in downtown Seoul on September 20.  Minister Paik expressed his gratitude for the Swedish Minister’s participation in the seventh ASEM (Asia-Europe Meeting) Economic Ministers’ Meeting, which the Ministry of Trade, Industry and Energy is hosting in Seoul on September 21 and 22. The two Minist date2017-09-20

Korean, US trade ministers meet in Washington DC

The Ministry of Trade, Industry and Energy announced that Trade Minister Kim Hyun-chong met with United States Trade Representative (USTR) Robert Lighthizer on September 20 in Washington D.C. to discuss the Korea-U.S. Free Trade Agreement (KORUS FTA).    During the meeting, the Korean side proposed a second special session of the Joint Committee under the KORUS FTA to continue talks on matters discussed in the first special session held on August 22 in Seoul.    Based on date2017-09-20

Minister Paik discusses investment with semiconductor, display industry leaders

Trade, Industry and Energy Minister Paik Ungyu (right) spoke at a meeting with representatives of the semiconductor and display industries in Seoul on September 18. The meeting was set up for the Minister and business leaders to discuss issues the semiconductor and display industries face in making investments.  In his opening remarks, Minister Paik highlighted the importance of the semiconductor and display industries to the Korean economy as the key players in the Fourth Industrial Revol date2017-09-18

Korea to host 2019 International Renewable Energy Conference

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 15 that Korea won the bid to host the 2019 International Renewable Energy Conference (IREC).   During the 2017 IREC in Mexico, the steering committee of REN21 (Renewable Energy Policy Network for the 21st Century) chose Korea as the next host over strong competitors for the country’s energy transition policy with a focus on renewable energy. Korea is the first Asian country that officially declared gradual shi date2017-09-15

Minister Paik presides meeting with petrochemical industry

Trade, Industry and Energy Minister Paik Ungyu (second from left) spoke at a meeting with leaders of Korea’s petrochemical industry in Seoul on September 14. Minister Paik called for investments by the petrochemical industry, which has shown strong performances this year, to help accelerate the recovery of the Korean economy and create jobs. He also discussed with industry leaders how large petrochemical companies could cooperate with small and medium businesses to achieve mutual growth.& date2017-09-14