Ministry of Trade, Industry and Energy

Korean and Chinese ministers discuss stronger industrial cooperation

Trade, Industry and Energy Minister Paik Ungyu (right) met China’s Minister of Industry and Information Technology Miao Wei in Beijing on December 14. During the meeting, the two ministers exchanged views on strengthening bilateral industrial cooperation in new business areas, especially in preparation for the Fourth Industrial Revolution. The Ministry of Trade, Industry and Energy and the Chinese Ministry of Industry and Information Technology signed a memorandum of understanding on stra date2017-12-14

Automobile exports grow 3.4% on strong sales of eco-friendly cars in November

The Ministry of Trade, Industry and Energy announced on December 12 that exports of automobiles grew 3.4 percent to $4.1 billion on strong sales of eco-friendly cars and large vehicles in November.    Meanwhile, production and domestic sales by number of vehicles contracted 8 percent and 1.2 percent, respectively.   Automobile exports by value climbed in November although the number of vehicles shipped abroad declined 8 percent to 237,083.    Korean carmakers expor date2017-12-12

Minister Paik presides public-private meeting on industrial innovation

Trade, Industry and Energy Minister Paik Ungyu (right) spoke at the meeting with business leaders and policy experts to discuss industrial innovation at a hotel in southern Seoul on December 6.  Minister Paik presided the meeting, which was designed to address responses to changes in the global industries such as the Fourth Industrial Revolution as well as innovative industrial growths. At the meeting, the Minister delivered opening remarks and discussed the direction of the government&rsq date2017-12-06

Ministry hosts 54th Trade Day ceremony

Trade, Industry and Energy Minister Paik Ungyu (second from right in the front row) and Trade Minister Kim Hyun-chong (right in the front row) attended the 54th Trade Day ceremony at the COEX in southern Seoul on December 5.  The Ministry and the Korea International Trade Association (KITA) hosted the Trade Day ceremony to celebrate the recovery of trade and encourage businesses that have contributed to growths in exports and the Korean industries’ expansion to overseas markets. Six date2017-12-05

Korea’s exports grow 9.6% to $50 billion in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korea’s exports in November grew 9.6 percent to USD 50 billion, a record for the month.  Exports of goods rose for the 13th consecutive month for the first time in 71 months since December 2011. The average daily exports of goods rose by 9.6 percent to $2.1 billion. Won-denominated exports increased 4.3 percent to 54.9 trillion won.  The total exports between January and November reached an all-time high of date2017-12-01

Retail sales grow 3% in October

The Ministry of Trade, Industry and Energy announced on November 29 that Korea’s retail sales grew 3 percent to 10.13 trillion won in October from a year ago.    Online sales, which account for about a third of the total retail sales, rose by 4.2 percent, a relatively slow pace compared to past months due to the suspension of delivery services during the Chuseok holiday between October 3 and 9. In-store sales climbed 2.5 percent.   By product, sales in five of seven majo date2017-11-29

Minister Paik meets French Minister for Ecological and Inclusive Transition

Trade, Industry and Energy Minister Paik Ungyu (right) posed for a photo with French Minister for the Ecological and Social Transition Nicolas Hulot during his visit to Paris, France on November 28.  During their meeting, Minister Paik and Minister Hulot exchanged views on the two countries’ energy policies and potential cooperation in fields of renewable energy and decommissioning of nuclear reactors. The Ministers signed a letter of intent for bilateral energy cooperation, which co date2017-11-28

Minister Paik discusses energy ties with UK’s Energy Secretary

Trade, Industry and Energy Minister Paik Ungyu (right) posed for a photo with Secretary of State for Business, Energy and Industrial Strategy (BEIS) Greg Clark during his visit to London, United Kingdom, on November 27.  During their meeting, Minister Paik and his counterpart Secretary Clark discussed ways of expanding cooperation in the nuclear power sector, ranging from construction and decommissioning of nuclear power plants, and promoting technological cooperation as part of efforts to date2017-11-27

Minister Paik attends Korea-Uzbekistan Business Forum

Trade, Industry and Energy Minister Paik Ungyu (third from left) posed for a photo with Uzbekistan’s President Shavkat Mirziyoyev (center) as well as government officials and business leaders from Korea and Uzbekistan at the Korea-Uzbekistan Business Forum at a hotel in Seoul on November 23.  The Korea Chamber of Commerce and Industry (KCCI) hosted the Business Forum with the Ministry of Trade, Industry and Energy and Uzbekistan’s National Investment Commission to celebrate the date2017-11-23

Trade Minister discusses economic cooperation with Russia’s Deputy Minister of Economic Development

Trade Minister Kim Hyun-chong (left) shook hands with Russia’s Deputy Minister of Economic Development Aleksey Gruzdev during his visit to Moscow, Russia on November 21.  Trade Minister Kim and Deputy Minister Gruzdev exchanged views on bilateral economic cooperation as well as a potential free trade agreement between Korea and the Eurasian Economic Union (EAEU). Member states of the EAEU include Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.    date2017-11-21