Ministry of Trade, Industry and Energy

Retail sales jump 8.4% on steep rise in online shopping in September

The Ministry of Trade, Industry and Energy announced on October 29 that retail sales jumped 8.4 percent to 10.5 trillion won in September on a 22.8-percent increase in e-commerce revenues.  Web-based sales, which account for about a third of the total retail sales, soared 22.8 percent from a year earlier. Last year, Korea celebrated Chuseok in September and online shopping slowed down with delivery services suspended during the national holiday. Chuseok was in early October this year. &nb date2017-10-29

Korea, Saudi Arabia launch Vision 2030 Committee

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that Korea and Saudi Arabia launched the Korea-Saudi Vision 2030 Committee and held a first ministerial-level meeting of the bilateral cooperation platform.   The Korea-Saudi Vision 2030 Committee was set up to systemically support cooperation on the implementation of the Vision 2030, the Kingdom’s new roadmap for development.   The Committee will have a central role in the two countries’ collabo date2017-10-27

Minister Paik discusses bilateral cooperation with Saudi Arabia’s economic minister

Trade, Industry and Energy Minister Paik Ungyu (left) posed for a photo with Saudi Arabian Minister of Economy and Planning Adel M. Fakeih during their meeting at a hotel in eastern Seoul on October 26.  During the Saudi Minister and his delegation’s visit to Korea, the Ministry of Trade, Industry and Energy and Saudi Arabia’s Ministry of Economy and Planning held the first meeting of the Korea-Saudi Vision 2030 Committee to discuss bilateral cooperation on the Kingdom’s date2017-10-26

20th round of RCEP negotiations kick off in Incheon

Trade Minister Kim Hyun-chong (sixth from right in the front row) poses for a photo with officials of the Trade Negotiating Committee during the opening ceremony for the 20th round of official negotiations on the Regional Comprehensive Economic Partnership (RCEP) in Songdo, Incheon, on October 24. The RCEP is a proposed free trade agreement (FTA) among 16 nations in the Asia Pacific region including Korea and 10 member states of the Association of Southeast Asian Nations (ASEAN). At the open date2017-10-24

Trade minister meets Iraq’s Deputy Oil Minister

Trade Minister Kim Hyun-chong (left) posed for a photo with Iraq’s Deputy Oil Minister Fayadh Hassan Nima during their meeting at a hotel in downtown Seoul on October 23.  At the meeting, the Korean Trade Minister and the Iraqi Deputy Oil Minister exchanged views on the development of the two countries’ energy industries.    date2017-10-23

20th round of RCEP negotiations to start in Incheon on Oct. 24

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 23 that the 20th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) will take place in Songdo, Incheon between October 24 and 28.     The RCEP is a proposed free trade agreement (FTA) among 16 nations in the Asia Pacific region including Korea, Japan, China, and 10 member states of the Association of Southeast Asian Nations (ASEAN).     Around 800 officials from date2017-10-23

Trade Minister discusses cooperation with MIGA CEO

Trade Minister Kim Hyun-chong (left) held a meeting with Multilateral Investment Guarantee Agency (MIGA) CEO Keiko Honda at the COEX in southern Seoul on October 19. During the meeting joined by Korea Trade Insurance Corporation Chairman Moon Jae-do, the Trade Minister and the MIGA CEO discussed ways to cooperate for Korean companies’ participation in overseas development projects.    date2017-10-19

Ministry hosts luncheon with ambassadors of Southeast Asian nations

Deputy Minister for Trade Negotiations Lee Sang-jin (third from left) of the Ministry of Trade, Industry and Energy spoke in a luncheon with ambassadors of Southeast Asian countries to Korea in downtown Seoul on October 19.  The luncheon was arranged for discussion on the Regional Comprehensive Economic Partnership (RCEP), the mega FTA under negotiations involving 16 countries in the Asia Pacific region including Korea and 10 member states of the Association of Southeast Asian Nations (ASE date2017-10-19

Auto production, sales grow at double-digit rates in September

The Ministry of Trade, Industry and Energy announced on October 18 that automobile production, domestic sales, and exports grew at double-digit rates in September.   Five domestic automotive makers, Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung Motor, produced a total of 356,749 vehicles – up 38.3 percent from a year earlier on higher domestic sales and exports. Production was also boosted by two more working days in September this year compared to the sa date2017-10-18

Minister Paik meets with IEA Executive Director

Trade, Industry and Energy Minister Paik (right) posed for a photo with International Energy Agency (IEA) Executive Director Fatih Birol during their meeting at the Korea Technology Center in Seoul on October 17.  At the meeting, Minister Paik and Executive Director Birol exchanged their views on the global energy markets and changing market environment as well as the Korean government’s new energy policy directions.  The IEA head visited Korea to attend the World Knowledge For date2017-10-17