Ministry of Trade, Industry and Energy

Vice Minister Jeong hosts discussion on development of eco-friendly, smart ships

Trade, Industry and Energy Vice Minister Jeong Marn-ki (left) hosted a meeting with representatives from the shipbuilding industry on February 1 in Seoul to discuss the direction of policy toward the development of eco-friendly and smart vessels. During the meeting, Vice Minister Jeong, industry representatives and experts from research institutes reviewed current issues in the shipbuilding industry and discussed the future policy direction for the industry in an era of the Fourth Industrial Re date2017-02-01

Korean exports surge 11.2% in January

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports surged 11.2 percent to USD 40.3 billion in January from a year earlier, marking the first double-digit growth since January 2013.   This is also the first time since April 2014 exports expanded for the third consecutive month. The growth rate of won-denominated exports notched a 59-month high at 9.7 percent while the average daily exports grew at the highest rate in 65 months at 16.4 percent. &n date2017-02-01

Korea’s retail sales grow 8.5% in 2016

The Ministry of Trade, Industry and Energy announced on January 31 that retail sales rose by 8.5 percent in 2016 from a year earlier, driven by a double-digit growth of e-commerce sales.    Online retail sales soared 18.1 percent year-on-year in 2016 while in-store sales increased 4.5 percent. E-commerce sales have recorded a double-digit growth for three consecutive years amid the shift toward shopping on the Internet. It represents 32.4 percent of the total retail sales in 2016, up date2017-01-31

Vice Minister Woo meets with AMCHAM business leaders

Trade, Industry and Energy Vice Minister Woo Taehee (third from left) met James Kim (center), chairman of the American Chamber of Commerce in Korea, and John Schultz (third from right), president of the AMCHAM Korea, on January 25 at the chamber’s office in Seoul.   At the breakfast meeting, Vice Minister Woo noted the mutually beneficial outcomes of the Korea-United States Free Trade Agreement (KORUS FTA), heard issues raised by U.S. investors in Korea and discussed cooperation bas date2017-01-25

ICT exports expected to rebound in 2017

The Ministry of Trade, Industry and Energy announced on January 25 that exports of information and communications technology (ICT) products contracted 6 percent in 2016 from a year ago, but are expected to return to growth this year, having already rebounded to positive territory in the fourth quarter.   In 2016, exports of ICT products, including semiconductors, mobile phones, computers and displays, dropped 6 percent to USD162.5 billion from a year earlier while imports fell 1.8 percent date2017-01-25

Korea to host ASEM Economic Ministers’ Meeting in September in Seoul

The Ministry of Trade, Industry and Energy announced on January 24 that Korea will host the seventh ASEM (Asia-Europe Meeting) Economic Ministers’ Meeting on September 21 and 22 in Seoul.   The ASEM Economic Ministers’ Meeting gathers trade and economy ministers from across Asia and Europe to promote trade and investment between the regions and discuss economic cooperation. Korea will host the first meeting of trade ministers in nearly 12 years since the last meeting in 2005 i date2017-01-24

Minister Joo attends WTO Ministerial Gathering in Davos

The Ministry of Trade, Industry and Energy announced January 23 that Trade, Industry and Energy Minister Joo Hyunghwan attended on the informal World Trade Organization (WTO) Ministerial Gathering on January 20 in Davos, Switzerland.    The informal meeting of ministers from the WTO member countries is hosted every year by the Swiss government in the fringes of the World Economic Forum Annual Meeting in Davos. At this year’s meeting, ministers from 29 WTO members and the WTO Di date2017-01-23

Minister Joo attends WTO Ministerial Gathering in Davos

Trade, Industry and Energy Minister Joo Hyunghwan (fourth from right, second row) attended the informal World Trade Organization (WTO) Ministerial Gathering on January 20 in Davos, Switzerland and discussed potential outcomes of the 11th WTO Ministerial Conference taking place this December in Buenos Aires, Argentina. At the meeting, Minister Joo highlighted the need for consistent measures to promote free trade amid challenges to the multilateral trade system such as the rise in protectionism date2017-01-23

Minister Joo attends 47th World Economic Forum Annual Meeting in Davos

Trade, Industry and Energy Minister Joo Hyunghwan (third, clockwise) attended the 47th Annual Meeting of the World Economic Forum in Davos, Switzerland, from January 17 to 19.    Minister Joo participated and led discussions at the meeting of the Board of Stewards for the “Shaping of Future of Production” initiative, one of the 14 core initiatives of the World Economic Forum, and at another session on the future of production and regional strategies.    The Wo date2017-01-20

Minister Joo attends World Economic Forum Annual Meeting in Davos

The Ministry of Trade, Industry and Energy announced on January 20 that Trade, Industry and Energy Minister Joo Hyunghwan attended the 47th Annual Meeting of the World Economic Forum in Davos, Switzerland, from January 17 to 19.   At this year’s Davos forum, with the theme of “Responsive and Responsible Leadership,” Minister Joo attended the opening ceremony where Chinese President Xi Jinping delivered a keynote speech and participated as a main panelist in various sessi date2017-01-20