Ministry of Trade, Industry and Energy

Minister Paik discusses Korea-Japan industrial and trade ties

Minister of Trade, Industry and Energy Paik Ungyu (left) met with Japanese Minister of Economy, Trade and Industry Hiroshige Seko to enhance their bilateral cooperation in the industrial, energy, and trade sectors in Tokyo on May 8.   In his opening remarks during the ministerial meeting, Minister Paik said that the two countries should seek new business models to lead in an age of the Fourth Industrial Revolution.   The two trade ministers shared their vision to adopt cutting-edg date2018-05-08

Minister Paik discusses energy cooperation with Japanese tech leader

Trade, Industry and Energy Minister Paik Ungyu (third from left) discussed with SoftBank Group CEO Masayoshi Son (second from right) to seek energy cooperation during his visit to Tokyo, Japan, on May 8.During the meeting, Minister Paik and CEO Son exchanged views on various topics, including cooperation on renewable energies, construction of a Northeast Asia supergrid, and response to the Fourth Industrial Revolution (4IR).Minister Paik agreed with CEO Son about a significant decrease in the re date2018-05-08

Minister Paik talks with Saudi counterpart to improve energy and industrial ties

Trade, Industry and Energy Minister Paik Ungyu (right) talked with Saudi Arabia’s Energy, Industry, and Mineral Resources Minister Khalid A. Al-Falih to bolster energy and industrial ties in Seoul on May 4.The two ministers reviewed the progress of the Korea-Saudi Arabia Vision 2030, agreed to coordinate its second committee meeting, and discussed cooperation in automobile and pharmaceutical and biomedical industries.Minister Paik showed Korea’s interest in participating in Saudi Ara date2018-05-04

Minister Paik attends Korea-Turkey business forum

Trade, Industry and Energy Minister Paik Ungyu (fourth from right) met with Turkey’s Economy Minister Nihat Zeybekci (fifth from right) to enhance business ties between the two countries at the Korea-Turkey business forum held in Seoul on May 2.In his congratulatory address at the forum, Minister Paik highlighted that entrepreneurial cooperation between the two nations is important for strengthening the economic relationship. He also added that the role of governments is to create a collab date2018-05-02

Korea’s outbound shipments inch down 1.5% in April

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports in April inched down 1.5 percent year-on-year to USD 50.1 billion. Nevertheless, with the last month’s exports posting $51.6 billion, this was the first time for Korean exports to surpass $50 billion for two straight months.Since exports excluding ships were up 10.4 percent to $48.3 billion, the slight contraction in overall outbound shipments is largely attributable to a base effect that resulted from date2018-05-01

Online retail sales grow at double-digit rate in March

The Ministry of Trade, Industry and Energy announced on April 27 that online retail sales in March expanded 17.0 percent from a year earlier.Sales of brick-and-mortar retailers also advanced 5.4 percent year-on-year. This increase came from every type of in-store retailers, from convenience stores to hypermarkets.Thanks to the strong performances from both online and in-store retailers, overall retail sales in March saw a growth of 9.4 percent.The Ministry of Trade, Industry and Energy estimates date2018-04-27

Trade Minister Kim visits R&D center for self-driving and eco-friendly cars

Trade Minister Kim Hyun-chong (second from right) discussed vehicle development strategies and international cooperation plans with automobile experts at Hyundai Motor Group’s Environmental Technology Center in Yongin on April 26.Trade Minister Kim’s Thursday visit was part of an effort to establish trade policies in the era of digital economy spurred by the Fourth Industrial Revolution.During the visit, Trade Minister Kim said that the Ministry plans to proactively address new trade date2018-04-26

Korea to promote the spread of hydrogen fueling stations

Trade, Industry and Energy Vice Minister Lee Inho (fourth from right in the front row) signed a memorandum of understanding with leaders from hydrogen-related industries to establish special purpose companies (SPCs) that will embark on an infrastructure development project for hydrogen fueling stations in Korea at a meeting in Seoul on April 25.Until now, hydrogen fueling stations have been built by local municipalities or research centers rather than private enterprises because of high installa date2018-04-25

Minister Paik meets with US counterpart to enhance economic cooperation

Trade, Industry and Energy Minister Paik Ungyu (right) met with U.S. Commerce Secretary Wilbur Ross to discuss strengthening economic cooperation between Korea and the U.S. in Washington, D.C. on April 23 (U.S. Eastern time).During the meeting, Minister Paik agreed with Secretary Ross to hold regular dialogues between the two countries for industrial cooperation in cutting-edge technologies, such as autonomous vehicles and the fifth generation wireless system.In addition, Minister Paik expressed date2018-04-24

Minister Paik discusses with US Trade Representative

Trade, Industry and Energy Minister Paik Ungyu (right) and United States Trade Representative (USTR) Robert Lighthizer discussed the progress of writing a draft for Korea-U.S. Free Trade Agreement (FTA) amendments during his visit to the Office of the USTR in Washington, D.C. on April 23 (U.S. Eastern time).Accompanied by the Korean delegation for Korea-U.S. FTA negotiations, Minister Paik confirmed with Trade Representative Lighthizer that both sides have made a significant step forward in the date2018-04-24