Ministry of Trade, Industry and Energy

Fewer working days drive down automobile production, exports in October

The Ministry of Trade, Industry and Energy announced on November 9 that automobile production, domestic sales and exports decreased at double-digit rates in October due to fewer working days in the month.    October this year had four fewer working days compared to a year ago because Korea celebrated the Chuseok holiday. The national holiday was in September last year.   Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung M date2017-11-09

Minister Paik promotes investment at 2017 Foreign Company Day

Trade, Industry and Energy Minister Paik Ungyu spoke at the 17th Foreign Company Day at a hotel in Seoul on November 7.  The Ministry of Trade, Industry and Energy and the Korea Foreign Company Association (FORCA) co-hosted the annual event to promote foreign investment into Korea.  In his speech, Minister Paik underscored the contribution of foreign companies to the Korean economy – There are more than 17,000 foreign-invested firms registered in Korea and they represent 12 per date2017-11-07

Minister Paik discusses energy cooperation with Russian Minister for Far East Development

Trade, Industry and Energy Minister Paik Ungyu (left) posed for a photo with Russian Minister for the Development of the Russian Far East Alexander Galushka during their meeting at a hotel in Seoul on November 6.  At the meeting, Minister Paik and Minister Galushka exchanged views on stepping up bilateral industrial and energy cooperation. The ministers also discussed new investment projects in the Russian Far East.   date2017-11-06

Ministry hosts 2017 Seoul International conference on Trade and Industry

Deputy Minister for Trade Kang Sung-chun spoke at the 2017 Seoul International Conference on Trade and Industry at the COEX in southern Seoul on November 6.  The Ministry of Trade, Industry and Energy hosted the conference with the Korea International Trade Association (KITA) under the theme of “A New Cooperation Paradigm for Realizing Free and Inclusive Trade.” The Korea Institute for International Economic Policy (KIEP) organized the event. In his welcoming speech, Deputy Mi date2017-11-06

Korea’s exports rise by 7.1% to $45 billion in October

The Ministry of Trade, Industry and Energy announced on October 1 that Korea’s exports rose by 7.1 percent to USD 45 billion in October despite fewer working days.    Exports of goods grew for the 12th consecutive month and outbound shipments of semiconductors reached the second highest on record although October this year had 4.5 fewer working days compared to a year earlier, according to the Ministry’s analysis of preliminary customs data.    The average dai date2017-11-01

Minister Paik meets with Czech Senate Chairman

Trade, Industry and Energy Minister Paik Ungyu (left) posed for a photo with the Czech Republic’s Chairman of Senate Milan Štěch during their meeting at the Government Complex Seoul on October 30.  At the meeting joined by Deputy Chairman of the Senate Jaroslav Kubera and Czech Ambassador to Korea Tomȧš Husȧk, Minister Paik expressed Korea’s intention to bid for a new nuclear power plant project in the Czech Republic and contribute to the development of the Cze date2017-10-30

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