Ministry of Trade, Industry and Energy

Minister Joo meets Saudi Arabia’s Energy Minister

Trade, Industry and Energy Minister Joo Hyunghwan (right) shook hands with Saudi Energy, Industry and Mineral Resources Minister Khalid A. Al Falih during a meeting at the King Abdullah Petroleum Studies and Research Center in Riyadh on April 4. The two Ministers talked about how Korea and Saudi Arabia can cooperate for the Kingdom’s Vision 2030, an economic diversification program.  Minister Joo and his delegation visited Riyadh on April 3 and 4 and met with the Kingdom’s lead date2017-04-04

Minister Joo, Prime Minister of Qatar discuss economic cooperation

Trade, Industry and Energy Minister Joo Hyunghwan (left) met with Prime Minister of Qatar Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani during his visit to Doha, Qatar, on April 2. Minister Joo and the Prime Minister of Qatar discussed diversification of bilateral cooperation fields from energy and construction to manufacturing, renewable energy, information and communication technology, and smart farming. Minister Joo also held separate meetings with Qatar’s Minister of Economy and Com date2017-04-02

Korea’s exports jump 13.7% to 27-month high in March

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports rose by 13.7 percent to $48.9 billion from a year earlier with outbound shipments of semiconductors, general machinery, and cosmetics reaching record highs.   Exports expanded year-on-year for five consecutive months for the first time in 63 months since December 2011 and at double-digit rates for three straight months for the first time in 66 months since September 2011. The amount of exports notch date2017-04-01

Ministry launches ‘global networking series’ to bridge Korean tech suppliers and global firms

The Ministry of Trade, Industry and Energy announced on March 31 that the Ministry launched the “global networking series” to promote cooperation between Korean suppliers of electronic components and global companies for new opportunities created by industrial convergence in the Fourth Industrial Revolution.    Jointly organized by the Ministry and Korea Electronics Technology Institute (KIET), the Global Networking Series aims to bridge domestic suppliers of semiconducto date2017-03-31

Online retail sales increase 16.3% in February

The Ministry of Trade, Industry and Energy announced on March 30 that online retail sales jumped 16.3 percent in February from a year ago while overall retail sales remained almost unchanged due to the decline in in-store purchases.   Sales of Korea’s 26 major retailers inched up 0.1 percent year-on-year in February as online sales, which account for 34 percent of the total retail sales, surged 16.3 percent and in-store revenues fell 6.6 percent.   Web-based sales continued t date2017-03-30

Minister Joo proposes stronger economic cooperation at 3rd Korea-France High Level Dialogue

Trade, Industry and Energy Minister Joo Hyunghwan (center) delivered a speech at the third Korea-France High Level Dialogue held in central Seoul on March 30.  At the meeting, Minister Joo underscored the Korean government will strive to solve difficulties and inconveniences foreign firms may experience in Korea amid uncertainties at home and abroad including the rising protectionism. Minister Joo proposed expansion of bilateral trade and investment, joint responses to the Fourth Industria date2017-03-30

Ministry invites foreign embassies to Networking Day for Innovation 2017 to promote technological cooperation

Trade, Industry and Energy Director-General for Industrial Technology Policy Park Gun-su (left) posed for a photo with representatives of foreign embassies in Korea at the Networking Day for Innovation 2017 held in southern Seoul on March 30.  The Ministry of Trade, Industry and Energy hosted the event to vitalize innovative policy coordination and technological cooperation among Korea and partner countries in the era of the Fourth Industrial Revolution. Director-General Park said in a sp date2017-03-30

Korea to invest 464.5 billion won into system semiconductor segment

The Ministry of Trade, Industry and Energy announced on March 30 that the Korean government and industry will invest a combined 464.5 billion won into the system semiconductor segment by 2023. System semiconductors will be the key enablers of innovations of the upcoming Fourth Industrial Revolution.    A total of 264.5 billion won will be spent to research and develop low-power, ultra-light and high-speed semiconductor technologies as well as next-generation semiconductor materials a date2017-03-30

Gov’t to expand discount on electricity bills linked to renewable energy consumption

The Ministry of Trade, Industry and Energy announced on March 29 that discounts on electricity bills for renewable energy user-producers will be expanded. The new amount of the discounts will equate to the value of up to 75 percent of renewable electricity generated and consumed.   Under the current special rules to promote renewable energy, its user-producers are eligible for a 10-percent or higher discount on their electricity bills under the condition that the amount of green electrici date2017-03-29

Minister Joo discusses future cooperation at general meeting of German chamber of commerce

Trade, Industry and Energy Minister Joo Hyunghwan (center) poses with leaders from German businesses in Korea at the Korean-German Chamber of Commerce Industry (KGCCI) Extraordinary General Meeting held in central Seoul on March 29.  During the meeting, Minister Joo delivered a speech, underscoring the Korean government will strive to solve difficulties and inconveniences foreign firms may experience in Korea. Minister Joo proposed expansion of bilateral trade and investment, joint respons date2017-03-29