Ministry of Trade, Industry and Energy

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

Ministry, experts meet to review preparation for ASEM Economic Ministers’ Meeting

The Ministry of Trade, Industry and Energy announced on March 28 that the Ministry held the second meeting of the expert advisory panel set up to prepare for the successful hosting of the seventh ASEM (Asia-Europe Meeting) Economic Ministers’ Meeting taking place in Seoul on September 21 and 22.   The meeting of the advisory panel in central Seoul was presided by Trade, Industry and Energy Minister Joo Hyunghwan and attended by other senior ministry officials as well as 10 experts f date2017-03-28

Ministry discusses expansion of Korea-US economic cooperation with private sector

The Ministry of Trade, Industry and Energy announced on March 24 that the Ministry held the third meeting of the public-private committee on Korea-U.S. trade in Seoul to discuss latest developments in the trade between the two countries and come up with responses.    The meeting was chaired by Trade, Industry and Energy Minister Joo Hyunghwan and was attended by about 40 representatives from export-supporting agencies, industries bodies and think tanks, including the Korea Internatio date2017-03-24

Minister Joo presides 3rd meeting of public-private committee on Korea-US trade

Trade, Industry and Energy Minister Joo Hyunghwan (center) spoke at the third meeting of the public-private committee on Korea-U.S. trade held in central Seoul, on March 24.  During the meeting, Minister Joo made opening remarks and talked about bilateral economic cooperation in energy and high-tech industries and manufacturing sectors. The Minister and the attendants also discussed latest issues in trade between Korea and the U.S. and responses to them as well as the private sector’ date2017-03-24

Ministry hosts 3rd meeting of committee on import restrictions

Trade, Industry and Energy Deputy Minister for Trade Lee Inho (second from left) hosted the third meeting of the public-private committee on import restrictions in southern Seoul on March 21 to discuss strategies for responding to overseas import restrictions on Korean goods.  During the meeting, Deputy Minister Lee made opening remarks and discussed main issues on the agenda including current and planned restrictions on imports from Korea; activities of the government task force to handle date2017-03-21