Ministry of Trade, Industry and Energy

Ministry launches policy control tower for future of car industry

The Ministry of Trade, Industry and Energy announced on February 7 that Trade, Industry and Energy Minister Joo Hyunghwan hosted the first meeting of the public-private ``Automotive Industry Development Committee'' in Seoul and discussed a range of strategies for the industry that is at a turning point.   The Ministry launched the committee to examine complicated issues facing the Korean automotive industry and discuss mid- and long-term strategies, especially for future car technologies. date2017-02-07

Ministry announces measures to improve battery, smartphone safety

The Ministry of Trade, Industry and Energy (MOTIE) has concluded through its own investigation that the battery problem in manufacturing processes may have caused fires in Samsung Electronics’ Galaxy Note 7 smartphone, it said in a press release on Monday. In its efforts to prevent the recurrence of similar accidents and to enhance protection of consumers, the Ministry will strengthen the safety rules for new technology-based lithium-ion batteries in the phrase of production and as well date2017-02-06

Ministry, think tanks discuss 'New Trade Roadmap'

The Ministry of Trade, Industry and Energy announced on February 1 that Trade, Industry and Energy Vice Minister Woo Taehee hosted this year’s second meeting of the ‘trade policy forum’ to hear major think tanks’ opinions on the upgrading of the “New Trade Roadmap” in response to the changing trade environment.   The ‘trade policy forum’ provides a platform for Trade Ministry officials and representatives from industry and academia to regula date2017-02-01

Minister Joo meets new Kuwaiti ambassador to Korea

Trade, Industry and Energy Minister Joo Hyunghwan (left) met the new Kuwait’s Ambassador to Korea Bader M. Al-Awadi (right) on February 1 at the Government Complex Seoul and discussed bilateral economic cooperation. Ambassador Al-Awadi presented his diplomatic credentials to Acting President Hwang Kyo-ahn on December 27, last year. Kuwait is one of the major exporters of crude oil to Korea.    date2017-02-01

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