Ministry of Trade, Industry and Energy

Korea's retail sales gain 10.1% in May

The Ministry of Trade, Industry and Energy announced on June 28 that Korea’s overall retail sales in May saw a year-on-year growth of 10.1 percent. Both offline and online sales surged, up 9.3 percent and 11.0 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “super supermarket&rdqu date2022-06-29

Korea and Spain sign Industrial Technology and International Cooperation MOU

The Ministry of Trade, Industry and Energy (MOTIE) signed the Korea-Spain Industrial Technology and International Cooperation MOU with Spain’s Ministry for Science and Innovation (MICIN) on June 24 in Madrid, Spain. On occasion of this MOU, South Korea and Spain decided to deepen cooperation in areas like future automobiles and high-tech industries. This entails establishing bilateral R&D programs in addition to Eureka projects, and expanding the existing cooperation in nanomaterials date2022-06-27

MOTIE launches public-private IPEF joint strategy session

The Ministry of Trade, Industry and Energy (MOTIE) launched the Indo-Pacific Economic Framework (IPEF) public-private strategy group and held its first plenary session on June 23 at the Korea Chamber of Commerce and Industry (KCCI). A total of 14 countries are participants of the framework, including South Korea, the U.S., Japan, Australia, New Zealand, Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, India and Fiji. The first meeting saw economic organizations, majo date2022-06-27

Korea-Saudi Ministers discuss energy cooperation

Trade, Industry and Energy Minister Lee Chang-yang held a videoconference with Saudi Arabia’s Energy Minister Prince Abdulaziz Bin Salman on June 23, on the occasion of the Saudi Minister’s congratulatory message for Minister Lee’s taking office. Minister Lee expressed his gratitude in return, then the two Ministers discussed energy supply chain stability, hydrogen and other future issues for Korea-Saudi energy cooperation. Noting how Saudi Arabia is South Korea’s large date2022-06-27

Minister Lee holds 25th Energy Commission meeting

Trade, Industry and Energy Minister Lee Chang-yang held the 25th Energy Commission meeting at the Plaza Hotel Seoul on June 23, the first of its kind under the new regime. Launched in 2006, the Energy Commission is headed by the Trade, Industry and Energy Minister and consists of relevant ministries’ officials and civil members. The recent meeting had two agenda items, namely the new regime’s energy policy directions and market-based efficiency enhancement measures. Noting South Ko date2022-06-24

Korea becomes first Asian country to gain full membership of Eureka

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 22 that South Korea became the first Asian country to be granted full membership of the world’s largest R&D platform Eureka at the 2022 general assembly held in Lisbon, Portugal. With an amendment of articles, Eureka membership is now open to non-European nations, South Korea and Canada are the first nations to obtain community membership. South Korea is also the first Asian country to become full member. South Kor date2022-06-23

Minister Lee holds Nuclear Energy Industry Conference

Trade, Industry and Energy (MOTIE) Minister Lee Chang-yang held the Nuclear Energy Industry Business Conference in Changwon, Gyeongnam on June 22 to discuss solutions to nuclear energy ecosystem challenges with aim to rebuild Korea into a global nuclear powerhouse.  With nuclear energy regaining global attention in light of power security and carbon neutrality, major nations are already deeply invested in the fierce competition for future nuclear energy hegemony. For instance, the U.S. is date2022-06-23

MOTIE pushes promotion for World Expo 2030 Busan

The Ministry of Trade, Industry and Energy (MOTIE), the Bid Committee for World Expo 2030 Busan (hereinafter “Committee”), and Busan Metropolitan City (hereinafter “Busan”) rolled out extensive nation-wide and overseas promotion for Busan in the bid to host the World Expo in 2030, on the occasion of the 170th Bureau International des Expositions (BIE) general assembly convened on June 20-21 in Paris, France. The second round of host candidate nations’ presentations date2022-06-22