Ministry of Trade, Industry and Energy

Industry Ministry to host world’s first robot ski tournament

Seoul, Korea - The Ministry of Trade, Industry and Energy announced on February 9 that the Ministry will host the “Edge of Robot: Ski Robot Challenge,” the world’s first robot ski tournament, at a ski resort in Hoengseong, Gangwon Province, on February 12. During the tournament, planned to be held on the sideline of the PyeongChang Winter Olympics, robots will participate in a race similar to giant slalom competitions, which involve skiing between gates. The robot skiers will date2018-02-09

Korea unveils roadmap to develop future car industry

The Ministry of Trade, Industry and Energy (MOTIE) unveiled a roadmap for the development of the future car industry that aims to generate a new growth engine for the Korean economy at a conference in Pangyo, near Seoul, on February 2. According to the roadmap, the Korean government and private sector will cooperate on developing core technologies for autonomous vehicles and constructing smart traffic systems to introduce the infrastructure necessary for completely self-driving cars by 2022.Elec date2018-02-02

Korea, US conclude second meeting on amendments to FTA in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 1 that the second round of negotiations on amendments to the Korea-U.S. Free Trade Agreement (KORUS FTA) took place in Seoul on January 31 and February 1.At the talks, the two sides had more detailed discussions on the issues raised at the first round of negotiations held in Washington D.C. on January 5, 2018. They also exchanged their views on market access and tariffs.The Korean delegation was led by Deputy Minister for F date2018-02-01

Korea’s exports expand 22.2% to $49.2 billion in January

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 1 that Korea’s exports in January expanded 22.2 percent year-on-year to USD 49.2 billion, posting an all-time January record high. Exports of goods increased for 15 consecutive months, achieving a double-digit growth in four months since September 2017. The average daily exports of goods rose 9.5 percent to $2.1 billion from a year earlier. Won-denominated exports increased 10 percent to 52.5 trillion won. Export pr date2018-02-01

Korea’s retail sales increase 6.2% in 2017

The Ministry of Trade, Industry and Energy announced on January 30 that retail sales in 2017 increased 6.2 percent over 2016 on the back of strong growth in e-commerce businesses. Online retail sales in 2017 jumped 13.2 percent from a year earlier, accounting for 33.9 percent of the total retail sales. This double-digit growth in web-based sales was due to consumers’ preference to convenient online shopping experiences. Sales of major online sellers grew 27 percent and those of online date2018-01-31

Korea, US to hold second round of FTA amendment talks in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 26 that the second round of negotiations on amendments of the Korea-U.S. Free Trade Agreement (KORUS FTA) will take place in Seoul on January 31 and February 1, 2018. The Korean delegation will be led by Yoo Myung-hee, Director General for Trade Policy Bureau of MOTIE, and the U.S. delegation will be led by Michael Beeman, Assistant U.S. Trade Representative for Japan, Korea and APEC. In the upcoming meeting, the two sides date2018-01-26

Korea-EU FTA committee discusses stronger trade ties in Brussels

The Ministry of Trade, Industry and Energy announced on January 20 that the Ministry and the European Commission convened the seventh meeting of the Korea-EU Trade Committee in Brussels, Belgium on January 19.The Korea-EU Trade Committee is established under the Korea-EU Free Trade Agreement (FTA) to ensure the proper operation of the trade pact and meets annually.In this year’s meeting co-chaired by Trade Minister Kim Hyun-chong and EU Commissioner for Trade Cecilia Malmström, the tw date2018-01-20

ICT exports hit record high in 2017

The Ministry of Trade, Industry and Energy announced on January 16 that exports of information and communication technology (ICT) products surged 21.6 percent to a record USD 197.6 billion in 2017 from a year ago, surpassing $190 billion for the first time. In 2017, exports of ICT products, including semiconductors, mobile phones, computers and display panels, recorded a double-digit growth for the first time in seven years since 2010. Exports also achieved a monthly high for each month from Fe date2018-01-19