Ministry of Trade, Industry and Energy

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

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

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

Korea, Israel hold 3rd round of FTA negotiations in Seoul

The Ministry of Trade, Industry and Energy announced on March 20 that the third round of negotiations for the Korea-Israel Free Trade Agreement kicked off in Seoul.   The negotiations for the proposed FTA, which will last until March 24, are led by Trade, Industry and Energy Director General for Trade Policy Yeo Han-koo and Foreign Trade Administration Director Rachel Hirshler of Israel’s Ministry of Economy and Industry. The Korean delegation is joined by officials from other relev date2017-03-20

Korea’s ICT exports sets new record in February

The Ministry of Trade, Industry and Energy announced on March 15 that exports of information and communication technology (ICT) goods surged 22.8 percent to USD 14.1 billion in February from a year earlier, setting a new record for the month of February.    Exports of ICT goods grew year-on-year for the fourth consecutive month – and at double-digit rates for the third straight month – on large increases in outbound shipments of semiconductors, displays, and computers and date2017-03-15