Ministry of Trade Industry and Resources

Korea’s exports achieve all-time high of $644.5 billion in 2021

The Ministry of Trade, Industry and Energy announced on January 1 that Korea’s exports in 2021 hit USD 644.5 billion, a hefty 25.8 percent increase over the previous year. Annual imports also stand at a historic $615.1 billion, up by 31.5 percent. As net exporter for the 13th consecutive year with a record-breaking trade surplus of $29.5 billion, placing Korea among top 8 trade countries worldwide.   In addition to reaching $1 trillion within the shortest time (299 days) i date2022-01-03

Industry Ministry approves 15 industrial convergence projects for regulatory exemptions

Trade, Industry and Energy Minister Moon Sungwook held a committee meeting on reviewing regulatory exemptions for industrial convergence projects on December 30, and approved 15 business items. A total of 198 projects were approved in the industrial convergence sector, 96 in 2021 alone. This is the largest number of approvals among all sectors under the regulatory sandbox program. The ministry will help the firms commercialize their approved business items through export vouchers, financial su date2021-12-30

November retail sales post growth of 9.6%

The Ministry of Trade, Industry and Energy announced on December 30 that Korea’s overall retail sales in November went up 9.6 percent compared to the same period last year. Both physical and online retailers experienced growth, up 4.6 percent and 14.8 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, date2021-12-30

Industry Ministry holds committee meeting to create local jobs in Gumi

Trade, Industry and Energy Minister Moon Sungwook attended a committee meeting on December 29 to create local jobs in Gumi, for which LG Chem, Korea’s electric vehicle battery maker, will invest KRW 475.4 billion (USD 460 million) in building a cathode material plant and create 187 jobs over the course of three years. Minister Moon said that the large-scale investment on cathode materials will not only revitalize the local economy but also contribute to stable supply of key materials for t date2021-12-29

Minister Moon attends retirement ceremony for Korea’s oldest coal-fired power plant

Trade, Industry and Energy Minister Moon Sungwook attended the retirement ceremony for Honam Thermal Power Plant, Korea’s oldest coal-fired power plant in Yeosu, on December 28. The Plant will be transformed into an eco-friendly power generation complex consisting of LNG combined cycle power plants and fuel cell power plants. Minister Moon expressed hope that the eco-friendly power generation complex would continue to contribute to the local economy and meet national electricity demand, an date2021-12-28

Minister Moon delivers congratulatory speech at nuclear industry’s commemoration event

The Ministry of trade, Industry and Energy co-organized a commemoration event for the nuclear industry with the Ministry of Science and ICT and the Nuclear Safety and Security Commission on December 23, to encourage the industry’s effort to provide safe nuclear energy amid the shift to carbon neutral energy. date2021-12-23

Korea, Vietnam to strengthen cooperation for trade, industry, energy

Trade, Industry and Energy Minister Moon Sungwook (right) and his Vietnamese counterpart Nguyen Hong Dien held joint committee meetings in Seoul on December 22, to discuss cooperative measures on trade/investment, industrial technology, and energy resources. Minister Moon said, in his opening remarks, that close cooperation between the two countries will greatly help mutual development by restoring the global free trade order and enabling the establishment of resilient supply chains. In additi date2021-12-22

Korea, Uzbekistan promise stronger cooperation in trade, rare metals, and EVs

The Ministry of Trade, Industry and Energy organized a business roundtable with Uzbekistan on the occasion of Uzbek President Shavkat Mirziyoyev’s state visit to Korea, on December 17, to expand investment between the two countries and improve Korean firms’ business environment in Uzbekistan. The two countries also signed memorandum of understandings (MOUs) to establish a communication channel for energy, cooperate in the production of rare metals, and join efforts in developing ind date2021-12-17

Korea’s automobile export value turns to positive growth in November

The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s automobile export value increased 3.3 percent, turning to positive growth in three months. In terms of volume, automobile production, domestic sales, and exports decreased 6.6 percent, 16.0 percent, and 4.7 percent, respectively. The export value posted growth due to expansion of high value-added vehicles. Green car exports showed the highest monthly value on record. Automobile production in November went do date2021-12-15

Korea and Singapore announce conclusion of Korea’s first digital trade agreement, Korea-Singapore Digital Partnership Agreement (DPA)

Trade Minister Yeo Han-Koo and Singapore’s Second Minister for Trade and Industry Tan See Leng issued a Joint Statement on December 15 announcing the conclusion of the “Korea-Singapore Digital Partnership Agreement”, Korea’s first digital trade agreement.       Read more: date2021-12-15