Ministry of Trade Industry and Resources

Minister Moon meets U.S. Commerce Secretary

Trade, Industry and Energy Minister Moon Sungwook (right) met with United States Secretary of Commerce Gina Raimondo during his visit to Washington D.C. on November 9 (local time), and discussed ways to accelerate industrial cooperation between the two countries.   The two sides agreed to expand the current director-level bilateral dialogue for industrial cooperation to a ministerial talk, and join efforts to provide support for Korean firms investing in the U.S.   Minister Moon al date2021-11-10

Korea, Chile vow to enhance hydrogen sector cooperation

Trade, Industry and Energy Vice Minister Park Kiyoung (left) met with Chilean Minister for Energy and Mining Juan Carlos Jobet in Seoul, on November 9, and the two countries signed a memorandum of understanding (MOU) aimed at expanding cooperation in the hydrogen sector, exchanging technologies and developing business opportunities.   It is expected that Chile’s renewable energy resources and Korea’s hydrogen utilization and distribution technologies combined together would en date2021-11-09

Minister Moon encourages creation of high value-added local jobs in Daegu

Trade, Industry and Energy Minister Moon Sungwook encouraged the decision by Daedong, a local manufacturer of agricultural machinery, and its subsidiary company Daedong Mobility to invest 181.4 billion won (USD 154 million) and create 302 new jobs over the next five years in Daegu.   The project follows a technological cooperation between Daedong and KT, a leading IT company, and is expected to create high value-added industries involving AI-based mobile robots and e-bikes for delivery, s date2021-11-01

Minister Moon visits site of Korea Sale Festa

Trade, Industry and Energy Miniter Moon Sungwook (center) visited Shinsegae department store’s Daegu branch, on November 1, to check the 2021 Korea Sale Festa, a 15-day nationwide shopping event, taking place.   The festival Is held to encourage private consumption, and is expected to revitalize the retail industry and small businesses suffering from the prolonged pandemic.   date2021-11-01

Exports expand 24% to $55.6 billion in October

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports expanded 24.0 percent year-on-year to USD 55.6 billion. Imports jumped 37.8 percent to $53.9 billion and the trade balance recorded a surplus of $1.7 billion, remaining positive for 18 months. Exports in October marked the second highest value in history, and the cumulative exports for the first 10 months of 2021 exceeded those of the same period last year. Average daily exports totaled $2.6 billion, date2021-11-01

Korean retail industry sees 8.2% increase in sales in September

The Ministry of Trade, Industry and Energy announced on October 28 that Korea’s retail sales in September increased 8.2 percent.   Both offline and online sales expanded, up 3.3 percent and 14.5 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, and four “super supermarket” (S date2021-10-28

Minister Moon attends 16th Electronics, IT Day event

Trade, Industry and Energy Minister Moon Sungwook (left) attended the 16th Electronics and IT Day commemoration event in Seoul, on October 26, to encourage the electronics industry’s efforts to come up with cutting-edge technologies and achieve domestic production of parts despite rising trade protectionism and supply chain risks. MOTIE, electronics firms and related organizations signed a cooperation agreement to create an innovative ecosystem for electronics manufacturing, planning to pr date2021-10-26

Korea, Qatar agree to further cooperation in energy transition and new industries

Trade, Industry and Energy Minister Moon Sungwook (left) met with his Qatari counterpart Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani during his visit to Qatar, on October 24 (local time), and agreed to strengthen cooperation in bio-health and renewable energy.   At a business roundtable organized by the Korean and Qatari Chambers of Commerce, representatives from shipbuilding, hydrogen and bio-health industries discussed cooperative measures in new industries in the post-cor date2021-10-24

Minister Moon visits World Expo in Dubai

Trade, Industry and Energy Minister Moon Sungwook (left) visited the site of Expo 2020 Dubai in the United Arab Emirates (UAE) on October 23 (local time), and promoted Busan’s bid to host the global event in 2030.   After visiting the Korea Pavilion on the theme of future mobility, Minister Moon met with Director General of Expo 2020 Dubai Reem bint Ibrahim Al Hashimy, as part of an effort to host the World Expo in Busan.   date2021-10-23

MOTIE minister meets with Kazakh Deputy Prime Minister

Trade, Industry and Energy Minister Moon Sungwook (right) met with Kazakhstan’s Deputy Prime Minister Roman Skylar in Seoul, on October 21, to discuss follow-up measures to a summit agreement in August to expand economic and industrial cooperation between the two countries.   Minister Moon expressed his gratitude that the Kazakhstani government has established a special working group dedicated to cooperative projects with Korea, and said that the Korean government will continue to p date2021-10-21