Ministry of Trade Industry and Resources

Minister Moon attends meeting to discuss development of local defense industry

Trade, Industry and Energy Minister Moon Sungwook attended the 8th Meeting for the National Defense Industry Development, jointly held with the Ministry of National Defense, on August 11, to discuss measures to foster the local defense industry. MOTIE announced plans to implement a standard model for the use of robots in military food services and manufacturing processes of tactical vehicle, guided missile, and ammunition. Minister Moon said that it is important to take strategic measures that e date2021-08-11

Minister Moon meets with Cytiva CEO to discuss investment in Korea’s production facilities

Trade, Industry and Energy Minister Moon Sungwook met with Cytiva CEO Emmanuel Ligner in Seoul, on August 10, to discuss investment opportunities in Korea’s production facilities with the global supplier of raw and subsidiary materials used in vaccine production. Minister Moon stressed that Korea has high potential for market growth as the country is implementing a national strategy to become a global vaccine hub based on its excellent biopharmaceutical production capabilities. He added th date2021-08-10

Minister Moon visits electrical substation to check electricity supply and demand status

Trade, Industry and Energy Minister Moon Sungwook made an on-site visit to the substation of the Korea Electric Power Corporation (KEPCO) in Sejong, on August 9, as the power demand this week is expected to reach the highest this summer.Minister Moon encouraged the field workers’ efforts to meet surging power demand amid scorching heat, and asked for special precautions regarding safety management. date2021-08-09

Korea announces plans to secure supply of rare metals

Korea announced, on August 5, measures to secure supply of rare metals, which are key materials used in major industries including future cars, secondary batteries, and low carbon energy. As part of the policy to strengthen competitiveness of materials, parts and equipment industries, the government aims to stabilize the supply chain of rare metals by increasing the stockpile, support rare metal firms with R&D and commercialization, and establish a cooperative system among private and public date2021-08-05

Minister Moon visits residential treatment center for COVID-19 patients

Trade, Industry and Energy Minister Moon Sungwook (second from the right) visited a residential COVID-19 treatment center in Anseong, Gyeonggi Province, on August 2, to encourage the medical staff and support personnel. date2021-08-02

Korea’s exports in July grow 29.6% to $55.4 billion, hitting record high value

The Ministry of Trade, Industry and Energy announced on August 1 that the value of Korean goods shipped overseas in July grew 29.6 percent to USD 55.4 billion, hitting the record high monthly export value.   Imports jumped 38.2 percent to $53.7 billion, resulting in a trade surplus of $1.8 billion.   Exports exceeded the $50 billion mark for five straight months. It is also the first time in 10 years that exports increased more than 20 percent for four straight months. Daily export date2021-08-02

Minister Moon holds meeting to facilitate industry certification process

Trade, Industry and Energy Minister Moon Sungwook held a meeting with industry representatives at the Korean Agency of Technology and Standards, on July 29, to discuss measures to reduce the time and cost of industry certification. Minister Moon stressed that as Korea’s firms are actively developing convergence products using new technologies from the 4th Industrial revolution, the government’s technology regulations should not hinder their innovative efforts. date2021-07-29

Minister Moon makes on-site visits in Changwon

Trade, Industry and Energy Minister Moon Sungwook (second from the right) visited Changwon, on July 28, to encourage the opening of a smart manufacturing demo factory and the construction of a liquid hydrogen plant.   The smart manufacturing demo factory, built as part of the Smart Green Industrial Complex Strategy, incorporates advanced ICT technologies to increase productivity and boost production of high value-added products.   The liquid hydrogen plant, when its construction is date2021-07-28

Korea’s retail sales in June gain 11.4%

The Ministry of Trade, Industry and Energy announced on July 27 that Korea’s overall retail sales in June increased 11.4 percent.   Both offline and online retailers experienced growth, up 4.8 percent and 19.6 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 superm date2021-07-27

MOTIE holds meeting with shipping industry to discuss logistics challenges

Trade, Industry and Energy Minister Moon Sungwook (right) held a joint meeting with the Ministry of Oceans and Fisheries and the shipping industry representatives, on July 21, to discuss ways to resolve difficulties with logistics resulting from shipping container shortages and high freight rates. At the meeting, the ministries agreed to increase the shipping space for peak volumes in the third quarter and expand support for freight charges. date2021-07-21