Ministry of Trade Industry and Resources

ICT exports post second highest record of $19.1 billion in March

The Ministry of Trade, Industry and Energy announced on April 18 that exports of information and communication technology (ICT) goods posted the second highest monthly record of USD 19.1 billion in March.Exports of ICT goods were up 18.6 percent from a year earlier, achieving double-digit year-on-year growth for the 16th consecutive month since December 2016.ICT imports also rose 4.5 percent year-on-year to $9.1 billion, and the trade surplus in this sector stood at $10.1 billion.The double-digi date2018-04-18

Ministry hosts Global Project Plaza 2018 in Seoul

Deputy Minister for Trade Kang Sung-chun (center) posed for a photo with representatives of foreign agencies that are planning industrial projects at the Global Project Plaza 2018 in Seoul on April 17.The Global Project Plaza 2018, scheduled to be held from April 17 to 19, is hosted by the Ministry of Trade, Industry and Energy together with the Korea Trade-Investment Promotion Agency (KOTRA) and Korea Plant Industries Association (KOPIA) to help Korean construction companies and plant builders date2018-04-17

Vice Minister Lee speaks at 16th International Energy Forum in New Delhi

Trade, Industry and Energy Vice Minister Lee Inho (center) explained Korea’s cases of energy innovation at the 16th International Energy Forum held in New Delhi, India from April 10 to 12 (India time).During a presentation on the last day of the three-day forum, Vice Minister Lee highlighted the importance of technology innovation for improving energy efficiency and sustainability, gave examples of Korea’s original energy technologies, and introduced Korea’s energy transformati date2018-04-12

Korea’s automobile industry sees decline in March

The Ministry of Trade, Industry and Energy announced on April 12 that Korea’s automobile industry saw year-on-year decreases in exports, production, and domestic sales in March.Automobile exports decreased 10.3 percent year-on-year to 223,855 vehicles. In terms of value, they shrank 8.6 percent to USD 3.8 billion. This decrease is attributable to expectations for release of new models in late spring and inventory adjustment at Korean automakers’ overseas plants. Exports of eco-friend date2018-04-12

Minister Paik chairs public-private meeting for industrial cooperation with UAE and Vietnam

Trade, Industry and Energy Minister Paik Ungyu (second from right) chaired a public-private meeting for industrial cooperation with the United Arab Emirates (U.A.E.) and Vietnam in Seoul on April 12.During the meeting with government officials and industry leaders, Minister Paik said that the Ministry will make every effort to help the private sector participate in industrial projects in the U.A.E. and Vietnam.The meeting was attended by about 30 representatives from the industry and trade secto date2018-04-12

Ministry hosts event to promote foreign investment

Deputy Minister of Trade and Investment Kim Young-sam of the Ministry of Trade, Industry and Energy spoke at the Investors of the Quarter event that was held to promote foreign investment in Seoul on April 11.In his opening remarks, Deputy Minister Kim highlighted the importance of investing in new types of businesses as well as transforming the current investment models into more attractive models amid escalating global trade tensions and rising interest rates. He also emphasized that the gover date2018-04-11

Minister Paik urges resolution of labor dispute at GM Korea

Trade, Industry and Energy Minister Paik Ungyu (left) met with General Motors Korea’s President Kaher Kazem to urge management to settle the dispute with employees at GM Korea’s plant in Bupyeong on April 6.During his visit to GM Korea, which was arranged amid the escalating tension between the company and its workers, Minister Paik also encouraged the labor union to reach an agreement.Minister Paik added that the Ministry will monitor negotiations between the two parties and mediate date2018-04-06

FDI pledges to Korea jump to 2nd highest for Q1

The Ministry of Trade, Industry and Energy announced on April 4 that foreign direct investment (FDI) pledged to Korea in the first quarter of 2018 jumped 28.1 percent year-on-year to USD 4.9 billion.This second highest figure ever for the first quarter indicates that foreign investors find Korea an attractive destination for investment.FDI arrivals in the first quarter contracted 2.9 percent year-on-year to $2.9 billion, which exceeded an average quarterly amount of $2.7 billion for the pas date2018-04-04

Korea, Turkey to cooperate on eco-industrial parks

Trade, Industry and Energy Vice Minister Lee Inho (left) signed a memorandum of understanding (MOU) with Turkey’s Undersecretary of the Ministry of Science, Industry and Technology Veysel Yayan for strategic cooperation in eco-industrial parks at a signing ceremony at COEX in Seoul on April 2.After signing the MOU, Vice Minister Lee and Undersecretary Yayan exchanged ideas for environmentally-friendly industrial cooperation between the two countries.Vice Minister Lee introduced to the Turk date2018-04-02

Korea’s exports post record high for March

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports posted a record high for March exports, surpassing USD 50 billion.The value of overall outbound shipments in March rose 6.1 percent year-on-year to $51.6 billion, increasing for the 17th consecutive month. This growth is attributable to increased trade, strong performance of the information technology industry, and higher prices for oil and other major Korean export items.Average daily exports advanced 8.3 date2018-04-02