Ministry of Trade Industry and Resources

Overall retail sales inch down 0.4 percent in February

The Ministry of Trade, Industry and Energy announced on March 28 that Korea’s overall retail sales in February inched down 0.4 percent compared to the same period last year. While offline retail sales fell 7.1 percent, online retail sales gained 12.0 percent.The decline in sales at brick-and-mortar stores was mostly caused by the effect of the Seollal holiday that fell on February 5 this year. Last year, the same holiday fell on February 16. The earlier holiday meant greater demand for gif date2019-03-28

Korea, China discuss expanding industrial cooperation at 2019 Boao Forum

Trade, Industry and Minister Sung Yun-mo (left) had a meeting with Chinese Industry and Information Technology Minister Miao Wei at the Boao Forum for Asia Annual Conference 2019 held in Hainan on March 28 (local time).During the meeting, the two Ministers discussed ways to enhance win-win cooperation in new industries such as hydrogen cars, autonomous vehicles, and eco-industrial parks in preparation for the Fourth Industrial Revolution.Both sides also agreed to hold the fourth Korea-China Indu date2019-03-28

Minister Sung attends Korea-China luncheon at 2019 Boao Forum in Hainan

Trade, Industry and Minister Sung Yun-mo attended a Korea-China luncheon held to advance cooperation between the two governments and private sectors at the 2019 Boao Forum in Hainan on March 28 (local time).The event was attended by some 100 officials and business leaders from both countries, including former UN Secretary-General Ban Ki Moon, Boao Forum Vice Chairman Zhou Xiaochuan, and Hainan Provincial Government Vice Governor Mao Chaofeng. date2019-03-28

Minister Sung discusses with China’s Energy Administration Director Zhang Jianhua in Beijing

Trade, Industry and Energy Minister Sung Yun-mo (right) had a discussion with Chinese National Energy Administration Director Zhang Jianhua at a meeting held in Beijing on March 27.During the meeting, Minister Sung and Director Zhang explored potential cooperation opportunities between the two countries in a range of areas, including electric power grids, natural gas, renewables, and energy-related new industries.Minister Sung said that further cooperation between Korea and China is needed to re date2019-03-27

Minister Sung meets with China’s Market Regulator Director Zhang Mao in Beijing

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Chinese State Market Regulatory Administration Director Zhang Mao at a meeting held in Beijing on March 27.During the meeting, Minister Sung and Director Zhang agreed to expand bilateral cooperation in various areas, including standards, certification, and safety of products as well as intellectual property protection and new industries.Both officials acknowledged that new approaches to cooperation are necessary to respond to global date2019-03-27

Trade Minister Yoo delivers opening remarks at Korea-Belgium Business Forum in Seoul

Trade Minister Yoo Myung-hee delivered opening remarks in the presence of King Philippe of Belgium at the Korea-Belgium Business Forum held in Seoul on March 27.During her speech, Trade Minister Yoo said the two countries need to have the level of economic cooperation improved to a future-oriented strategic partnership, while responding to recent rapid changes in the global economic environment stemming from ongoing global uncertainties and growing protectionism.Among the attendees at the event date2019-03-27

Korea reveals robot industry initiative, aiming to be one of the world’s top 4 robot leaders

Trade, Industry and Energy Minister Sung Yun-mo (left) gave a presentation on Korea’s robot industry fostering plan in the presence of President Moon Jae-in and Science Minister You Young Man at a meeting held in Daegu on March 22.During his speech, Minister Sung said that robots, combined with new technologies like artificial intelligence and the 5G network, will become smarter and they will be more broadly used in the manufacturing sector and in our everyday lives.At the event, the Minis date2019-03-22

Korean ICT industry’s exports reach $12.7 billion in February

The Ministry of Trade, Industry and Energy announced on March 21 that Korea’s information and communications technology (ICT) industry in February reached USD 12.7 billion in exports and $7.3 billion in imports. The trade balance stood at a surplus of $5.4 billion.Exports of Korean ICT goods last month saw a year-on-year decrease of 19.0 percent. This fourth consecutive monthly decline is mostly a result of slower exports of semiconductors, displays, and mobile phones.By item, semiconducto date2019-03-21

Korea, Kazakhstan hold 8th Joint Economic Committee Meeting in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (left) and Kazakh Minister of Industry and Infrastructure Development Sklyar Roman Vasilevich signed agreed minutes at the eighth Korea-Kazakhstan Joint Economic Committee Meeting held in Seoul on March 20.Before signing the minutes, the two Ministers discussed ways to promote bilateral cooperation in a range of areas, including trade and investment, industry and energy, and public health and medical care.During the opening remarks, Minister Sung s date2019-03-20

Korean air purifier business alliance moves into innovation center in Gwangju

Trade, Industry and Energy Minister Sung Yun-mo (left) attended the move-in ceremony of the alliance for air consumer electronics businesses held at the air home appliance innovation support center in the Gwangju branch of the Korea Electronics Technology Institute (KETI) on March 18.During his visit, Minister Sung asked the companies belong to the alliance to strive for developing new products by making use of the innovation center’s testing devices and research equipment. Minister Sung a date2019-03-18