Ministry of Trade, Industry and Energy

MOTIE Holds Foreign Investment Council Meeting

      The Ministry of Trade, Industry and Energy (MOTIE) held the biannual Foreign Investment Advisory Council Meeting in Seoul this week in an effort to improve the country's rules and environment for foreign investors.   During the meeting, Lee In-ho, the MOTIE's deputy minister for international trade and investment, discussed ways to promote Korea's foreign investment with about 60 participants, including representatives of foreign-invested companies and foreign chambers of commerce. date2015-10-27

MOTIE Hosts 8th Korea-Africa Industry Cooperation Forum

MOTIE Hosts 8th Korea-Africa Industry Cooperation Forum   The Ministry of Trade, Industry and Energy (MOTIE) hosted the 8th Korea-Africa Industry Cooperation Forum in Seoul last week.   MOTIE 2nd Vice Minister Moon Jae-do delivered a welcoming speech for the annual event, which was attended by about 200 guests from related governments, international organizations and companies.   On the sidelines of the forum, Vice Minister Moon also held one-on-one meetings with Ethiopian Deputy date2015-10-27

Export and Import Trends for September 2015

    □ South Korea’s exports fell 8.3 percent to $43.5 billion and imports decreased 21.8 percent to $34.6 billion in September from a year earlier, resulting in a trade surplus, for the 44 consecutive month, of $8.9 billion.   □ By product, exports of products affected by oil prices and ships declined, while those of auto parts and home appliances increased. The upward trend in shipments of solid state drives (SSDs) and cosmetics continued. By region, exports to the EU increased sharply, primarily due to the recovery of domestic consumption in Europe. - The unit price of major export items fell due to falling oil prices and excessive supply, while the volume continued to increase for the fourth consecutive month.   □ Imports ofmajor raw materials continued to decrease, but imports of capital and consumer products jumped.   □ ○ Exports continued to decline in September due to a drop in ship exports and low oil prices, but the downturn easedcompared with the trend in August.   ○ The total volume of exports will likely increase in October mainly due to year-end events that drive higher demand, such as Black Friday in North America and Boxing Day in Europe.   - The growth of exportsnext month could register negative growth from the previous year as a result of continuing low oil prices and a higher comparison base from last October, when exports reached a record high of $51.6 billion.   date2015-10-22

South Korea Charts Path to High-Tech Future at Foreign Investment Events

      The Ministry of Trade, Industry and Energy (MOTIE) held 2015 Foreign Company Day last Thursday at the COEX to recognize the contribution that global companies are making to South Korea's industrial development and encourage them to invest more in one of the world's most innovative and open economies.   The MOTIE's 1st Vice Minister Lee Kwan-sup attended the event to give a keynote speech in which he vowed that the Korean government will continue striving to improve incentives and regulations for foreign investors.   The event came at the tail end of Foreign Investment Week 2015 held from October 13 to 15, the country's largest investment promotion event in which about one thousand guests from Korea around the world took part to find new business opportunities together in Asia's fourth-largest economy.   The event highlighted the South Korean government's Innovation 3.0 strategy aimed at jump-starting growth and transitioning to a Creative Economy based on new technologies like the Internet of Things (IoT) and ultrafast fifth generation (5G) mobile internet.   To find out more about Korea's innovative strategy for a 21st century economy, check out the report at Finance Asia: . date2015-10-20

South Korea Wraps Up Foreign Investment Week 2015

      Foreign Investment Week 2015 (FIW 2015), hosted by the Ministry of Trade, Industry and Energy (MOTIE), is coming to a close today after three days of events aimed at promoting Asia's fourth-largest economy as a destination for global investment.   On Tuesday, the Korea Foreign Direct Investment Forum gave investors tips on how to take advantage of the country's extensive free trade agreement (FTA) network, while in the evening FEZ Night introduced the potential of the Korea Free Economic Zones (KFEZ).   The event went into full swing on Wednesday as MOTIE Minister Yoon Sang-jick delivered welcoming remarks at a two-part Foreign Investment Forum held under the theme of "how Korea can be your gateway to China via the Korea-China FTA." The bilateral FTA between South Korea and its largest trading partner was signed in June and is currently awaiting ratification.   The final day of FIW 2015 will focus on providing networking opportunities between foreign investors and local businesses, with a networking luncheon in the afternoon and one-on-one business partnering meetings held throughout the day. There will also be site tours to the Kaesong Industrial Region, a special administrative region of North Korea open to South Korean businesses.   To find out more about this week's happenings, check out the event's official website (). date2015-10-15

MOTIE and SK Telecom to supply educational robots to Costa Rica

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 15 that MOTIE and SK Telecom will launch a pilot project with the Inter-American Development Bank (IDB) based in Washington D.C., USA to supply educational robots to 300 classes in Costa Rica.     A total of 1,500 robots named "Albert" manufactured by ROBOMATION, a Korea-based company, will be supplied over a period of 3 years starting from this month.     For this project, the IDB will invest $ 1.5 million for training teachers and developing training courses, MOTIE and SK Telecom will supply 1,500 robots as well as $ 750,000, while Costa Rica will spend $ 150,000 in training teachers on the use of these robots.     The project was first planned by the IDB, after someone at the bank read an article by "The Guardian" on how educational robots are being used in schools for disabled children in South Korea, and a visit to SK Telecom on this matter.     After their first visit to SK Telecom, they have been discussing with MOTIE and SK Telecom on the area of service, recipients of the service, and the scope of project. In the process, MOTIE decided to provide support after naming the project, "Supply and Expansion of AI Robots in 2015".     The IDB has been making a shift towards knowledge transfer from supporting infrastructure for South American countries.     It will review the results of this pilot project based on which to launch a project approximately 10 times bigger in all South American countries. This means that the Korean robot manufacturer will likely continue to participate in the upcoming projects.     MOTIE has assessed that this will have significant effects on ROBOMATION and other Korean robot manufacturers since they'll be able to establish a basis for marketing and promote their robots in South America.     * Short version date2015-10-15

MOTIE to Host Foreign Investment Week 2015

      The Ministry of Trade, Industry and Energy (MOTIE) will host the 10th annual "Foreign Investment Week 2015" (FIW 2015) from October 13 to 15 at the Grand InterContinental Seoul Parnas hotel to promote investment opportunities in South Korea.   About 650 foreign investors and members of the press will join 350 guests from local companies and the Korean government to attend the country's largest international investment promotion event.   MOTIE Minister Yoon Sang-jick will deliver welcome remarks at the opening ceremony of the forum, which will feature investment conferences and seminars, panel discussions, one-on-one meetings, visits to industrial sites and multiple networking events where global entrepreneurs and investors can find new opportunities in Asia's fourth-largest economy.   FIW 2015 is being held under the theme of building a foundation for a business hub in Northeast Asia. Participants will have a chance to learn about South Korea's efforts to lure foreign investment by strengthening its infrastructure and enhancing its investment landscape.   This year's event will especially highlight the business opportunities created by South Korea's growing FTA network of 52 countries, which now includes the U.S., the EU, and China, as well as the investment potential of its Korea Free Economic Zones (KFEZ).   To find more about Foreign Investment Week 2015, please visit its English website at . date2015-10-12

South Korea’s FDI Trends in the 3Q of 2015

    □ Accumulated foreign direct investmentFDI) to South Korea for three quarters of 2015 decreased from a year earlier. The declared amount fell 10.5 percent to USD 13.27 billion and the received amount rose 9.0 percent to USD 10.82 billion from a year earlier, which means passing USD 10 billion in the shortest time ever. These numbers far exceed the average number for the past five years, mainly attributable to investments in service and construction industries.   □ - FDI to South Korea in 2015 seems to record similar amount compared to that of a year earlier based on numbers from the past and signs of investment recovery.   - South Korea plans to achieve $ 20 billion in FDI for the first time in 2015. To this end, the country will make various efforts in fourth quarter as follows: It will host “Foreign Investment Week 2015” from Oct. 13 to 15 in Seoul, inviting over 1,000 people including potential investors, those from domestic foreign investment companies, and foreign press. The activities will be mainly investment attraction activities with some forums and press conferences. It will also host events in Japan, Australia, and European countries involving investment consultation meetings and investment attraction activities for new industry of energy in preparation for “New Climate System”   date2015-10-05

MOTIE Hosts Korea-Italy M&A Deal Sourcing Plaza

MOTIE Hosts Korea-Italy M&A Deal Sourcing Plaza   The Ministry of Trade, Industry and Energy (MOTIE) hosted the Korea-Italy M&A Deal Sourcing Plaza in Seoul yesterday in an effort to encourage local companies to seek business opportunities in Italy and other European countries through mergers and acquisitions (M&As)   In an opening speech at the event, Deputy Minister for International Trade and Investment Lee Inho pledged government support and stressed the need for small- date2015-09-23

Deputy Minister Woo Advocates Stronger Business and Industrial Ties Between South Korea and Japan

Deputy Minister Woo Advocates Stronger Business and Industrial Ties Between South Korea and Japan   Deputy Trade Minister Woo Taehee delivered a congratulatory speech at the Korea-Japan Industrial Technology Fair 2015 held in Seoul friday.   In the speech, the deputy minister stressed the need to promote business and industrial cooperation between the two countries. date2015-09-14