Ministry of Trade, Industry and Energy

South Korea Appoints 21 Foreign Investment Officials

        The Ministry of Trade, Industry and Energy (MOTIE) and 20 other ministries each appointed a designated official to communicate externally with each other and foreign-invested companies in order to attract more overseas money to South Korea.   These officials will collect opinions and suggestions from foreign-invested companies to improve the country's laws and regulations on foreign investment and also help resolve difficulties the companies face doing business in Asia's fourth-largest economy.   The MOTIE's Deputy Minister for International Trade and Investment Kwon Pyong-oh introduced the ministries' newly-appointed foreign investment officials at the meeting of the Foreign Investment Advisory Council held in Seoul yesterday.   During the meeting, Deputy Minister Kwon explained South Korea's efforts to improve its foreign investment policies and systems to key representatives of foreign-invested companies, including British Chamber of Commerce Chairman Michael Reed and European Chamber of Commerce President Jean-Christophe Darbes.   date2015-06-18

Government agencies assign foreign investment staff as a communication channel between them and foreign investors

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that a total of 21 government agencies including the MOTIE, Ministry of Strategy and Finance, Ministry of Environment, Ministry of Employment and Labor, Ministry of Land and Infrastructure and Transport have assigned foreign investment staff at the office to serve as a communication channel between foreign investors and the agency and also respond to foreign investors' complaints.     Their primary task is to listen to the opinions of foreign investors on new regulations when a law is revised or a new law is enacted, and also solve their problems with relevant government agencies.     The staff put in charge of foreign investor services at the 21 agencies were present at the "Foreign Investment Advisory Group Meeting of the First Half of 2015" at the Grand Hyatt Hotel Seoul on June 17. Also present at the meeting were CEO's of major foreign-invested companies and chairmen of foreign chambers of commerce in Korea.     At the meeting, the CEO's of foreign-invested companies said, "It has been difficult communicating with the relevant agencies directly. The appointment of foreign investor services staff at each of the agencies will make it much easier for us to communicate with the agencies."     They have made 17 proposals, and MOTIE agreed to cooperate with relevant agencies on all the proposals except the ones that have been accepted or implemented already.   The Korean government agreed to provide potential foreign investors with accurate information on any measures taken against MERS.     * Short version date2015-06-17

South Korea Provides Global Connections to Companies and Clients for Overseas Plant Construction

      The MOTIE's 2nd Vice Minister Moon Jae-do delivered a welcoming speech at the Global Project Plaza 2015 in Seoul yesterday, which provided a venue for South Korea's plant construction companies to connect with overseas clients.   In his speech, VM Moon stressed the need to create more win-win opportunities between selling and buying countries in plant construction, adding that the Korean government will provide all necessary support for such opportunities.   About 55 global clients from 33 countries attended the event, including Morocco's Minister of Energy and Mines Abdelkader Amara, Croatia's Deputy Economy Minister Alen Leveric, and Egyptian National Railways Chairman Ahmed Hamed.   date2015-06-10

MOTIE VM Lee Congratulates Seoul International Forum on Trade Remedies 2015

      The MOTIE's 1st Vice Minister Lee Kwan-sup delivered a congratulatory speech at the Seoul International Forum on Trade Remedies 2015 in Seoul last week, which discussed the achievements and challenges of the World Trade Organization (WTO) on the occasion of the global body's 20th anniversary.   About 350 trade-related guests from 18 countries attended this year's annual forum, including Paul Piquado, assistant secretary for enforcement and compliance for the U.S International Trade Administration, Stephen Leach, chairman of the Canadian International Trade Tribunal, and Dale Seymour, commissioner of Australia's Anti-Dumping Commission.   date2015-06-09

South Korea’s Exports Expected to Recover in June

      South Korea's exports are expected to recover significantly in June thanks to an increase in exports of (new) automobiles, an ease in the decline of exports for oil and petrochemical products and two and a half more working days, a government report said this week.   The Korean government will implement its short-term export revitalization measures as planned, which were announced on April 15 with a focus on marketing support, the Ministry of Trade, Industry and Energy said in its press release on the country's trade data for May.   To secure mid- and long-term export competitiveness, the government is preparing a comprehensive package of measures by the end of June through an in-depth analysis of export trends and structural changes in overseas shipments in cooperation with relevant research institutions.   Korea’s exports fell 10.9 percent to $42.4 billion and imports decreased 15.3 percent to $36.1 billion in May from a year earlier, resulting in a trade surplus, for the 40th consecutive month, of $6.3 billion, according to the press release.   Overseas shipments in May recorded the biggest year-on-year decline of the year due to falling unit prices of major products (such as oil, petrochemicals, and steel) and one fewer working day, the MOTIE said in the release.   For more details, please read the MOTIE's latest press release on South Korea's monthly trade data:   date2015-06-04

Export and Import Trends for May 2015

  □ Korea’s exports fell 10.9 percent to $42.4 billion and imports decreased 15.3 percent to $36.1 billion in May from a year earlier, resulting in a trade surplus, for the 40th consecutive month, of $6.3 billion.   □ Overseas shipments showed their largest year-on-year decline for this year in May as a result of persistent unfavorable export conditions including falling unit prices for exports such as oil, a global trade slowdown, and one fewer working day due to a public holiday (Buddha’s Birthday). - By product, shipments of computers, semiconductors, and mobile telecommunication devices showed an increase, while those of steel, ships, and automobiles decreased. By region, exports declined for most regions amid the global trade slowdown. - Exports to the US, China, and Japan continued to fall, while shipments to Hong Kong and Vietnam maintained an upward trend, surpassing Japan in terms of export volume as South Korea’s third and fourth largest overseas markets. ※ Exports to Vietnam increased sharply due to increasing local production of South Korean wireless communication devices and home electronic appliances.   □ The unit prices of major raw materials continued to decrease, but the recent rebound in oil prices mitigated the overall decline.   □ ○ Exports in May recorded the biggest year-on-year decline of the year due to falling unit prices of major products (such as oil, petrochemicals, and steel) and one fewer working day. - Overseas shipments are expected to recover significantly in June thanks to an increase in exports of (new) automobiles, an ease in the decline of exports for oil and petrochemical products and two and a half more working days. ○  The government will implement its short-term export revitalization measures as planned, which were announced on April 15 with a focus on marketing support. * The measures include tapping into e-commerce and domestic markets in China, product marketing in prospective export market regions, assisting small- and medium-sized companies’ exports with problems such as non-tariff barriers, and expanding support for trade insurance. ○ To secure the mid- and long-term export competitiveness, the government is preparing a comprehensive package of measures by the end of June through an in-depth analysis of export trends and structural changes in overseas shipments in cooperation with relevant research institutions. * The package will include the analysis of internal and external factors for the recent export slowdown, assessment and supportive measures for export competitiveness (deregulation, tax support, personnel enhancement, facilitation of investment in facilities and research and development (R&D), utilization of free trade agreements (FTAs), and development of prospective export products.) Attachment: date2015-06-04

MOTIE Hosts China Week 2015 to Attract Chinese Investors

      The Ministry of Trade, Industry and Energy (MOTIE) hosted China Week 2015 in Seoul yesterday, an investor relations seminar to explain South Korea's foreign investment policy to Chinese investors.   The MOTIE's 1st Vice Minister Lee Kwan-sup delivered a congratulatory speech at this year's annual event, which about 100 officials from 61 Chinese companies such as Bunma Group, CNPV and Huawei Technologies Co attended.   Prior to the speech, VM Lee also held a roundtable meeting with representatives from about 20 investment-related companies and institutions in China, including the China Council for the Promotion of International Trade, the China State Construction Engineering Corporation, and the Bank of China.   date2015-05-22

Export and Import Trends for April 2015

Exports: $46.2 Billion, Imports: $37.7 Billion, Record Trade Surplus: $8.5 Billion   □ Korea’s exports fell 8.1 percent to $46.2 billion and imports decreased 17.8 percent to $37.7 billion in April from a year earlier, resulting in a trade surplus, for the 39 consecutive month, of $8.5 billion. - Exports and imports both continued to decline from January through April this year amid unfavorable conditions such as falling oil prices, lower export prices of key products and slowing global trade growth. -The country’s trade balance posted a record surplus for the third straight month in April.   □ Overseas shipments showed their largest monthly year-on-year decline of 2015 in April due to a drop in shipments of major products such as automobiles, ships and mobile telecommunication devices. - By product, shipments of computers and semiconductors increased, while those of mobile telecommunication devices and automobiles decreased. By region, exports declined for most regions excluding the Middle East amid the global trade slowdown. - The export volume fell slightly in April due to regular maintenance checks at production facilities for oil and petrochemical products, but gained 1.2 percent from a year earlier.   □ Inbound shipmentscontinued to fall in April due to a decline in unit prices of imported major raw materials. - Capital and consumer products, meanwhile, posted good growth.   □ < Factors behind Lower Export Growth in April > ①   Deteriorating export market conditions due to slowing global trade ②   Negative base effect from robust export growth recorded in April 2014 ③   Decline in unit prices of key exports, and regular maintenance checks at production facilities for oil and petrochemical products ④   Worsening conditions for overseas competition in major export markets and for key products due to an acceleration in the fall of the yen and a weakening euro (according to the views of exporters of automobiles and general machinery)   < Outlook and Policy Challenges > - Exports are likely to continue their downward trend in May due to fewer workings days (one less day compared with May last year), a decline in unit prices of key exports and regular maintenance checks of production facilities of oil and petrochemical products. - A rebound in overseas shipments is expected from June thanks to more working days, an expected increase in exports of new automobiles, and the completion of regular maintenance checks of oil and petrochemical output facilities. - The Korean government is preparing measures by looking closely at the competitiveness of major export products in light of recent market and foreign exchange conditions.   Attachment: date2015-05-15

South Korea Posts Record Trade Surplus for 3rd Staight Month in April

      South Korea posted a record trade surplus for the third straight month in April as imports fell more than exports declined, according to data by the Ministry of Trade, Industry and Energy (MOTIE)   Overseas shipments fell 8.1 percent to $46.2 billion and imports decreased 17.8 percent to $37.7 billion last month from a year earlier, resulting in a trade surplus, for the 39th consecutive month, of $8.5 billion   Both exports and imports continued to decline from January through April this year amid unfavorable conditions such as falling oil prices, lower export prices of key products and slowing global trade growth.     Overseas shipments showed their largest monthly year-on-year decline of 2015 in April due to a drop in shipments of major products such as automobiles, ships and mobile telecommunication devices.   - By product, shipments of computers and semiconductors increased, while those of mobile telecommunication devices and automobiles decreased.   - By region, exports declined for most regions excluding the Middle East amid the global trade slowdown.     Inbound shipments continued to fall in April due to a decline in unit prices of imported major raw materials.   - Capital and consumer products, meanwhile, posted good growth.       < Factors behind Lower Export Growth in April >   ① Deteriorating export market conditions due to slowing global trade   ② Negative base effect from robust export growth recorded in April 2014   ③ Decline in unit prices of key exports, and regular maintenance checks at production facilities for oil and petrochemical products   ④ Worsening conditions for overseas competition in major export markets and for key products due to an acceleration in the fall of the yen and a weakening euro (according to the views of exporters of automobiles and general machinery)     < Outlook and Policy Challenges >   - Exports are likely continue their downward trend in May due to fewer workings days (one less day compared with May last year), a decline in unit prices of key exports and regular maintenance checks of production facilities of oil and petrochemical products.   - A rebound in overseas shipments is expected from June thanks to more working days, an expected increase in exports of new automobiles, and the completion of regular maintenance checks of oil and petrochemical output facilities.   - The Korean government is preparing measures by looking closely at the competitiveness of major export products in light of recent market and foreign exchange conditions date2015-05-07

USD 98 mil to be invested into stepping stone projects by 2017

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 6 that it is investing 110 billion won ($98 million) in 12 stepping stone projects by 2017. A stepping stone project refers to the commercialization of interim R&D results in the form of technology and product.     For this year, a total of 31 billion won will be invested in plastic auto tuning parts, fishfinder drones for deep-sea fishing and logistics robots for hospitals and warehouses.     Plastic tuning parts can either be used on high-performance cars and but before the development is completed, they can be used on premium micro cars for children.     Fishfinder drones are a high-speed vertical take-over and landing aircraft that can be used to find schools of fish in the air. They can also be used in various areas, such as monitoring illegal fishing, military surveillance and disaster monitoring.     The logistics robots can be used both at the hospitals and warehouses for public health and safety. The plan is to employ the robots in domestic and overseas hospitals and nursing homes, before using them at hotels and large warehouses. The ultimate goal is to develop robot nurses and remote medical robots.     MOTIE expects to create 3 trillion won market by 2017 once the interim R&D results are commercialized through the stepping stone projects.     * Short version date2015-05-06