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FTA/Economic Cooperation
Korea and Ecuador start SECA negotiations
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 25 that Korea and Ecuador will start the negotiations on SECA (Strategic Economic Cooperation Agreement) on the same day in Seoul after a meeting with Nathalie Cely, Minister of Production of Ecuador, and Diego Aulestia Valenci, Minister of International Trade. For reasons of political sensitivity, Ecuador requested to replace the term "FTA" with something else, and Korea agreed to use the term "SECA (Strategic Economic Cooperation Agreement)" instead. Korea and Ecuador agreed that the SECA should be closed as soon as possible after high level and comprehensive talks, and signed the joint statement on the initiation of Korea-Ecuador SECA. Both governments plan to start the first negotiation talks as soon as possible based on the statement, and discuss the details of negotiation. Ecuador's domestic market has been growing rapidly in the recent years thanks to its steady economic growth and expansion of middle class, and it has a mutually complementary economic structure with that of Korea which helped triple the trade volume in the recent 10 years, leaving lots of room for cooperation. For Korea, Ecuador is a great market for plant and construction thanks to its abundant resources such as oil, and it can also serve as a foothold to enter the South American markets since it's tied to the MERCOSUR trade agreement with Brazil and Argentina. * Short version date2015-08-25
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Industry
Software integrated parts to be selected to turn the key industries into smart industries
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 25 that it has selected 20 software integrated parts that are necessary to advance the key industries and turn them into smart industries. The parts are for wearable devices, OLED, high-quality virtual multimedia, smart sensors, high fuel efficient motors and high-precision controllers that can be used in 13 industrial engines used by self-driving vehicles and intelligent robots. According to a res date2015-08-25
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FTA/Economic Cooperation
MOTIE Deputy Minister Woo Leads Delegation to Iran for Post-Sanctions Economic Cooperation
Deputy Minister for Trade Woo Tae-hee led a delegation of South Korean officials and state-run agencies to Iran from August 23 to August 24 to discuss renewed economic cooperation with the Middle Eastern country following a deal to lift international sanctions. "We plan to highlight the capability of our firms for major projects with which the Iranian government seeks to rebuild infrastructure, diversify industries and develop energy fields in the post-sanctions era," the Ministry of Trade, Industry and Energy (MOTIE) said in a statement. In addition to boasting the world's largest known gas reserves and fourth largest oil reserves, Iran was formerly South Korea's sixth largest market for overseas construction contracts before the international sanctions were imposed. Deputy Minister Woo is also scheduled to visit Qatar to discuss ways to promote bilateral cooperation proposed during a visit by Sheikha Moza bint Nasser, chairwoman of the Qatar Foundation for Education, Science, and Community Development to Korea in May. To find out more about South Korea's efforts to open a new era of cooperation with the Islamic Republic, check out a report from Reuters via The Jerusalem Post: date2015-08-24
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FTA/Economic Cooperation
MOTIE Minister Yoon Greets U.S. Congressman Charles Rangel
Minister of Trade, Industry and Energy Yoon Sang-jick greeted a visit by U.S. Congressman Charles Rangel at his satellite office in Seoul last week. During the meeting, they exchanged views on the implementation of the Korea-U.S. Free Trade Agreement (FTA) and other trade issues such as the Trans-Pacific Partnership (TPP). date2015-08-24
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FTA/Economic Cooperation
Delegation to be dispatched to Iran to boost economic cooperation after sanctions are lifted
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 24 that it sent a delegation to Iran for which sanctions were recently lifted to restore cooperative relationship in industrial and energy areas and discuss some of the issues to boost cooperation. Led by the Second Vice Minister of Trade, Industry and Energy and composed of representatives from the Korea National Corporation, Korea Gas Company, Korea Resources Corporation, National Research Foundation of Korea, Korea Institute for International Economic Policy and Korea Trade-Investment Promotion Agency. The Korean delegation will have a meeting with the president of ITPO, Iran and the president of National Iranian Oil Company to discuss matters of cooperation in economy and energy, as well as issues that are often faced by Korean companies wishing to do business in Iran. They will also hold meetings with high ranking officials of National Iranian Oil Company to discuss the possibilities of Korean companies in the development of oil and gas fields based on their years of experience in the area. * Short version date2015-08-24
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Industry
Bupyeong Industrial Complex celebrates 50th anniversary
The Ministry of Trade, Industry and Energy (MOTIE) announced on August 21 that Bupyeong National Industrial Complex is celebrating its 50th anniversary this year. Designated as a National Industrial Complex in 1965 according to the Export Industrial Complex Development Act, the complex located in Changcheon-dong, Bupyeong-gu, Incheon currently houses a total of 761 companies on 610,000㎡ (6.5 mil sqft) of land. It's the largest industrial complex in Korea for electric and electronics businesses, and 54.3 percent of the entire area is currently occupied by foreign invested companies. Last year alone, it produced goods worth 2.9 trillion ($ 2.6 billion) and exported 2.8 trillion won worth of goods. There are more than 12,000 people currently working there. * Short version date2015-08-21
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FTA/Economic Cooperation
ROK and Ecuador to Start FTA Talks
The Republic of Korea (ROK) and Ecuador plan to announce the start of negotiations on a bilateral free trade agreement in Seoul next week. The ROK's Minister of Trade, Industry and Energy Yoon Sang-jick will make the announcement during a meeting with Minister of Production Nathalie Cely and Minister of Foreign Trade Diego Aulestia from the South American country. The Korean government plans to pursue a comprehensive and high-level FTA with Ecuador, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement. If concluded, this would be Ecuador's first FTA with an Asian country, according to the statement. date2015-08-20
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Industry
MOTIE Minister Yoon Backs LG Display's Plan to Invest in OLED
MOTIE Minister Yoon Backs LG Display's Plan to Invest in OLED Minister of Trade, Industry and Energy Yoon Sang-jick attended a press conference hosted by LG Display Co. in Paju, South Korea, yesterday. At the presser, the minister applauded the plan by the world's biggest maker of liquid crystal displays (LCDs) to increase investment in organic light-emitting diode (OLED) displays. Minister Yoon also pledged the government's continued support for local companies to invest in date2015-08-19
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Industry
South Korea to Hold Three-Day Special Sale Event for Chinese Online Shoppers
South Korea to Hold Three-Day Special Sale Event for Chinese Online Shoppers South Korea plans to hold a special sale event called `XingXing Korea' for Chinese online shoppers from August 19 to August 21 as part of efforts to promote exports. During the three-day event, 17 local online shopping malls will offer discounts of 8 to 50 percent on about 1,700 items ranging from cosmetics to groceries. Also, the Korea Post will give a discount of 36 percent on international shippi date2015-08-18
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Industry
South Korea Launches `Korea Grand Sale' for Foreign Tourists
South Korea has launched the Korea Grand Sale for foreign tourists in an effort to revive the local tourism industry and economy hit by the recent Middle East Respiratory Syndrome (MERS) incident. The sixth annual event is the largest ever as about 250 local companies and 30,000 stores, from airlines to duty-free shops, are offering various shopping benefits and events. The Korea Grand Sale will run earlier than scheduled from August 14 to October 31, as it is normally held in winter, a relatively less popular season for foreign tourists. For more information about the Korea Grand Sale, please visit its English website at date2015-08-17