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FTA/Economic Cooperation
South Korea and Japan's Trade Ministers Discuss Bilateral Cooperation
South Korea and Japan's Trade Ministers Discuss Bilateral Cooperation MOTIE Minister Yoon Sang-jick held a meeting with Yoichi Miyazawa, Japan's Minister of Economy, Trade and Industry, in the Philippines over the weekend to discuss bilateral economic cooperation and issues related to South Korea and Japan. The one-on-one meeting took place on the sidelines of the 21st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Boracay on May 23 and 24 date2015-05-26
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Industry
International standards to be applied on domestic nanodevices
The Ministry of Trade, Industry and Energy (MOTIE) and Korea Agency for Technology and Standards announced on May 26 that they plan to support the commercialization of a nanodevice developed by the Korean medium-sized business HCT by applying international standards on it. The core technology of the nanoparticle generator is to assess the toxicity of the nanoparticles absorbed and evenly distribute the nanoparticles. The toxicity index evaluation equipment is used to test the "inhalation toxicity" that affects the respiratory system when nanoparticles are inhaled through the nose. There are already international standards for the nanoparticle generation and monitoring methods. HTC is currently performing well both in the domestic and overseas markets through a series of international standardization activities, as it expects to achieve 17 billion won ($15 million) in domestic sales and 3 billion won in exports. Devices that are developed in Korea but conform to international standards can help boost the domestic market by replacing imported devices that are 2.5 to 3 times more expensive than the domestic counterpart. Furthermore, Korean companies can export more once made-in-Korea products gain global recognition. The Korean Agency for Technology and Standards plans to support the international standardization of technologies developed by Korean SME's such as HTC. * Short version date2015-05-26
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FTA/Economic Cooperation
MOTIE Minister Yoon and China's Sichuan Governor Hong Discuss South Korea-China Cooperation
MOTIE Minister Yoon Sang-jick met with Wei Hong, governor of Sichuan Province, in Chengdu city, China, yesterday to discuss bilateral economic cooperation between South Korea and the Chinese region. During the one-to-one meeting, the two exchange views on various topics, including industrial policy cooperation, China's `One Belt, One Road' initiative and the Asian Infrastructure Investment Bank (AIIB). date2015-05-22
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Trade/Investment
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
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FTA/Economic Cooperation
MOTIE Minister Yoon and Australia's NSW Premier Baird Meet in Seoul
MOTIE Minister Yoon Sang-jick received a visit by Australia's New South Wales Premier Mike Baird yesterday at his satellite office in Seoul to discuss ways to promote trade and investment cooperation between South Korea and the southeastern Australian state. They also exchanged views on the implementation of the free trade agreement (FTA) between South Korea and Australia, which went into effect on December 12 last year, and energy cooperation between the two countries. date2015-05-21
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Industry
MOTIE Hosts Korea Eureka Day 2015
The Ministry of Trade, Industry and Energy (MOTIE) is hosting the Korea Eureka Day 2015 ( from May 20 to May 22 in Seoul with the Swiss EUREKA Chairmanship. The 6th annual event, organised by the Korea Institute for Advancement of Technology (KIAT), attracted about 200 technology professionals from 22 member nations of EUREKA and 400 from local institutions. Founded in 1985, EUREKA is an intergovernmental organisation for market-driven industrial research and development (R&D), which integrates over 40 European economies across Europe, but also includes Israel, South Korea, and Canada. To find more about EUREKA, please visit its website at date2015-05-21
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FTA/Economic Cooperation
South Korea and India Strike Deal on Joint Production of Audiovisual Content
MOTIE Minister Yoon Sang-jick and Anil Wadhwa, Secretary (East) of India's Ministry of External Affairs, signed an agreement earlier this week in Seoul on the joint production of audiovisual content between South Korea and India. The agreement will make it easier for jointly-produced audiovisual content to receive equal treatment and benefits as content produced locally in each country. The signing took place on the occasion of Indian Prime Minister Narendra Modi's state visit to South Korea from May 18 to May 19 as part of his three-nation tour, which included China and Mongolia. The deal would help South Korea tap into India's fast-growing video content market, which has the world's sixth largest movie market known as Bollywood and 10th largest television broadcasting market. Minister Yoon also signed a memorandum of understanding (MoU) with Indian Ambassador to Korea Vikram Doraiswami on promoting bilateral cooperation in the areas of electricity and renewable energy. date2015-05-20
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FTA/Economic Cooperation
South Korea and India Launch CEO Forum on Bilateral Business Cooperation
South Korea and India yesterday launched a joint forum for chief executives of top companies from both countries to promote bilateral business cooperation. President Park Geun-hye and India's Prime Minister Narendra Modi, who was on a two-day state visit to South Korea, attended the launching ceremony in Seoul. At the forum, about 300 business leaders, including Aditya Birla Group Chairman Kumar Manglam Birla, discussed ways to strengthen and move forward bilateral economic ties between the two countries. The Ministry of Trade, Industry and Energy (MOTIE) and India's Ministry and Commerce and Industry prepared the forum and hosted its first meeting together. date2015-05-20
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FTA/Economic Cooperation
MOTIE Discusses Economic Cooperation with Germany's Saxony
The MOTIE's 2nd Vice Minister Moon Jae-do held a meeting in Seoul last week with Martin Dulig, Germany's Saxon State Minister of Economic Affairs, Labour and Transport and Deputy Prime Minister, who is visiting South Korea to invite foreign investment to his state. During the meeting, the two exchanged ideas on ways to promote bilateral economic cooperation between South Korea and the German state, including research and development and high-tech technology related to semiconductors, automobiles and energy. date2015-05-20
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Industry
Alibaba to Launch Korea Pavilion on Tmall
Chinese eCommerce giant Alibaba Group Holding Ltd announced yesterday the launch of a Korea Pavillion ((, China's largest web retailer. The Korea Pavillion is the first official online country pavilion that will help Chinese consumers shop for Korean products as well as get travel and cultural information. 's Korea Pavilion, in partnership with the Korea International Trade Association (KITA), offers Korean merchants a dedicated online platform to tap into the Chinese market. For more details, please check out the press release by the Alibaba: date2015-05-20