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FTA/Economic Cooperation
The TPP Strategy Forum to have in-depth discussions on national interests
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 13 that it organized the TPP Strategy Forum with experts from the industries, universities and research institutes have in-depth discussions on national interest. The TPP refers to the multilateral FTA between 12 countries in the Pacific Rim including the U.S. and Japan. Ever since showing interest in participating in the TPP in December 2013, the Korean government has been listening to the opinions of relevant parties while also conducting an in-depth analysis of the effects of the industry and area. With other countries, Korea has entered bilateral agreements with the 12 countries participating in the TPP in order to review the feasibility of its participation in the TPP. In principle, the TPP Strategy Forum is held twice a month with the participation of 15 experts from four different areas including economy, industry, politics, diplomacy, trade laws and the respective country. They will also organize a group of experts to be more flexible in having the best experts participate in the discussion. * Short version date2015-01-13
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Industry
MOTIE launches 13 Industrial Growth Engine Projects
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 06 that it secured a budget of 449.5 billion won ($ 404 million) to invest in 13 growth engines for the future. The ministry will run a feasibility study to make sure it has enough budget to develop high-speed vertical takeoff and landing UAV and self-driving vehicles that require a lot of money in carrying out med- to long-term proprietary technology development. The final results of the feasibility study on wearable smart devices and DC transmission system will be available in early this year. MOTIE plans to launch stepping stone projects to commercialize and produce the products with market demand by using the interim results of the Industrial Growth Engine Project. The plan is to launch plastic electric cars for children in the market in 2015 and then plastic automobiles by 2022. MOTIE also plans to improve the system to enable faster certification process and mitigate various regulations in order to remove obstacles that stand in the way of commercializing new products early in the stage. * Short version date2015-01-06
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FTA/Economic Cooperation
Maximizing the Outcomes of Summit Diplomacy
On this page Overview Policies Overview Since the new administration took office, President Park has been actively pursuing summit-level diplomacy. Government-wide efforts are being made to translate the concrete outcomes drawn from 17 outbound and 22 inbound state visits (as of 2014) into new business opportunities for companies. Parties interested in the detailed outcomes of summit diplomacy initiatives may access the public portal website Summit Diplomacy Portal and gain date2014-12-30
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FTA/Economic Cooperation
A New Trade Roadmap
Expand the benefits of date2014-12-30
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FTA/Economic Cooperation
Fostering multilateral trade cooperation
Among the G20's key priorities, which include strengthening the world economy, global financial system reform, economic reform and trade, MOTIE is playing a core role in pursuing the international trade agenda which is a driving force of economic growth and job creation. date2014-12-30
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FTA/Economic Cooperation
Active participation in WTO negotiations
(the negotiation of the expansion of the WTO ITA) Since 2012, negotiations have been ongoing to expand the list of products covered by the agreement, and Korea is actively participating in these date2014-12-30
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Energy
Nuclear power plant export
date2014-12-30
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Energy
Energy-related new industries
* Examples include demand management programs, energy management services, electric vehicle services, energy independent islands, solar energy rental services, use of thermal effluent from power plants. * Electricity market mechanism: The Korean electricity market is operated by the Korea Power Exchange, and the Korea Electric Power Corporation (KEPCO) buys electricity in order of price from lowest to highest based on unit cost of production and supply potential information submitted by generators. * (before) Demand reduction through government spending → (after) Demand reduction through the participation of demand management companies in the electricity market ※ Total electricity savings are expected to reach 1.9 million kW by 2017, accounting for 2.5% of peak demand (76.52 million kW in 2013). * It is difficult for solar PV and wind power to provide consistent output due to changes in weather conditions and wind velocity. Even though ESS can provide society with such g date2014-12-30
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Energy
Establishment of stable and efficient energy supply system
date2014-12-30
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Energy
Promotion of new and renewable energy
"The Act on the Promotion of the Development, Use, and Diffusion of New and Renewable Energy" defines new and renewable energy as energy resources converted from existing fossil fuel resources or renewable energy sources, including the sun, water, geothermal heat, precipitation, and bio-organisms. The Act identifies 11 such resources, including solar energy, bioenergy, wind power, hydro power, fuel cells, liquefied or gasified coal, gasified heavy oil residue, tidal power, waste-to-energy, geothermal energy, and hydrogen energy. Despite its weak economic feasibility due to the lack of price competitiveness and the high initial investment costs, new and renewable energy is becoming increasingly important and necessary as a key solution to fossil fuel depletion and other environmental issues. As of 2012, the penetration rate of new and renewable energy was 3.18% that of primary energy. This rate rose by 10.9% annually on average from 2008 to 2012, almost three times faster than the 3.7% annual average growth of primary energy penetration during the same period. Waste-to-energy and bioenergy represented 80% of the entire new/renewable energy supply base, while solar energy and wind power accounted for just 5%. MOTIE will employ and spread revenue models that are backed by consumer participation (e.g. collaboration with residents, eco-friendly energy towns), which would increase the use of new/renewable energy through the participation of the general public and sharing of results. MOTIE will also implement unsubsidized rental projects in which private firms provide necessary servi date2014-12-30