Ministry of Trade, Industry and Energy

Korea's foreign direct investment hits record high of $10.52 billion in 1st half

The Ministry of Trade, Industry and Energy on July 4 announced that foreign direct investment newly pledged in the first six months of this year has reached a record high of USD 10.52 billion.   This is the largest amount of FDI committed in history for a six-month period, and an 18.6 percent jump from $8.87 billion a year ago, which bodes well for Korea's annual FDI attraction goal to reach $20 billion. Also, this is the first time that pledged FDI has exceeded $10 billion date2016-07-04

Minister Joo discusses economic cooperation with Saudi Energy Minister

date2016-07-01

Export fall rate in June was the smallest in a year

The Ministry of Trade, Industry and Energy has announced that South Korean exports fell 2.7 percent to USD 45.3 billion and imports decreased by 8.0 percent to USD 33.7 billion in June from a year earlier, resulting in a trade surplus, for the 53rd consecutive month, of USD 11.6 billion. This was the largest trade surplus on record in terms of monthly surplus.   The export decrease rate in June has recorded the lowest since June 2015 and also a reduced decrease rate for two consecutive mont date2016-07-01

'Brexit’ Likely to Have Minimal Impact on Korean Economy

'Brexit’ Likely to Have Minimal Impact on Korean Economy   Ministry of Trade, Industry and Energy announced Britain’s withdrawal from the EU, better known as Brexit, is expected to have little impact on the Korean economy.   On June 24, the Ministry held an emergency conference on the impact of Brexit on the Korean economy. Vice Minister Lee Kwan-sup hosted the conference to examine how Britain’s withdrawal from the EU could affect Korea’s real economy and to di date2016-06-24

Korea to Woo Int’l Shoppers with `FESTA’ Festival in Fall

Korea to Woo Int’l Shoppers with `FESTA’ Festival in Fall   The Ministry of Trade, Industry and Energy announced it would kick off the Korean version of ``Black Friday” festival under the name of the ``Korea Sale FESTA’’ for international shoppers between September 29 to October 31 with cooperation of the Ministry of Culture, Sports and Tourism and other related public and private agencies.   The word ‘FESTA’ is formed by taking the initia date2016-06-21

Second Ministerial-Level Joint Committee to be Held on Korea-India CEPA

Second Ministerial-Level Joint Committee to be Held on Korea-India CEPA    Minister of Trade, Industry and Energy Joo Hyunghwan will attend the Korea-India infrastructure industry cooperation forum, the Korea Plus opening ceremony and the second ministerial-level joint committee on the Korea-India CEPA in New Delhi, India, on June 17 and 18. * CEPA: Comprehensive Economic Partnership Agreement.   The upcoming events, including the joint committee, will be held to examine the imple date2016-06-16

Korea-Columbia Free Trade Agreement goes into effect

Korea-Columbia Free Trade Agreement goes into effect   Korea-Columbia free trade agreement will go into effect on July 15 , 2016.   The Ministry of Trade, Industry and Energy has revealed that the government of Columbia notified the Korean embassy on June 15 that it has completed the process of ratification. On the basis of the clause that describes the effective date of the agreement, the Korea-Columbia FTA comes into effect 30 days after notification from the Columbian govern date2016-06-16

Solar Panels on School Rooftops

  In its effort to expand the renewable energy business, the Ministry of Trade, Industry and Energy (MOTIE) announced it kicked off the School Roof Solar Panel Project in which 40 million won (USD 34,267 ) would be invested towards installing solar power generating equipment on the rooftops of elementary, middle school, and high schools across the nation and operating them for 20 years.   For this objective, Korea Electric Power Corporation and seven other public electric power utilities intend to establish and complete the registration of a special purpose company called Haetbit Saessak Power Plant by the end of June, 2015.   This company will lease the rooftops of schools and then install & operate solar power equipment. The company will sell the generated electric power along with the certificate of renewable energy.   The school nets an income of 4 million won every year as a leasing fee for the rooftops. Additionally, the schools will get to use the rooftops as renewable energy experience centers.   MOTIE is considering a plan to expand the solar panel installment project to universities, government sponsored research institutions, and public agencies.   Other countries like the US, Canada, and Japan are also developing solar power generation businesses by leveraging the unused rooftop spaces in schools. date2016-06-16

First Korea-Eurasian Economic Union (EEU) industry cooperation committee to be held

The Ministry of Trade, Industry and Energy is sending a delegation headed by Deputy Minister for Trade Lee Inho to Russia from June 15 to June 16.   The delegation will hold the first Korea-Eurasian Economic Union (EEU) Industry Cooperation Committee in an effort to expand exports into the EEU region, which includes Russia.     Attachment: 0615 Korea-Eurasia Awakens Unlimited Potential of Cooperation date2016-06-15

MOTIE hosts the first meeting of Korea-EEU Commission on Industrial Cooperation

The Eurasian Economic Union (EEU) was launched in January 2015.   The Eurasian Economic Union (EEU) is an economic community that consists of Russia, Kazakhstan, Kyrgyzstan, Belarus and Armenia. The community has a high prospect of emerging as the EU of the East Europe, considering the region's rich natural resources and growth potential.   Russia has the world's second largest deposit of natural gas, coals, and tungsten, and Kazakhstan has the world's second largest reserve of chrome date2016-06-15