Ministry of Trade, Industry and Energy

Vice Minister Woo meets with Azerbaijani Vice Minister of Communications and High Technologies

Vice Minister Woo Taehee (left)) meets with Mammamov, Vice Minister of Communications and High Technologies of Azerbaijan, at the Lotte Hotel on June 14, 2016 to discuss issues of mutual interest including Korea-Azerbaijan bilateral trade and investment, plant exportation, and exchange of nuclear energy experts and technology.   date2016-06-14

Environment-Friendly Energy Towns, not NIMBY Facilities

  The government has designated 6 new areas as environment-friendly energy towns.   An environment-friendly energy town is a business model in which NIMBY facilities such as incinerators, landfills, and livestock manure treatment plants are operated in a way that can create revenues for local residents and generate new renewable energy at the same time so that issues of both environment protection and energy can be resolved.   The six new areas include Inje (Gangwon), Eumseong (Chungbuk), Boryeong (Chungnam), Wanju (Jeonbuk), Jeju, and Seosan (Chungnam). The first five areas will be administered by the Ministry of Environment and the last will be run under the jurisdiction of the Ministry of Trade, Industry and Energy (MOTIE).   Under the guidance from the ministries, the individual local governments will be responsible for planning and executing the project to build the environment-friendly energy towns in their regions, which will be completed in two or three years.   date2016-06-09

Pursuing Korea-Israel FTA with Focus on Cooperation in Technology and Startups

  The Ministry of Trade, Industry and Energy (headed by Minister Joo Hyunghwan) held an expert meeting on June 2, to project the tangible outcome of the Korea–Israel free trade agreement (FTA). Assistant Minister for Trade Negotiations Kim Hak-do presided over the meeting, which was attended by private enterprises, research institutes, and investment institutions with interests in exports and cooperation in startups and technology. In preparation for the upcoming Korea-Israel FTA negotiations, this meeting was arranged to examine the status of bilateral trade and cooperation in startups and technology, as well as to discuss ways of further expanding these areas through the agreement.   date2016-06-02

South Korea's Exports Fall Six Percent in May

  Exports in May recorded USD 39.8 billion, a 6.0 percent fall from a year earlier. However, the value of exports denominated in Korean won rose 0.9 percent during the same period, reversing the downward trend that has continued for eight months since September last year.   Imports declined 9.3 percent to USD 32.7 billion, resulting in a trade surplus of USD 7.1 billion and continuing a 52-month surplus trend.   A breakdown of exports by sector reveals that overseas sales of computers increased by 3.6 percent as a result of growing demand for PCs attributable to upgrades to Window 10. Exports of electronic appliances also turned around to an upturn 22 months after the falling trend started in July 2014, growing 1.9 percent from a year earlier amid rising demand for TV sets driven by brisk sporting events and strong sales of premium products.   Exports of textile and petrochemicals rose by 1.1 percent and 0.2 percent, respectively.   Semiconductors declined 4.1 percent due to falling DRAM prices and steel declined 4.0 percent from a year earlier as unit cost dropped. Automobiles decreased by 7.1 percent due to poor performance in emerging markets. Flat-panel displays decreased by 23.5 percent due to stagnant LCD demand and falling prices and wireless communication devices fell by 11.8 percent as the effects of new product launches waned. The shipbuilding sector also saw exports slide by 16.6 percent as deliveries of ships were delayed due to ship owners’ requests and lagging building processes.   On the other hand, five major consumer goods including cosmetics all posted solid growth. Exports of cosmetics jumped 60.7 percent, pharmaceuticals 25.2 percent, agricultural and fishery products 13.8 percent, household goods and infant and children’s items 11.3 percent, and fashion and clothing goods 8.7 percent.   Decline in imports slowed to a single-digit decline rate for the first time in 17 months. Imports of raw materials and capital goods decreased while more consumer goods were brought in from abroad during the same period.   date2016-06-01

Fourth Round of Negotiations to be Held on Korea–Central America Free Trade Agreement (Tegucigalpa, May 23–27)

Fourth Round of Negotiations to be Held on Korea–Central America Free Trade Agreement (Tegucigalpa, May 23–27) Exports and Investments to be Expanded by Tapping Central American Market   The fourth round of negotiations on the free trade agreement (FTA) between Korea and six Central American countries* will be held in Tegucigalpa, the capital of Honduras, from May 23 to May 27 (local time).   * The participating Central American countries are Costa Rica, El Salvador, Guatem date2016-05-23

Full-Scale Discussion Begins on Free Trade Area of the Asia-Pacific Region

Full-Scale Discussion Begins on Free Trade Area of the Asia-Pacific Region Deputy Minister for Trade Lee Inho Attends Meeting of APEC Ministers Responsible for Trade   Deputy Minister for Trade Lee Inho, Ministry of Trade, Industry and Energy, attended the 22nd Meeting of APEC Ministers Responsible for Trade held in Arequipa, Peru, from May 17 to 18, 2016. Representatives from 21 APEC member nations discussed pending issues of multilateral trade, including Asia-Pacific economic integration date2016-05-16

Minister Joo Attends Luncheon Hosted by Seoul Japan Club

  Minister of Trade, Industry and Energy (MOTIE) Joo Hyunghwan attended a luncheon hosted by the Seoul Japan Club (SJC), an association of Japanese business people in Korea, on May 11.     < Luncheon Overview > ▸ Date & Time: May 11 from 12:25 p.m. to 1:45 p.m. ▸ Venue: Garnet Suite (37F) at Lotte Hotel Seoul ※ Open to the media until Minister Joo’s opening remarks ▸ Participants: A total of approximately 60 representatives from the government, SJC member companies, and the Korea Trade-Investment Promotion Agency (KOTRA) ▪ (Government) Minister of MOTIE, Head of Trade and Investment, Director General of Investment, directors of departments relevant to the requests, etc. ▪ (SJC) Chairperson of the SJC, CEOs of member companies, etc. ▪ (KOTRA) CEO of Invest Korea, Office of Foreign Investment Ombudsman, etc.   The luncheon was held, first, to discuss ways for Korean and Japanese companies to cooperate in investment and, second, to seek measures in resolving requests made to the government by Japanese businesses established in Korea.   In his opening remarks, Minister Joo conveyed his condolences to the victims of the recent Kumamoto earthquake, and he examined the achievements resulting from economic cooperation between Korea and Japan; this was followed by a proposal regarding four promising areas for future investment cooperation between Korean and Japanese companies.   date2016-05-12

Ministry of Trade, Industry and Energy to Strengthen Cooperation with Jiangsu, Largest Investment Area in China for Domestic Companies

Ministry of Trade, Industry and Energy to Strengthen Cooperation with Jiangsu, Largest Investment Area in China for Domestic Companies   Memorandum of Understanding Reached to Strengthen Economic and Trade Cooperation between Ministry of Trade, Industry and Energy and Jiangsu   Minister of Trade, Industry and Energy Joo Hyunghwan and Governor of Jiangsu Province Shi Taifeng met in Seoul on May 9 to discuss ways to vitalize trade and investment between Korea and Jiangsu before signing a date2016-05-09

Korea Trade Commission Gives Preliminary Confirmation of Dumping of Butyl Glycol Ether from the United States and France and Subsequent Injury to Domestic Industry

  The Korea Trade Commission, chaired by Hong Soon Jick, held its 353rd council on April 28, 2016 to discuss the anti-dumping investigation requested by Lotte Chemical Corporation (hereafter “the applicant”) on butyl glycol ether* from the United States and France. The commission gave a preliminary confirmation of dumping, determining that there was sufficient evidence to assume the presence of dumping and subsequent material injury to domestic industry. The commission will make its final determination after further investigation. * Butyl glycol ether refers to ethylene glycol monobutyl ether and diethylene glycol monobutyl ether, organic compounds created by applying pressure and heat to butanol and ethylene oxide to cause a reaction and following with a distillation process. The applicant requested an anti-dumping investigation on November 18, 2015, alleging injuries to domestic industry, including decreased domestic sales and business loss, due to dumping of imported butyl glycol ether from the United States and France. The suppliers under investigation are the DOW Chemical Company and Eastman Chemical Company in the United States, and INEOS in France. The domestic market for butyl glycol ether stands at approximately KRW 37.5 billion (as of 2014), with imports from the US and France accounting for 65.7 percent. The Korea Trade Commission will conduct its investigation over the following three months and make its final determination of dumping rate, extent of injury to domestic industry, and amount of anti-dumping duties to be imposed.   date2016-04-28

National Shopping and Tourism Festival of “Shopping + Tourism + Korean Wave” to be Held

date2016-04-28