Ministry of Trade, Industry and Energy

Motion on Korea-China FTA ratifications passed at the National Assembly meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 30 that Korean National Assembly passed the motion on the Korea-China ratifications.     According to the motion, customs duties on some of the trade items will be removed immediately if the Korea-China FTA is put in force within this year, and other items will also be free of customs duties on January 1, 2016. This will help Korean companies gain price competitiveness over other foreign companies in the Chinese market.     China currently accounts for about 25 percent of entire Korean exports. As such, the removal of customs duties following the FTA is likely to help Korean companies maintain the largest share of the Chinese import market.     Korean companies have been holding the largest share of the Chinese import market ever since achieving the largest share of the Chinese import market at 9.2 percent in 2013.     Once the Korea-China FTA is put in force, Korean companies will also be able to tap into some of the most promising service markets such as construction, environment, entertainment and law.     The Korea-China FTA is also expected to promote the growth of the Korean agricultural industry. Korean farm produce is very popular in China, which has been recording a two-digit growth in the agricultural industry since 2005.     The Korean government plans to take additional steps to set up a budget and offer tax rates that have been discussed as complementary measures at the bipartisan council meeting.     * Short version date2015-11-30

Energy vouchers to be issued from December 2015

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 30 that energy vouchers (Heating Card) will be issued from December 2015.     There are two different types of Energy Voucher: Plastic Card and Virtual Card. Plastic cards are issued by any of the Public Happiness Card Companies (BC, Lotte, Samsung). If you already have one, you don't have to have another one issued, and you can start using the card from December 2015.     The credit card companies currently accept applications via phone. If you want to have the card issued to you faster, visit one of the branches nearby.     The Virtual Card is for disabled people or those living in an apartment. Virtual Card holders don't have to have an actual card to choose power, gas or regional heating bill to be automatically paid from the voucher amount.     The Energy Voucher can be used from December 2015 to the end of March 2016. If you have any balance left in the voucher, it will be automatically deducted from the April power bill.     Welfare/medical beneficiaries who are over 65 years old or any households with a child under the age of 6 or under or a disabled person can qualify for the Energy Voucher.     The voucher amount differs by the number of family members, but it's usually 100,000 won ($90). The application deadline is the end of January 2016. In the month of November 2015 alone, more than 200,000 people have applied for the voucher.     * Short version date2015-11-30

MOTIE Deputy Trade Minister Woo Hosts 4th Special Private-Government Meeting on WTO EGA

      The Ministry of Trade, Industry and Energy (MOTIE)'s Deputy Trade Minister Woo Tae-hee, hosted the fourth private-government meeting to discuss the Environmental Goods Agreement (EGA) of the World Trade Orgnization.   At the meeting, Deputy Minister Woo discussed the latest developments in the EGA negotiations and how South Korea should respond to its implementation, which is expected to take place from 2017. date2015-11-30

MOTIE Vice Minister Lee Attends France-Korea Joint Forum on Innovative Industry

MOTIE Vice Minister Lee Attends France-Korea Joint Forum on Innovative Industry   The Ministry of Trade, Industry and Energy (MOTIE)'s First Vice Minister Lee Gwan-sup attended the France-Korea Joint Forum on Innovative Industry in Paris yesterday, which was also joined by France's Economy Minister Emmanuel Macron. In a keynote speech at the forum, attended by about 150 government and business representatives from both countries, Vice Minister Lee celebrated the 130th anniversary of diploma date2015-11-27

Third MOTIE-ADB Joint Energy Forum Discusses Better Parnership for Energy-Related New Businesses

      The Third MOTIE-ADB Joint Energy Forum took place in Seoul yesterday under the theme of `Strengthening Cooperation Partnership for Energy-Related New Business to Cope with New Climate Change Regime.'   About 160 participants from eight developing countries, including Bambang Susantono, vice president for Knowledge Management and Sustainable Development of the Asian Development Bank (ADB), attended this year's gathering.   In an opening speech, Lee Sang-jin, the MOTIE's director-general for economic cooperation, introduced South Korea's plan to develop energy-related new businesses over the next 15 years.   He also stressed the importance of regional cooperation in the Asia-Pacific in the areas such as energy storage systems (ESS) and energy management systems (EMS) with support from South Korea and the ADB. date2015-11-27

MOTIE Hosts CEO Forum for Foreign-Invested Companies 2015

MOTIE Hosts CEO Forum for Foreign-Invested Companies 2015   The Ministry of Trade, Industry and Energy (MOTIE) hosted the CEO Forum for Foreign-Invested Companies 2015 in Seoul this week, which marked its 10th anniversary this year.   During the forum, Deputy Minister for Internatinal Trade and Investment Lee Inho pledged all support to foreign-invested companies to develop their businesses in South Korea. date2015-11-27

MOTIE Vice Minister Moon and Swedish Minister Damberg Discuss Bilateral Economic Cooperation

      The Ministry of Trade, Industry and Energy (MOTIE)'s Second Vice Minister Moon Jae-do received a visit by Swedish Minister for Enterprise and Innovation Mikael Damberg in Seoul yesterday.   During the meeting, the two exchanged views on how to strenghten bilateral economic cooperation between South Korea and Sweden and other global trade issues such as the 10th ministerial meeting of the World Trade Organization in Nairobi, Kenya, next month.   Minister Damberg is leading a trade delegation to South Korea and Japan from November 25-27, which is accompanied by executives from major Swedish companies like Telenor, Volvo, Ericsson, Scania.   This Asian trip includes meetings with several ministers and leaders of major Korean and Japanese companies and a srminar on the Internet of Things (IoT).   The Swedish government unveiled a new export strategy in September, which includes a range of measures to improve the country's exports and international opportunities in growth market, especially in Asia. date2015-11-26

MOTIE 1st Vice Minister Lee Visits Italy for Industrial and Technology Cooperation

MOTIE 1st Vice Minister Lee Visits Italy for Industrial and Technology Cooperation   The Ministry of Trade, Industry and Energy (MOTIE)'s First Vice Minister Lee Gwan-sup led the South Korean delegation at the first meeting for industrial and technology cooperation with Italy this week.   During the meeting held in Rome, Vice Minister Lee and Italy's Deputy Minister for Economic Development Carlo Calenda discussed various ways to promote bilateral cooperation in fashion design, textile date2015-11-26

Korea and France to jointly develop new industry technologies such as self-driving car

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 26 that the 2nd Korea-France Joint Forum for Innovation Industry took place on the same day in Paris, France and two countries decided on joint R&D objectives to launch technical cooperation from the end of this year.     They discussed matters of cooperation aimed at the promotion of innovation industries, and decided on joint R&D objectives in the areas of self-driving car and digital health care.   date2015-11-26

Department store sales hit record high in October 2015 after 3 years

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 26 that department store sales in October rose by 11.4 percent --- a record-high in three years --- compared to the same period of last year thanks to large-scale sale events.     This is the second time that department sales recorded a two-digit increase since August last year, when the sales rose by 10.8 percent. Department stores in Korea recorded a -1.8 percent sales increase from January to September this year.     Home appliance sales rose the most at 26.6 percent, followed by men's clothes (13.8 percent), imported brand items (12.4 percent) and women's dress (12.3 percent).     Convenience store sales also rose by 35.1 percent from the same period of last year. It's largely due to sale events, increased cigarette prices, PB sales increase and increased number of stores.     However, supermarket and SSM sales dropped by 0.5 percent and 3.6 percent, respectively. This is because of decreased food sales since the Korean holiday season.     * Short version date2015-11-26