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Energy
MOTIE signs MOU to utilize warm water from power plants
The Ministry of Trade, Industry and Energy (MOTIE) announced on November 12 that MOTIE and Ministry of Oceans and Fisheries signed an MOU to remove barriers between their divisions for the utilization of the warm water from power plants. After signing the MOU, they created new fish farms around Boryeong Thermal Power Plant and Nam-Jeju Thermal Power Plant. These fish farms mostly grow spotted bass eggs and young striped beakfish. One example of using the power plant water for fish farming is the Busan Natural Gas Power Plant, which is a project participated by the power plant, Korea Maritime Institute and National Institute of Fisheries Science. A heat storage system is also installed to maximize the use of the warm water, so that the heat supply can cover a wider area. Korea is not the only country using the power plant water, as many European countries and the US have already been using the power plant water for fish farming, tropical botanical gardens and crocodile farms. As for Korea, the country plans to be competitive in using the power plant water as a new source of growth convergence with ITC. * Short version date2015-11-12
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Trade/Investment
MOTIE Hosts 2015 Seoul Conference on Trade & Industry
The Ministry of Trade, Industry and Energy (MOTIE) hosted the 2015 Seoul Conference on Trade & Industry (SCTI) at Gran Seoul in the South Korean capital yesterday under the theme of "A New Paradigm for the World Trading System." This year's forum discussed the world trading system's new paradigm emerging from the rise of mega-free trade agreements (FTAs) such as the Trans-Pacific Partnership (TPP), Transatlantic Trade and About 400 participants included global trade experts as well as diplomatic and foreign business leaders, such as WTO Deputy Director-General Yonov Frederick Agah, Assistant United States Trade Representative Bruce Hirsh, Ambassador of the European Delegation to Korea Gerhard Sabathil, and American Chamber of Commerce in Korea President Amy Jackson. In a luncheon speech, Minister of Trade, Industry and Energy Yoon Sang-jick stressed that Korea will continue its support for regional economic integration and global trade liberalization as it has been spearheading such global efforts by concluding 15 FTAs with 52 countries and regions, including the U.S., the European Union and China. The 2015 SCTI provided an excellent opportunity for local and foreign trade and industry professionals to examine major trade issues surrounding Korea from an objective and balanced perspective through insightful presentations and active discussion. The MOTIE plans to regularly hold the Seoul Conference on Trade & Industry, which is co-hosted by the Korea International Trade Association (KITA) and organized by the Korea Institute for International Economic Policy (KIEP), to make it a prestigious global conference discussing trade in Korea and around the world. date2015-11-11
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Industry
The 2nd special sale season to be launched for Chinese online shoppers
The Ministry of Trade, Industry and Energy (MOTIE) announced on November 10 that Korean online shopping malls have agreed to launch the 2nd Special Sale Season for Chinese shoppers between November 26 and 28. In the first season between August 19 and 21, a total of 17 Korean online shopping malls put their items on discount, and more than 410,000 Chinese shoppers visited their sites and purchased over 1.5 billion won ($1.35 million) worth of goods, which is about 3.7 times more than the total sales during the same period in the previous year. The only problem was that a majority of Chinese is not familiar with these sites. To remedy this situation, they have recruited five big online shopping malls that are currently operating in China in addition to 19 shopping malls operating in South Korea, so more Chinese will be aware of the sale season. This time the online shopping malls will promote their sale by using web ads, with the appearance of the "hallyu star" Lee Da-Hae, a Korean actress popular in China. * Short version date2015-11-10
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FTA/Economic Cooperation
A popular comic character to be used as a public relations officer for FTA
The Ministry of Trade, Industry and Energy (MOTIE) announced on November 10 that Dalma, a popular comic character in South Korea who represents typical, married middle-aged South Korean office workers, was appointed as a public relations officer for FTA. The government agencies that voted to use him in their guideline for using FTA's include MOTIE, KCCI (Korea Chamber of Commerce and Industry) and KOTRA (Korea Trade Investment Promotion Agency), because the character in the comic book, "Cheer Up, Dalma!" portrays the everyday life of an ordinary Korean man. The guideline includes the basic concept of FTA, export methods, business culture by country and a list of experts who can provide help on a case by case basis. MOTIE has been promoting the use of this guideline through video and theater ads since August this year. This time, the ministry published a guideline that can actually help Korean businesses seeking to enter the Chinese market. As for KCCI and KOTRA, they plan to use this guideline as a training material for the FTA staff. The webtoon, "Cheer Up, Dalma!" on Naver had over 16,000 subscribers and more than 20,000 viewers per episode. * Short version date2015-11-10
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Energy
New Shin Wolsong nuclear plant units 1 & 2 now in operation for more power supply
The Ministry of Trade, Industry and Energy (MOTIE) announced on November 09 that Shin Wolsong Nuclear Plant Units 1 and 2 with a power generation capacity of 1,000MW each are now in operation. The MOTIE held an opening ceremony at the new power plant units located in Wolseong, Gyeongju, South Korea on November 9, 2015 with the participation of more than 1,000 related parties and local residents. With these new units, total power reserves will increase by 3.4 percent, and decrease greenhouse gas emissions by 13 million tons. A total of 5 trillion won have been invested in this project since it was launched in October 2005, and over 700 billion worth of economic activities are expected to be generated from this. * Short version date2015-11-09
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FTA/Economic Cooperation
The TPP agreement is open to public to show similarities of the Korea-US FTA
The Ministry of Trade, Industry and Energy (MOTIE) announced on November 05 that the TPP (Trans-Pacific Strategic Economic Partnership) agreement is shown on the websites of participating countries including New Zealand. Legal review of the agreement is yet to be completed, and it can be revised until it's officially signed. The agreement is composed of a total of 30 chapters, which are very similar to those of the Korea-US FTA since the negotiations were carried out based on the Korea-US FTA. In terms of market access, tariff elimination will be effective immediately up until 30 years from now, and about 95 to 100 percent of the items will be duty free according to the agreement. This is one of the similarities with the Korea-US FTA that has already been signed. The TPP standards reflect the global trends discussed at the WTO and TISA, and it's highly likely that they' will serve as global standards for the future. The agreement also has 6 more chapters than the Korea-US FTA which has 24 chapters, and the additional chapters include the areas of government-run enterprises, strengthening of cooperation and capabilities, promotion of competition and businesses, development, SME's and balanced regulations. If Korea partakes in the TPP, it's expected to have positive effects on Korean companies' exports and investments such as further opening of services, investment and government procurement markets as well as conformity and improvement of regulations and systems in intellectual rights and e-commerce. Soon after the announcement of the TPP agreement, Korean government organized a special team of experts from various government agencies under the supervision of MOTIE to analyze the TPP agreement, particularly the tariff reduction in services and investment by comparing the agreement with other FTA's currently in force. Further discussions will take place at the 6th Trade Committee Meeting to be held on November 6, 2015 to come up with a detailed plan to analyze the TPP agreement. Based on the results of the meeting, the Korean government will thoroughly analyze the effects on domestic industries and economy so it can act straight towards national interests after a series of procedures such as public hearing, report to the National Assembly and Trade Treaty Conclusion Procedure Act. * Short version date2015-11-05
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Energy
Government to not tolerate local votes on Yeongdeok nuclear power plant
The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of the Interior announced their official stance on local residents' vote on the construction of a nuclear power plant in Yeongdeok, Gyeongsangbuk-do on November 05. Both agencies asked the local residents not to participate in the vote saying "Any demands to turn over the decision to implement a national policy determined after voluntary requests of local governments and legitimate procedures through votes without any legal basis will not be tolerated." They announced that: 1) The votes are not legally valid according to the "Local Autonomy Act" and 2) Any forms of the Yeongdeok-gun Office's administrative support including facility, human resources and funding for the votes which has no legal basis, and votes by town leaders will not be tolerated. The government agencies further went on to say that they have proposed 10 different programs that are beneficial to the local residents on October 20 in reflection of their wishes and worries, and that these 10 programs will help the local residents protect their health and prevent them from their or their children's migration to other regions for reasons of education and jobs. This announcement will be signed both by the MOTIE and Minister of Interior, and sent to each of the towns in Yeongdeok-gun in the form of a letter. * Short version date2015-11-05
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Trade/Investment
Korea Consumer Goods Export Convention to be held in Seoul
The Ministry of Trade, Industry and Energy (MOTIE) announced on November 03 that "Korea Consumer Goods Export Convention" is to be held at the COEX, Seoul for two days from November 3, 2015. This event, prepared by MOTIE aiming at promoting consumer goods exports through the Korea-China FTA, will be participated by more than 200 companies from 33 different countries, including America's online shopping mall Amazon and distributor Lowe's, U.K.'s largest drugstore Boots, France's No. 1 beauty care brand Yves Rocher and Japan's biggest online shopping mall, Rakuten. As for Korea, over 500 companies specializing home appliances, fashion, beauty products, food and daily necessities are participating in the event, signing more than 2,000 contracts to export their products to international buyers through business meetings and negotiations at the site. * Short version date2015-11-03
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FTA/Economic Cooperation
MOTIE Minister Yoon Discusses Bilateral Economic Cooperation with Chinese and Japanese Counterparts
Minister of Trade, Industry and Energy Yoon Sang-jick held a meeting with Chinese Commerce Minister Gao Hucheng in Seoul last week to discuss ways to promote economic cooperation between South Korea and its biggest trading partner. Minister Yoon also held a meeting with Japan's new Economy, Trade and Industry Minister Motoo Hayashi to exchange views on how to facilitate regional economic cooperation such as the Korea-Japan-China Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP). The two meetings took place on the sidelines of a summit between the leaders of South Korea, Japan and China held more than three years after the last one in May 2012. date2015-11-02
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FTA/Economic Cooperation
MOTIE VM Moon Greets Montana Governor Bullock
Moon Jae-do, second vice minister of the Ministry of Trade, Industry and Energy (MOTIE), received a visit by Steve Bullock, governor of the U.S. state of Montana, in Seoul last week. During the meeting, the two exchanged views on how to promote bilateral trade and energy cooperation between South Korea and Montana following the implementation of the Korea-U.S. Free Trade Agreement (KORUS FTA) in 2012. date2015-11-02