Ministry of Trade, Industry and Energy

MOTIE Holds Foreign Investment Council Meeting

      The Ministry of Trade, Industry and Energy (MOTIE) held the biannual Foreign Investment Advisory Council Meeting in Seoul this week in an effort to improve the country's rules and environment for foreign investors.   During the meeting, Lee In-ho, the MOTIE's deputy minister for international trade and investment, discussed ways to promote Korea's foreign investment with about 60 participants, including representatives of foreign-invested companies and foreign chambers of commerce. date2015-10-27

MOTIE Hosts 8th Korea-Africa Industry Cooperation Forum

MOTIE Hosts 8th Korea-Africa Industry Cooperation Forum   The Ministry of Trade, Industry and Energy (MOTIE) hosted the 8th Korea-Africa Industry Cooperation Forum in Seoul last week.   MOTIE 2nd Vice Minister Moon Jae-do delivered a welcoming speech for the annual event, which was attended by about 200 guests from related governments, international organizations and companies.   On the sidelines of the forum, Vice Minister Moon also held one-on-one meetings with Ethiopian Deputy date2015-10-27

Korea-Iraq resources cooperation committee resumes after 8 years

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that MOTIE held the 2nd Korea-Iraq Joint Committee on Mineral Resources on the same day at the Lotte Hotel Seoul, after holding the first meeting in Dubai in September 2007, with Korean Minister of Trade, Industry and Energy Kim Young-Ju and Iraqi Oil Minister al-Shahristani as the country representatives.     This time, Korean Second Vice Minister of Trade, Industry and Energy Moon Jae-do and Iraqi Deputy Oil Minister Fayadh Nima were the country representatives.     The representatives of the two countries had discussion on the possible areas of cooperation in oil and gas that Iraq has in abundance, and also measures for joint research.     They also shared in opinions on the promotion of oil and gas development projects that are being carried out by Korean companies in Iraq, and strengthening of partnership between the two countries.     As a result of the meeting, the two countries agreed to organize a joint committee and take follow-up measures for smooth implementation of the agreement.     * Short version date2015-10-27

Energy vouchers to be given to those with low income to pay for energy bills

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that MOTIE agreed to cooperate with a total of 13 organizations and businesses including Korea Electric Power Corporation (KEPCO), Korea Gas Corporation, BC, Lotte, and Samsung for successful implementation and improvement of the Energy Voucher Program.     According to the agreement, more than 23,000 energy suppliers will form a credit card payment system for the beneficiaries of the voucher, as well as a virtual card that supplements plastic credit cards by deducting the amount from the utility bills.     The virtual card will be used by the beneficiaries living in an apartment room or those who are not used to using a credit card, and the amount will be deducted directly from their utility bills.     "Energy Vouchers" are issued to the underprivileged from the month of December to February the following year, and the voucher can be used to pay for electricity, gas, regional heating, briquettes, kerosene or propane gas.     Elderly people, minors, and disabled people with an income less than 40 percent of the minimum income qualify for this voucher, and each voucher is worth around 100,000 won ($90) per household for a period of three months.     * Short version date2015-10-27

Weizmann Institute of Science to transfer its core proprietary technologies to Korean companies

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 23 that Israel's Weizmann Institute of Science, one of the world's top five institutes for science, will transfer more than 100 of its core proprietary technologies to Korean companies as a result of the MOU signed between the Korea-Israel Industrial R&D Foundation and the Weizmann Institute of Science and Yozma Group.     According to the MOU, the Weizmann Institute of Science will transfer some of its core pr date2015-10-23

Export and Import Trends for September 2015

    □ South Korea’s exports fell 8.3 percent to $43.5 billion and imports decreased 21.8 percent to $34.6 billion in September from a year earlier, resulting in a trade surplus, for the 44 consecutive month, of $8.9 billion.   □ By product, exports of products affected by oil prices and ships declined, while those of auto parts and home appliances increased. The upward trend in shipments of solid state drives (SSDs) and cosmetics continued. By region, exports to the EU increased sharply, primarily due to the recovery of domestic consumption in Europe. - The unit price of major export items fell due to falling oil prices and excessive supply, while the volume continued to increase for the fourth consecutive month.   □ Imports ofmajor raw materials continued to decrease, but imports of capital and consumer products jumped.   □ ○ Exports continued to decline in September due to a drop in ship exports and low oil prices, but the downturn easedcompared with the trend in August.   ○ The total volume of exports will likely increase in October mainly due to year-end events that drive higher demand, such as Black Friday in North America and Boxing Day in Europe.   - The growth of exportsnext month could register negative growth from the previous year as a result of continuing low oil prices and a higher comparison base from last October, when exports reached a record high of $51.6 billion.   date2015-10-22

MOTIE holds a groundbreaking ceremony for the Industrial-Academic Convergence District in Dangjin

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 21 that it held a groundbreaking ceremony for the "Industry-University Convergence Area" on October 21 at the Seongmun National Industrial Complex with the participation of over 200 related persons.     Its plan is to build both a university campus and research institute, and launch various industry-academic cooperation programs by injecting a total of 45.5 billion won ($40 million) into the project by 2018.     The campus will be completed in 2016 and ready to provide task-oriented training for the first semester of 2017 for the 512 faculty members and students of the Materials Science and Engineering, Information and Communication Engineering, and Robotic Automation Engineering departments.     Advanced technical training courses will also be available for more than 460 professionals currently working in the respective industries.     The Convergence Institute will receive more than 50 resident SME's with a high growth potential, and these companies will enjoy the benefit of the joint R&D projects to be carried out by professors and students.     The Seongmun National Industrial Complex is expected to contribute to the economic growth of Chungcheongnam-do along with other industrial complexes in the area.     * Short version date2015-10-21

South Korea Charts Path to High-Tech Future at Foreign Investment Events

      The Ministry of Trade, Industry and Energy (MOTIE) held 2015 Foreign Company Day last Thursday at the COEX to recognize the contribution that global companies are making to South Korea's industrial development and encourage them to invest more in one of the world's most innovative and open economies.   The MOTIE's 1st Vice Minister Lee Kwan-sup attended the event to give a keynote speech in which he vowed that the Korean government will continue striving to improve incentives and regulations for foreign investors.   The event came at the tail end of Foreign Investment Week 2015 held from October 13 to 15, the country's largest investment promotion event in which about one thousand guests from Korea around the world took part to find new business opportunities together in Asia's fourth-largest economy.   The event highlighted the South Korean government's Innovation 3.0 strategy aimed at jump-starting growth and transitioning to a Creative Economy based on new technologies like the Internet of Things (IoT) and ultrafast fifth generation (5G) mobile internet.   To find out more about Korea's innovative strategy for a 21st century economy, check out the report at Finance Asia: . date2015-10-20

MOTIE and Samsung to commercialize robots for micro and precision assembly

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 19 that starting from the end of this year, it will invest a total of 16.75 billion won ($15 million) in the development of core robot parts and robot systems that can be used for micro and precision assembly.     In this project, Samsung Electronics will play the role of proposing robot specifications, product verification, providing technical consulting small and medium-sized suppliers of in robots and robot part date2015-10-19

South Korea Wraps Up Foreign Investment Week 2015

      Foreign Investment Week 2015 (FIW 2015), hosted by the Ministry of Trade, Industry and Energy (MOTIE), is coming to a close today after three days of events aimed at promoting Asia's fourth-largest economy as a destination for global investment.   On Tuesday, the Korea Foreign Direct Investment Forum gave investors tips on how to take advantage of the country's extensive free trade agreement (FTA) network, while in the evening FEZ Night introduced the potential of the Korea Free Economic Zones (KFEZ).   The event went into full swing on Wednesday as MOTIE Minister Yoon Sang-jick delivered welcoming remarks at a two-part Foreign Investment Forum held under the theme of "how Korea can be your gateway to China via the Korea-China FTA." The bilateral FTA between South Korea and its largest trading partner was signed in June and is currently awaiting ratification.   The final day of FIW 2015 will focus on providing networking opportunities between foreign investors and local businesses, with a networking luncheon in the afternoon and one-on-one business partnering meetings held throughout the day. There will also be site tours to the Kaesong Industrial Region, a special administrative region of North Korea open to South Korean businesses.   To find out more about this week's happenings, check out the event's official website (). date2015-10-15