Ministry of Trade, Industry and Energy

MOTIE Minister Yoon Greets Indonesian Vice President

    Minister of Trade, Industry and Energy Yoon Sang-jick greeted a visit by Indonesian Vice President Muhammad Jusuf Kalla at Lotte Hotel in Seoul yesterday.   During the meeting, they exchanged views on the trade and economic cooperation between South Korea and Indonesia. date2015-08-28

South Korea and China’s Shandong Province to Enhance Trade Cooperation

South Korea and China’s Shandong Province to Enhance Trade Cooperation   Minister of Trade, Industry and Energy Yoon Sang-jick and Guo Shuqing, governor of Shandong Province, China, signed a memorandum of understanding (MoU) in Seoul yesterday to enhance bilateral cooperation between South Korea and the Chinese region.   During the meeting, the two agreed to pursue comprehensive cooperation in the economic, trade, energy, and industrial sectors and to hold high-level talks on reg date2015-08-27

The Korean Agency for Technology and Standards selects 21 new technologies

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 27 that the Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy selected 21 new technologies and awarded certificates.     One of the new technologies that received the award was the one developed by Daewon Sanup that can be used to make sheets that minimizes injuries to the passengers' head and upper body in a car accident by absorbing the shock of the collision. The company plans to apply the new technology in 450,000 vehicles in the next three years, and expects to see sales of 180 billion won ($ 162 million).     Another one is the textile jointly developed by Hyundai Motor, NVH Korea and Toray Chemical Korea that can absorb engine noise and block the heat from the engine. They expect to see sales of 150 billion won in the next four years.     Another award recipient, Pharos Vaccine, created a protein vaccine modeled after an antigen for the foot-and-mouth disease. It can improve animals' immune system and response speed. Products using this technology will bring import substitution effects, which can translate to nearly 60 billion won a year.     The Korea Industrial Technology Association accepts "New Technology Certificate" applications and issues the certificate three times a year, and the third application season for this year starts from September 1, 2015.     * Short version date2015-08-27

Internship opportunities to be available for 300 engineering students

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 27 that students of engineering colleges anywhere in South Korea who have applied for a 6-month internship program can work as R&D staff at SME's in different regions. More than 300 students were accepted to the program, which provides a stipend of 1.2 million won ($1,100) a month as well as 12 units.     MOTIE selected 6 businesses that will operate the R&D internship support program in May this year, and r date2015-08-27

ROK and Ecuador Announce Start of FTA Negotiations

      The Republic of Korea (ROK) and Ecuador announced the official launch of negotiations for a bilateral free trade agreement (FTA) in Seoul on Tuesday.   The ROK's Minister of Trade, Industry and Energy Yoon Sang-jick made the announcement at a meeting with Ecuadorean Minister of Production Nathalie Cely and Minister of Foreign Trade Diego Aulestia.   At the meeting, the two countries agreed to pursue a comprehensive, high-level FTA under the name of a Strategic Economic Cooperation Agreement (SECA) and to conclude the negotiations at the earliest possible date, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   The first round of negotiations is expected to take place before the end of the year, according to the statement. date2015-08-26

MOTIE Minister Yoon Attends 18th AEM Plus Three Consultations

MOTIE Minister Yoon Attends 18th AEM Plus Three Consultations   Minister of Trade, Industry and Energy Yoon Sang-jick attended the 18th ASEAN Economic Ministers (AEM) Plus Three Consultations held in Kuala Lumpur, Malaysia, yesterday.   A day before the consultations, Minister Yoon also signed a new protocol to amend the agreement on trade in goods between the Republic of Korea and the Association of Southeast Asian Nations (ASEAN).   To see the full joint statement of the 18th AE date2015-08-25

Korea and Ecuador start SECA negotiations

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 25 that Korea and Ecuador will start the negotiations on SECA (Strategic Economic Cooperation Agreement) on the same day in Seoul after a meeting with Nathalie Cely, Minister of Production of Ecuador, and Diego Aulestia Valenci, Minister of International Trade.   For reasons of political sensitivity, Ecuador requested to replace the term "FTA" with something else, and Korea agreed to use the term "SECA (Strategic Economic Cooperation Agreement)" instead.     Korea and Ecuador agreed that the SECA should be closed as soon as possible after high level and comprehensive talks, and signed the joint statement on the initiation of Korea-Ecuador SECA.     Both governments plan to start the first negotiation talks as soon as possible based on the statement, and discuss the details of negotiation.     Ecuador's domestic market has been growing rapidly in the recent years thanks to its steady economic growth and expansion of middle class, and it has a mutually complementary economic structure with that of Korea which helped triple the trade volume in the recent 10 years, leaving lots of room for cooperation.     For Korea, Ecuador is a great market for plant and construction thanks to its abundant resources such as oil, and it can also serve as a foothold to enter the South American markets since it's tied to the MERCOSUR trade agreement with Brazil and Argentina.     * Short version date2015-08-25

Software integrated parts to be selected to turn the key industries into smart industries

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 25 that it has selected 20 software integrated parts that are necessary to advance the key industries and turn them into smart industries.     The parts are for wearable devices, OLED, high-quality virtual multimedia, smart sensors, high fuel efficient motors and high-precision controllers that can be used in 13 industrial engines used by self-driving vehicles and intelligent robots.     According to a res date2015-08-25

MOTIE Deputy Minister Woo Leads Delegation to Iran for Post-Sanctions Economic Cooperation

      Deputy Minister for Trade Woo Tae-hee led a delegation of South Korean officials and state-run agencies to Iran from August 23 to August 24 to discuss renewed economic cooperation with the Middle Eastern country following a deal to lift international sanctions.   "We plan to highlight the capability of our firms for major projects with which the Iranian government seeks to rebuild infrastructure, diversify industries and develop energy fields in the post-sanctions era," the Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   In addition to boasting the world's largest known gas reserves and fourth largest oil reserves, Iran was formerly South Korea's sixth largest market for overseas construction contracts before the international sanctions were imposed.   Deputy Minister Woo is also scheduled to visit Qatar to discuss ways to promote bilateral cooperation proposed during a visit by Sheikha Moza bint Nasser, chairwoman of the Qatar Foundation for Education, Science, and Community Development to Korea in May.   To find out more about South Korea's efforts to open a new era of cooperation with the Islamic Republic, check out a report from Reuters via The Jerusalem Post: date2015-08-24

MOTIE Minister Yoon Greets U.S. Congressman Charles Rangel

    Minister of Trade, Industry and Energy Yoon Sang-jick greeted a visit by U.S. Congressman Charles Rangel at his satellite office in Seoul last week.   During the meeting, they exchanged views on the implementation of the Korea-U.S. Free Trade Agreement (FTA) and other trade issues such as the Trans-Pacific Partnership (TPP). date2015-08-24