Ministry of Trade, Industry and Energy

Delegation to be dispatched to Iran to boost economic cooperation after sanctions are lifted

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 24 that it sent a delegation to Iran for which sanctions were recently lifted to restore cooperative relationship in industrial and energy areas and discuss some of the issues to boost cooperation.     Led by the Second Vice Minister of Trade, Industry and Energy and composed of representatives from the Korea National Corporation, Korea Gas Company, Korea Resources Corporation, National Research Foundation of Korea, Korea Institute for International Economic Policy and Korea Trade-Investment Promotion Agency.     The Korean delegation will have a meeting with the president of ITPO, Iran and the president of National Iranian Oil Company to discuss matters of cooperation in economy and energy, as well as issues that are often faced by Korean companies wishing to do business in Iran.     They will also hold meetings with high ranking officials of National Iranian Oil Company to discuss the possibilities of Korean companies in the development of oil and gas fields based on their years of experience in the area.     * Short version date2015-08-24

Bupyeong Industrial Complex celebrates 50th anniversary

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 21 that Bupyeong National Industrial Complex is celebrating its 50th anniversary this year.     Designated as a National Industrial Complex in 1965 according to the Export Industrial Complex Development Act, the complex located in Changcheon-dong, Bupyeong-gu, Incheon currently houses a total of 761 companies on 610,000㎡ (6.5 mil sqft) of land.     It's the largest industrial complex in Korea for electric and electronics businesses, and 54.3 percent of the entire area is currently occupied by foreign invested companies.     Last year alone, it produced goods worth 2.9 trillion ($ 2.6 billion) and exported 2.8 trillion won worth of goods. There are more than 12,000 people currently working there.     * Short version date2015-08-21

ROK and Ecuador to Start FTA Talks

      The Republic of Korea (ROK) and Ecuador plan to announce the start of negotiations on a bilateral free trade agreement in Seoul next week.   The ROK's Minister of Trade, Industry and Energy Yoon Sang-jick will make the announcement during a meeting with Minister of Production Nathalie Cely and Minister of Foreign Trade Diego Aulestia from the South American country.   The Korean government plans to pursue a comprehensive and high-level FTA with Ecuador, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   If concluded, this would be Ecuador's first FTA with an Asian country, according to the statement. date2015-08-20

MOTIE Minister Yoon Backs LG Display's Plan to Invest in OLED

MOTIE Minister Yoon Backs LG Display's Plan to Invest in OLED   Minister of Trade, Industry and Energy Yoon Sang-jick attended a press conference hosted by LG Display Co. in Paju, South Korea, yesterday.   At the presser, the minister applauded the plan by the world's biggest maker of liquid crystal displays (LCDs) to increase investment in organic light-emitting diode (OLED) displays.   Minister Yoon also pledged the government's continued support for local companies to invest in date2015-08-19

South Korea to Hold Three-Day Special Sale Event for Chinese Online Shoppers

South Korea to Hold Three-Day Special Sale Event for Chinese Online Shoppers   South Korea plans to hold a special sale event called `XingXing Korea' for Chinese online shoppers from August 19 to August 21 as part of efforts to promote exports.   During the three-day event, 17 local online shopping malls will offer discounts of 8 to 50 percent on about 1,700 items ranging from cosmetics to groceries.   Also, the Korea Post will give a discount of 36 percent on international shippi date2015-08-18

South Korea Launches `Korea Grand Sale' for Foreign Tourists

      South Korea has launched the Korea Grand Sale for foreign tourists in an effort to revive the local tourism industry and economy hit by the recent Middle East Respiratory Syndrome (MERS) incident.   The sixth annual event is the largest ever as about 250 local companies and 30,000 stores, from airlines to duty-free shops, are offering various shopping benefits and events.   The Korea Grand Sale will run earlier than scheduled from August 14 to October 31, as it is normally held in winter, a relatively less popular season for foreign tourists.   For more information about the Korea Grand Sale, please visit its English website at date2015-08-17

ROK and Iran to Resume Ministerial Meeting for Economic Cooperation

      The Republic of Korea (ROK) and Iran plan to resume their ministerial meeting for economic cooperation for the first time in eight years.   The plan is part of the ROK's efforts to help promote the country's exports amid unfavorable external conditions such as falling oil prices and slowing global growth.   The Korea Trade-Investment Promotion Agency (KOTRA) will also set up an office to support local exporters to tap into the Iranian market.   The ROK government will step up efforts to promote the country's exports to other overseas markets such as Cuba, Russia, China, the Middle East and South and Central America. date2015-08-13

MOTIE Minister Yoon Holds Meeting to Promote Exports

MOTIE Minister Yoon Holds Meeting to Promote Exports   Minister of Trade, Industry and Energy Yoon Sang-jick held a meeting of high-level officials at relevant government agencies and industry organizations in Seoul today to discuss ways to promote the country's exports.   During the meeting, Minister Yoon urged the participants to work together to overcome unfavorable external conditions such as low oil prices and help local exporters tap into overseas markets. date2015-08-12

Export and Import Trends for July 2015

    □ South Korea’s exports fell 3.3 percent to $46.6 billion and imports decreased 15.3 percent to $38.8 billion in July from a year earlier, resulting in a trade surplus, for the 42 consecutive month, of $7.76 billion.   □ The volume of overseas shipments rose while unit prices fell as a result of factors such as falling oil prices and global oversupply. - By product, exports including petro products and petrochemical products increased. Shipments of steel, ships, and semiconductors rose, while those of automobiles, mobile telecom equipment, and home appliances decreased. Exports of OLED and cosmetics also showed steady gains. By region, exports declined for most regions amid the global trade slowdown. - Exports to Vietnam increased sharply due to increasing local production of South Korean wireless communication devices and home electronic appliances.   □ Unit prices of major raw materials continued to decrease and imports of consumer goods fell slightly, while capital imports remained strong.   □ ○ South Korea’s export volume maintained an upward trend despite a continued decline in exports in terms of dollar-denominated value. The profitability of export companies will likely improve slightly as won-denominated exports increased 8.4 percent in July thanks to a more favorable exchange rate.   ○ The downward trend in overseas shipments could continue for the time being due to unfavorable external conditions such as a decline in world trade, falling oil prices, and the weakening yen and euro. - Exports of semiconductors and solid state drives (SSDs) are likely to show solid growth as a result of rising demand for automobiles, smartphones (in emerging countries), and wireless communication devices on the back of new product introductions.   ○ The Korean government plans to focus on seeking new opportunities to promote exports of products such as cosmetics, SSDs, and organic light emitting diodes (OLEDs), while implementing measures to reinvigorate short-term exports announced in April and other steps aimed at strengthening export competitiveness in July as scheduled.   date2015-08-10

South Korea Hosts 10th International Standards Olympiad

South Korea Hosts 10th International Standards Olympiad   The Korean Agency for Technology and Standards (KATS) is hosting the 10th International Standards Olympiad in Seoul from August 6 to 7.   For more information about this tournament for teenage students, please visit its English website at: http://standards-olympiad.kr/eng/index.asp date2015-08-06