Ministry of Trade, Industry and Energy

Korean LCH and LAH to be ready by 2020 and 2022, respectively

The Ministry of Trade, Industry and Energy and Defense Acquisition Program Administration announced on June 25 that they will develop LCH (Light Combat Helicopter) by 2020 and LAH (Light Armed Helicopter) by 2022, after signing a contract with the Korea Aerospace Industries.     According to the contract, the MOTIE will first develop the parts and helicopter for both private and military use, and then the Defense Acquisition Program Administration will modify the helicopter to be used date2015-06-25

ROK and U.S. to Cooperate in Bio Healthcare Industry

      MOTIE Minister Yoon Sang-jick attended the signing ceremony of a memorandum of understanding (MoU) between the Republic of Korea and the United States on cooperation in the bio healthcare industry in Austin, Texas, last week.   The bilateral agreement was signed by Rhee Byung-geon, Chariman of the Korea Biotechnology Industry Organization, and Tom Kowalski, President and CEO of the Texas Healthcare and Bioscience Institute (THBI). date2015-06-23

Korean companies to meet with global European companies including Benz for technology partnership

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 22 that Korean companies will hold talks with leading European companies such as Benz, Volkswagen, Volvo and Airbus on issues of cooperation at the 'Overseas Technology Connect for Ppuri Industries' held by the MOTIE and KOTRA on June 23 and 24 in Frankfurt, Germany.     The purpose of the event is to provide outstanding Korean companies with an opportunity to meet global companies so that they can make entry into the date2015-06-22

Republic of Korea Starts Free Trade Talks with Six Central American Countries

Republic of Korea Starts Free Trade Talks with Six Central American Countries   The Republic of Korea has started negotiations for a free trade agreement with six Central American countries, including Guatemala, El Salvador, Honduras, Nicaragua and Paraguay.   MOTIE Minister Yoon Sang-jick and trade ministers from the six Central American nations declared the launch of the FTA talks during a meeting yesterday in Houston, the United States.   During the trade ministers' meeting, Mi date2015-06-19

Republic of Korea and China Formally Sign FTA

  □ The Republic of Korea (ROK) has formally signed a free trade agreement (FTA) with China, its largest trade and investment partner, opening a new era of bilateral cooperation in time of for the 23rd anniversary of their diplomatic relations.   ○ ROK Minister of Trade, Industry, and Energy Yoon Sang-jick and Chinese Commerce Minister Gao Hucheng hosted the signing ceremony at the Grand Hyatt Seoul Hotel on June 1, 2015.   ○ The two ministers signed and exchanged the English, Korean, and Chinese texts of the ROK-China FTA, completing the final formal step of their three-year negotiations that started in May 2012.   ○ The ROK-China FTA only awaits the procedures for its implementation in both countries such as ratification before its entry into force, bringing an end to a process that first started with a private joint study in 2005 and led to the substantial conclusion of the agreement on November 10, 2014, and its initialing on February 25, 2015.       □ In a meeting held before the FTA signing, the two trade ministers shared the view that the ROK-China FTA will not only expand bilateral trade and investment but also provide a cooperative platform between the two countries’ governments and companies that will serve as a new growth engine for all frontiers of the economy.   ○ They also exchanged views on bilateral trade issues in general, including the ROK-China industrial complex and regional economic integration projects such as the ROK-China-Japan FTA and the Regional Comprehensive Economic Partnership (RCEP).       □ The ROK government plans to swiftly carry out the implementation of the ROK-China FTA so that people and companies of both countries can begin to enjoy its benefits as soon as possible.   ○ To this end, the government will submit a ratification bill to the National Assembly along with an evaluation of the ROK-China FTA’s effects on South Korea’s industries and counter-measures to strengthen those industries’ competitiveness in compliance with the Trade Agreement Procedural Law.   ○ The FTA will take effect 60 days after both countries notify each other in writing of the completion of their local procedures for the implementation or on a set date agreed upon by both parties.   * To obtain the Korean and English texts of the ROK-China FTA, please visit at our ministry’s FTA website.     date2015-06-19

MOTIE Minister Yoon Expresses High Hopes for Importing More U.S. Shale Gas

      MOTIE Minister Yoon Sang-jick expressed high hopes for importing more U.S. shale gas in his opening speech at the Republic of Korea-U.S. Business Forum in Houston yesterday.   The two countries can forge a win-win partnership if the U.S. utilizes Korea as a Northeast Asia trading hub for liquefied natural gas (LNG), taking advantage of the world's biggest LNG terminal infrastructure, Minister Yoon said.   About 200 business leaders from Korea and the U.S. attended the forum, including Greater Houston Partnership President and CEO Bob Harvey and Houston's Chief Development Officer Andy Icken. date2015-06-19

South Korea Appoints 21 Foreign Investment Officials

        The Ministry of Trade, Industry and Energy (MOTIE) and 20 other ministries each appointed a designated official to communicate externally with each other and foreign-invested companies in order to attract more overseas money to South Korea.   These officials will collect opinions and suggestions from foreign-invested companies to improve the country's laws and regulations on foreign investment and also help resolve difficulties the companies face doing business in Asia's fourth-largest economy.   The MOTIE's Deputy Minister for International Trade and Investment Kwon Pyong-oh introduced the ministries' newly-appointed foreign investment officials at the meeting of the Foreign Investment Advisory Council held in Seoul yesterday.   During the meeting, Deputy Minister Kwon explained South Korea's efforts to improve its foreign investment policies and systems to key representatives of foreign-invested companies, including British Chamber of Commerce Chairman Michael Reed and European Chamber of Commerce President Jean-Christophe Darbes.   date2015-06-18

The first investment conference to be held for new energy industry

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that it held the first investment conference on the same day at the Palace Hotel Seoul and announced the South Korean government's policies and plan for the new energy industry.     MOTIE plans to attract private investors to some of the promising SME's and major projects through the investment conferences for the new energy industry.     The Korean government has been promoting the new energy industry si date2015-06-17

Government agencies assign foreign investment staff as a communication channel between them and foreign investors

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that a total of 21 government agencies including the MOTIE, Ministry of Strategy and Finance, Ministry of Environment, Ministry of Employment and Labor, Ministry of Land and Infrastructure and Transport have assigned foreign investment staff at the office to serve as a communication channel between foreign investors and the agency and also respond to foreign investors' complaints.     Their primary task is to listen to the opinions of foreign investors on new regulations when a law is revised or a new law is enacted, and also solve their problems with relevant government agencies.     The staff put in charge of foreign investor services at the 21 agencies were present at the "Foreign Investment Advisory Group Meeting of the First Half of 2015" at the Grand Hyatt Hotel Seoul on June 17. Also present at the meeting were CEO's of major foreign-invested companies and chairmen of foreign chambers of commerce in Korea.     At the meeting, the CEO's of foreign-invested companies said, "It has been difficult communicating with the relevant agencies directly. The appointment of foreign investor services staff at each of the agencies will make it much easier for us to communicate with the agencies."     They have made 17 proposals, and MOTIE agreed to cooperate with relevant agencies on all the proposals except the ones that have been accepted or implemented already.   The Korean government agreed to provide potential foreign investors with accurate information on any measures taken against MERS.     * Short version date2015-06-17

MOTIE Seeks Manufacturing Innovation with U.S.

      The MOTIE's 1st Vice Minister Lee Kwan-sup delivered a congratulatory speech at the Republic of Korea-U.S. Advanced Manufacturing Innovation Forum held in Virginia yesterday.   During the forum, VM Lee stressed the need to promote industrial cooperation in manufacturing innovation between Korea and its second-largest trading partner.   About 150 officials and experts gathered to exchange ideas and share cases of manufacturing innovation, including Deputy Secretary of Commerce Bruce Andrews and U.S. Senator Mark R. Warner (D-VA). date2015-06-16