Ministry of Trade, Industry and Energy

South Korea to Develop Electric Mini Cars by 2017

      South Korea plans to develop and commercialize electric mini vehicles by 2017 in a bid to keep up with the global race toward the micro-mobility industry for the future, the Ministry of Trade, Industry and Energy (MOTIE) said today.   The country's central and regional governments are spending a total of 40 billion won (US $36 million) over the three years starting from 2014 to develop these eco-friendly cars on four and three wheels, which can be customized for people in need like the elderly and handicapped.   The MOTIE is working as a team with government, academic and industry experts to study the most effect ways to improve the relevant laws and systems for the development and commercialization of electric mini vehicles as well as their industrial ecosystem. date2015-06-15

South Korea Prepares 4 Scenarios for Greenhouse Gas Reduction by 2030

        South Korea, one of the world's top 10 carbon producers, has prepared four scenarios to set a target for reducing greenhouse gas emissions from 2020 to 2030, the Ministry of Trade, Industry and Energy (MOTIE) said yesterday.   As part of global efforts to reduce carbon emissions, the scenarios aim to cut emissions from 14.7 percent up to 31.3 percent relative to the country's business-as-usual (BAU) levels, the ministry said in a joint statement with other relevant ministries.   The Korean government plans to submit the finalized option to the United Nations (UN) by the end of this month, which is expected to produce a global framework for carbon emissions reduction at its year-end meeting in Paris.   In 2009, South Korea voluntarily set a goal to cut greenhouse gas emissions to 30 percent below BAU levels by 2020. It also started the world's second-biggest carbon emission market in January, which imposes caps on emissions from 525 of the country's biggest companies.   The country is pushing forward with a plan to build four fewer coal plants and two more nuclear reactors by 2029 to generate more power and curb emissions, according to the latest power plan released by MOTIE earlier this week.           date2015-06-12

South Korea Provides Global Connections to Companies and Clients for Overseas Plant Construction

      The MOTIE's 2nd Vice Minister Moon Jae-do delivered a welcoming speech at the Global Project Plaza 2015 in Seoul yesterday, which provided a venue for South Korea's plant construction companies to connect with overseas clients.   In his speech, VM Moon stressed the need to create more win-win opportunities between selling and buying countries in plant construction, adding that the Korean government will provide all necessary support for such opportunities.   About 55 global clients from 33 countries attended the event, including Morocco's Minister of Energy and Mines Abdelkader Amara, Croatia's Deputy Economy Minister Alen Leveric, and Egyptian National Railways Chairman Ahmed Hamed.   date2015-06-10

MOTIE VM Lee Congratulates Seoul International Forum on Trade Remedies 2015

      The MOTIE's 1st Vice Minister Lee Kwan-sup delivered a congratulatory speech at the Seoul International Forum on Trade Remedies 2015 in Seoul last week, which discussed the achievements and challenges of the World Trade Organization (WTO) on the occasion of the global body's 20th anniversary.   About 350 trade-related guests from 18 countries attended this year's annual forum, including Paul Piquado, assistant secretary for enforcement and compliance for the U.S International Trade Administration, Stephen Leach, chairman of the Canadian International Trade Tribunal, and Dale Seymour, commissioner of Australia's Anti-Dumping Commission.   date2015-06-09

South Korea’s Team KAIST Wins 2015 DARPA Robotics Challenge with $2 Million Prize

South Korea’s Team KAIST Wins 2015 DARPA Robotics Challenge with $2 Million Prize   A team of roboticists from the Korea Advanced Institute of Science and Technology (KAIST) won a $2 million prize challenge to develop a mobile robot capable of assisting humans in responding to natural and man-made disasters.   Team KAIST beat 24 other competing teams of university and corporate roboticists from around the world at the challenge, which was first proposed in 2012 by the Pentagon&rs date2015-06-09

MOTIE VM Moon Urges OECD Countries to Work Together for Policy Coordination

MOTIE VM Moon Urges OECD Countries to Work Together for Policy Coordination   The MOTIE's 2nd Vice Minister Moon Jae-do attended the Organization for Economic Cooperation and Development (OECD)'s Ministerial Council Meeting (MCM) in Paris last week, which discussed the many challenges facing the global economy.   During a session on trade, VM Moon urged OECD members to join hands in policy coordination to promote inter-country trade and exchanged views on facilitating cross-country inv date2015-06-08

South Korea Pushes for National Assembly's Approval of FTAs with China, Vietnam and New Zealand

      The South Korean government submitted three bills to the National Assembly today for approval on the recently signed bilateral free trade agreements (FTAs) with China, Vietnam and New Zealand.   The government will make its best efforts to put the FTAs with these countries into effect as soon as possible to realize their benefits, the MOTIE's Deputy Trade Minister Woo Taehee said in a press briefing today.   date2015-06-08

ROK and Senegal to Cooperate in Trade, Industry and Investment

      Republic of Korea President Park Geun-hye and Republic of Senegal President Macky Sall have agreed to strengthen bilateral cooperation in trade, industry and investment.   During the summit between their leaders in Seoul yesterday, the two countries signed memoranda of understanding to upgrade their economic relations.   MOTIE Minister Yoon Sang-jick attended the signing, which is expected to help Korean companies tap into Senegal's Plan Senegal Emergent (PSE) - or Emerging Senegal Plan - a blueprint for the African country's development. date2015-06-05

South Korea’s Exports Expected to Recover in June

      South Korea's exports are expected to recover significantly in June thanks to an increase in exports of (new) automobiles, an ease in the decline of exports for oil and petrochemical products and two and a half more working days, a government report said this week.   The Korean government will implement its short-term export revitalization measures as planned, which were announced on April 15 with a focus on marketing support, the Ministry of Trade, Industry and Energy said in its press release on the country's trade data for May.   To secure mid- and long-term export competitiveness, the government is preparing a comprehensive package of measures by the end of June through an in-depth analysis of export trends and structural changes in overseas shipments in cooperation with relevant research institutions.   Korea’s exports fell 10.9 percent to $42.4 billion and imports decreased 15.3 percent to $36.1 billion in May from a year earlier, resulting in a trade surplus, for the 40th consecutive month, of $6.3 billion, according to the press release.   Overseas shipments in May recorded the biggest year-on-year decline of the year due to falling unit prices of major products (such as oil, petrochemicals, and steel) and one fewer working day, the MOTIE said in the release.   For more details, please read the MOTIE's latest press release on South Korea's monthly trade data:   date2015-06-04

Export and Import Trends for May 2015

  □ Korea’s exports fell 10.9 percent to $42.4 billion and imports decreased 15.3 percent to $36.1 billion in May from a year earlier, resulting in a trade surplus, for the 40th consecutive month, of $6.3 billion.   □ Overseas shipments showed their largest year-on-year decline for this year in May as a result of persistent unfavorable export conditions including falling unit prices for exports such as oil, a global trade slowdown, and one fewer working day due to a public holiday (Buddha’s Birthday). - By product, shipments of computers, semiconductors, and mobile telecommunication devices showed an increase, while those of steel, ships, and automobiles decreased. By region, exports declined for most regions amid the global trade slowdown. - Exports to the US, China, and Japan continued to fall, while shipments to Hong Kong and Vietnam maintained an upward trend, surpassing Japan in terms of export volume as South Korea’s third and fourth largest overseas markets. ※ Exports to Vietnam increased sharply due to increasing local production of South Korean wireless communication devices and home electronic appliances.   □ The unit prices of major raw materials continued to decrease, but the recent rebound in oil prices mitigated the overall decline.   □ ○ Exports in May recorded the biggest year-on-year decline of the year due to falling unit prices of major products (such as oil, petrochemicals, and steel) and one fewer working day. - Overseas shipments are expected to recover significantly in June thanks to an increase in exports of (new) automobiles, an ease in the decline of exports for oil and petrochemical products and two and a half more working days. ○  The government will implement its short-term export revitalization measures as planned, which were announced on April 15 with a focus on marketing support. * The measures include tapping into e-commerce and domestic markets in China, product marketing in prospective export market regions, assisting small- and medium-sized companies’ exports with problems such as non-tariff barriers, and expanding support for trade insurance. ○ To secure the mid- and long-term export competitiveness, the government is preparing a comprehensive package of measures by the end of June through an in-depth analysis of export trends and structural changes in overseas shipments in cooperation with relevant research institutions. * The package will include the analysis of internal and external factors for the recent export slowdown, assessment and supportive measures for export competitiveness (deregulation, tax support, personnel enhancement, facilitation of investment in facilities and research and development (R&D), utilization of free trade agreements (FTAs), and development of prospective export products.) Attachment: date2015-06-04