Ministry of Trade, Industry and Energy

South Korea and India Upgrade Bilateral Relations to `Special Strategic Parnership'

      South Korean President Park Geun-hye and India's Prime Minister Narendra Modi agreed to upgrade the bilateral relationship of their countries to a `Special Strategic Partnership' during a summit Seoul yesterday.   "India sees the ROK as an indispensable partner in its `Act East' strategy, and the ROK and India recognize the value of the bilateral partnership and its contribution to bringing peac   The two countries also signed seven agreements covering trade, investment, double taxation, technology, energy, environment, culture, education, people-to-people exchange and regional and multilateral cooperation, according to the statement.   Notably, South Korea expressed its intention to provide US $10 billion for mutual cooperation in infrastructure, comprising the Economic Development Cooperation Fund (US $ 1 billion) and export credits (US $ 9 billion) for priority sectors, including smart cities, railways, power generation and transmission, and other sectors to be agreed.   PM Modi is on a two-day state visit to Seoul, the final destination on a three-nation tour that includes China, Mongolia and South Korea, which is aimed at strengthening India's ties with East Asian countries.   For the full-text of the summit's joint statement, posted by Bihar Prabha:   date2015-05-19

South Korea and Japan's Business Leaders Support Trilateral FTA with China

      Business leaders from South Korea and Japan expressed support for a trilateral free trade agreement (FTA) between their countries and China, which has been under negotiation since November 2012.   At the 47th Korea-Japan Businessmen Conference, the two neighboring countries also supported South Korea's participation in the U.S.-led Trans-Pacific Partnership (TPP), which is yet to be decided.   In a congratulatory speech at the conference, the MOTIE's Vice Minister Moon Jae-do urged the business leaders to work more closely to help strengthen bilateral economic cooperation between South Korea and Japan.   date2015-05-18

Export and Import Trends for April 2015

Exports: $46.2 Billion, Imports: $37.7 Billion, Record Trade Surplus: $8.5 Billion   □ Korea’s exports fell 8.1 percent to $46.2 billion and imports decreased 17.8 percent to $37.7 billion in April from a year earlier, resulting in a trade surplus, for the 39 consecutive month, of $8.5 billion. - Exports and imports both continued to decline from January through April this year amid unfavorable conditions such as falling oil prices, lower export prices of key products and slowing global trade growth. -The country’s trade balance posted a record surplus for the third straight month in April.   □ Overseas shipments showed their largest monthly year-on-year decline of 2015 in April due to a drop in shipments of major products such as automobiles, ships and mobile telecommunication devices. - By product, shipments of computers and semiconductors increased, while those of mobile telecommunication devices and automobiles decreased. By region, exports declined for most regions excluding the Middle East amid the global trade slowdown. - The export volume fell slightly in April due to regular maintenance checks at production facilities for oil and petrochemical products, but gained 1.2 percent from a year earlier.   □ Inbound shipmentscontinued to fall in April due to a decline in unit prices of imported major raw materials. - Capital and consumer products, meanwhile, posted good growth.   □ < Factors behind Lower Export Growth in April > ①   Deteriorating export market conditions due to slowing global trade ②   Negative base effect from robust export growth recorded in April 2014 ③   Decline in unit prices of key exports, and regular maintenance checks at production facilities for oil and petrochemical products ④   Worsening conditions for overseas competition in major export markets and for key products due to an acceleration in the fall of the yen and a weakening euro (according to the views of exporters of automobiles and general machinery)   < Outlook and Policy Challenges > - Exports are likely to continue their downward trend in May due to fewer workings days (one less day compared with May last year), a decline in unit prices of key exports and regular maintenance checks of production facilities of oil and petrochemical products. - A rebound in overseas shipments is expected from June thanks to more working days, an expected increase in exports of new automobiles, and the completion of regular maintenance checks of oil and petrochemical output facilities. - The Korean government is preparing measures by looking closely at the competitiveness of major export products in light of recent market and foreign exchange conditions.   Attachment: date2015-05-15

South Korea and Romania to Strengthen Industrial Cooperation

South Korea and Romania to Strengthen Industrial Cooperation   The MOTIE's 2nd Vice Minister Moon Jae-do attended and delivered an opening speech at the 8th Korea-Romania Industrial Cooperation Committee Meeting in Seoul this week.   During the meeting, the delegations from both countries, led by Vice Minister Moon and his Romanian counterpart Florin Vodita, discussed ways to promote industrial cooperation between South Korea and Romania.   The MOTIE and the Economy Ministry of R date2015-05-15

South Korea, China and Japan Hold 7th Round of FTA Talks in Seoul

A new round of talks for a trilateral free trade agreement (FTA) between South Korea, China and Japan is now taking place in Seoul, which would pave the way for a new future for Asia's three major economies and global trade.   During the two-day talks from May 12 to May 13, Assistant Trade Minister Kim Hak-do and his Chinese and Jap   The three countries initiated their trilateral FTA talks in November 2012 and are holding the seventh round of working-level discussion with the aim of striking a "comprehensive and high-quality" agreement.   In 2012, the combined gross domestic product of the three countries exceeded 14 trillion US dollars, making up about 20 percent of the world total and 70 percent of Asia's total, according to a report by CRI:   date2015-05-13

MOTIE Discusses Economic Cooperation with India

      MOTIE Minister Yoon Sang-jick received a visit by Franciscus Sibarani, chairman of the Indonesia Investment Coordinating Board (BKPM), in Seoul last week to discuss bilateral economic cooperation between South Korea and the world's fourth most populous nation.   South Korean investors expressed their commitment to invest $9.7 billion in Indonesia in such industries as petrochemicals and electricity generation following a visit by the BKPM to Korea, reports Jakarta Globe:                 date2015-05-11

South Korea and Vietnam Officially Sign Free Trade Agreement

South Korea and Vietnam Officially Sign Free Trade Agreement   South Korea and Vietnam officially signed a bilateral free trade agreement (FTA) in Hanoi this week, which is expected to further strengthen the strategic partnership between the two Asian economies.   At the signing ceremony of the FTA, MOTIE Minister Yoon Sang-jick expressed high hopes that the deal will be a good example of a mutually beneficial agreement by promoting bilateral economic cooperation.   The agreement date2015-05-07

South Korea Posts Record Trade Surplus for 3rd Staight Month in April

      South Korea posted a record trade surplus for the third straight month in April as imports fell more than exports declined, according to data by the Ministry of Trade, Industry and Energy (MOTIE)   Overseas shipments fell 8.1 percent to $46.2 billion and imports decreased 17.8 percent to $37.7 billion last month from a year earlier, resulting in a trade surplus, for the 39th consecutive month, of $8.5 billion   Both exports and imports continued to decline from January through April this year amid unfavorable conditions such as falling oil prices, lower export prices of key products and slowing global trade growth.     Overseas shipments showed their largest monthly year-on-year decline of 2015 in April due to a drop in shipments of major products such as automobiles, ships and mobile telecommunication devices.   - By product, shipments of computers and semiconductors increased, while those of mobile telecommunication devices and automobiles decreased.   - By region, exports declined for most regions excluding the Middle East amid the global trade slowdown.     Inbound shipments continued to fall in April due to a decline in unit prices of imported major raw materials.   - Capital and consumer products, meanwhile, posted good growth.       < Factors behind Lower Export Growth in April >   ① Deteriorating export market conditions due to slowing global trade   ② Negative base effect from robust export growth recorded in April 2014   ③ Decline in unit prices of key exports, and regular maintenance checks at production facilities for oil and petrochemical products   ④ Worsening conditions for overseas competition in major export markets and for key products due to an acceleration in the fall of the yen and a weakening euro (according to the views of exporters of automobiles and general machinery)     < Outlook and Policy Challenges >   - Exports are likely continue their downward trend in May due to fewer workings days (one less day compared with May last year), a decline in unit prices of key exports and regular maintenance checks of production facilities of oil and petrochemical products.   - A rebound in overseas shipments is expected from June thanks to more working days, an expected increase in exports of new automobiles, and the completion of regular maintenance checks of oil and petrochemical output facilities.   - The Korean government is preparing measures by looking closely at the competitiveness of major export products in light of recent market and foreign exchange conditions date2015-05-07

USD 98 mil to be invested into stepping stone projects by 2017

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 6 that it is investing 110 billion won ($98 million) in 12 stepping stone projects by 2017. A stepping stone project refers to the commercialization of interim R&D results in the form of technology and product.     For this year, a total of 31 billion won will be invested in plastic auto tuning parts, fishfinder drones for deep-sea fishing and logistics robots for hospitals and warehouses.     Plastic tuning parts can either be used on high-performance cars and but before the development is completed, they can be used on premium micro cars for children.     Fishfinder drones are a high-speed vertical take-over and landing aircraft that can be used to find schools of fish in the air. They can also be used in various areas, such as monitoring illegal fishing, military surveillance and disaster monitoring.     The logistics robots can be used both at the hospitals and warehouses for public health and safety. The plan is to employ the robots in domestic and overseas hospitals and nursing homes, before using them at hotels and large warehouses. The ultimate goal is to develop robot nurses and remote medical robots.     MOTIE expects to create 3 trillion won market by 2017 once the interim R&D results are commercialized through the stepping stone projects.     * Short version date2015-05-06

Korea and Vietnam sign FTA

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 6 that Korea and Vietnam officially signed FTA after a total of 9 sessions of official talks after the promotion of FTA was agreed at the summit held in 2009.     The Korea-Vietnam FTA is expected to help increase the exports of Korean small and medium-sized material and parts manufacturers, particularly in the areas of textile, home appliances, cosmetics and auto parts thanks to the removal of tariffs on these items.     As for Vietnam, it will be able to attract more foreign investments and promote economy.     At the FTA signing ceremony, Minister of Trade, Industry and Energy Yoon Sang Jik said, "The Korea-Vietnam FTA will make Korean companies invest more in Vietnam, and their investments will help Vietnam's economy grow while also increasing the volume of trade between the two countries. This will be an exemplary case of mutually beneficial FTA for both parties."     * Short version date2015-05-06