Ministry of Trade, Industry and Energy

A community solar power generator to be built for the first time on an apartment building

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 10 that a community solar power generator is built on an apartment building for the first time in Korea. It's the Hyundai Apartment in Shindaebang-dong in Seoul.     A 100kW solar power generator is installed on the building to generate enough electricity to run the elevators and hallway lights for a total of 880 households.     As a result, the community power bill will go down from 3.81 million won ($3,400) to 530,000 won. However, since the cost of renting the solar power generator is 2.48 million won a month, the actual money saved is around 800,000 won.     Rental solar power generators for individuals have been available since last year, and the business has expanded this year to include apartment buildings and duplexes. Starting with the Hyundai Apartment in Shindaebang-dong this year, the service provider plans to install solar power generators at 5 or 6 more apartment complexes by the end of this year.     The MOTIE plans to supply solar power generators to a total of 25,000 households by 2017.     * Short version date2015-07-10

South Korea’s FDI Trends in the First Half of 2015

    □ Foreign direct investmentFDI) to South Korea in the first half of 2015 decreased 10 percent from the first half of 2014. The declared amount fell 14.2 percent to $ 8.87 billion and the received amount fell 19.8 percent to $ 6.06 billion from a year earlier. In spite of the YoY downturn, the numbers still posted the second-highest results after 2014, led by signs of investment recovery in the second quarter of 2015.   □ - Potential negative factors are the impact of the Middle East Respiratory Syndrome (MERS) and an economic contraction in Europe originating in Greece. Despite the negative factors, signs of a recovery in investments are likely to continue, due to the high interest of overseas investors in the central government's approval of the construction of two large-scale integrated resorts in the second half of 2015 and aspiration on improved investments from China by the implementation of the Korea-China FTA.   - South Korea plans to achieve $ 20 billion in FDI for the first time in 2015. To this end, the country will support promising areas such as integrated resorts, cultural content, and parts and materials production, through one-on-one consultation meetings between small and medium-sized enterprises and overseas investors, and investment attraction activities with high-ranking government officials including ministers and vice-ministers. It will also hold small-scale, custom-tailored IR sessions, which will include inviting major potential investors to South Korea, and joint IR sessions held by domestic companies and regional governments.   date2015-07-08

Automobile Industry Trends in the First Half of 2015

    □ Domestic sales of South Korean automobiles in the first half of 2015 increased by 6.2 percent from a year earlier. Automobile production and exports decreased by 0.9 percent and 3.0 percent, respectively.   □ : Production decreased by 0.9 percent from a year earlier to 2,321,840 units, despite a rise in domestic sales. This was mainly attributable to a decline in exports, especially to emerging markets suffering from slowing economies.   □ : Home-based sales increased by 6.2 percent from a year earlier to 857,169 units. Sales of multi-purpose and imported vehicles were especially strong.   - Sales of domestically-produced cars rose by 3.4 percent from a year earlier to 727,155. Multi-purpose vehicles, such as SUVs and mini-vans, were in especially high demand.   - Sales of imported cars maintained their high rate of growth, recording their largest-ever sales in the first half of 2015.   □ : Exports decreased by 3.0 percent from a year earlier to 1,551,982 units. This was mostly attributable to economic slowdowns in emerging markets and lowered price competitiveness following the depreciation of the yen and the euro. It also happened in spite of higher exports to North America.   date2015-07-06

MOTIE Hosts NANO KOREA 2015

    The Ministry of Trade, Industry and Energy (MOTIE) hosted NANO KOREA 2014, the 13th International Nanotech Symposium & Nano-Convergence Expo in Korea, from July 1 to July 3 in Seoul.   About 372 companies from 16 countries and 5,077 participants from 30 countries around the world attended the 13th annual event, which is co-hosted by .   Hwang Gyu-yeon, deputy minister of , gave a congratulatory speech on the first day of the event, which aims to promote business and industrial opportunities for nanotechnology.   To find more information about NANO KOREA 2015 with this year's theme of "Nanotechnology, the Engine of Creative Economy," please visit its English website at date2015-07-03

MOTIE Minister Yoon Meets with Qualcomm Chairman

      Minister of Trade, Industry and Energy Yoon Sang-jick received a visit by Paul E. Jacobs, executive chairman of Qualcomm, at his satellite office in Seoul earlier this week.   The two discussed ways to promote cooperation between South Korea and the world's largest supplier of mobile chips in the areas of investment and future growth engine industries like semiconductors, mobile telecommunications, Internet of Things (IoT), and robotics.   Minister Yoon also met with Robert S. Franklin, president of Exxon Mobil Gas and Power Marketing Co., yesterday to discuss cooperation in energy resources and industrial technology. date2015-07-02

South Korea to Cut Gas Emissions by 37% from BAU Levels by 2030

      South Korea, one of the world's top 10 carbon producers, has finalized its target of reducing greenhouse gas emissions by 37 percent from business-as-usual (BAU) levels by 2030, the Ministry of Trade, Industry and Energy (MOTIE) said in a joint statement with other relevant ministries.   "We decided to raise the target from the reduction scenarios, considering our leadership on climate change such as inviting the GCF (Green Climate Fund), our global responsibility, and the opportunity to develop energy-related new businesses and innovate the manufacturing sector," the statement said.   Earlier this month, the Korean government outlined four scenarios for the country's emissions target ranging from 14.7 percent to 31.3 percent, and said a final rate would be set after holding a public hearing.   The final target will be submitted to the United Nations (UN) today, which is expected to produce a global framework for carbon emissions reduction from 2020 to 2030 at its year-end meeting in December 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 this month.   date2015-07-01

ROK and Tanzania to Strengthen Business Cooperation

      The Republic of Korea (ROK) and Tanzania are seeking ways to promote business cooperation as part of their efforts to develop a win-win economic partnership between the two countries.   Lee Sang-jin, director-general of the Economic Cooperation Bureau at the Ministry of Trade, Industry and Energy (MOTIE) of the ROK, stressed the importance of such a partnership at the ROK-Tanzania Business Forum 2015 held in Dodoma earlier this week.   About 300 business representatives from both countries attended this year's forum, which discussed various opportunities for Korean companies to tap into Tanzania's infrastructure projects and economic and industrial investment. date2015-06-30

Sales Trends by Major Retailers in May 2015

  □ The sales by major retailers, including those of hypermarkets, department stores and convenience stores, rose from a year earlier, while those of super supermarkets fell in May 2015. □ The sales of hypermarkets and department stores increased for two consecutive months while that of convenience stores increased drastically for four consecutive months. □By product group, the sales of food, clothing, popular brands items and others increased.   date2015-06-30

Automobile Industry Trends for May 2015

    □ The volume of South Korean automobile production and exports decreased by 2.1 percent and 3.1 percent, respectively, while domestic sales increased by 2.3%. This was attributed to recession in emerging markets such as Eastern Europe, Middle East, and Latin America, Yen and Euro depreciation, and strong sales of multi-purpose vehicles in the domestic market.   □ : Production decreased by 2.1 percent from a year earlier to 365,643 units. This fall was mainly attributable to reduced domestic sales and exports.   □ : Domestic sales increased by 2.3 percent from a year earlier to 140,538 units. This was attributable to increased demand in multi-purpose vehicles such as Tucson, Sorento, Carnival, and Tivoli.   - Sales of imported cars increased by 17.8 percent from a year earlier to 20,589 units.   □ : Exports decreased by 3.1 percent from a year earlier to 246,093 units. This was mainly attributable to weakened competitive edge due to Yen and Euro depreciation and demand contraction in emerging markets such as Russia and Latin America.   date2015-06-30

30 SMEs to receive R&D support to become global

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 30 that the MOTIE and SMBA have jointly singled out 30 SME's to help them become the champions of tomorrow.     Comprised of 11 medium-sized enterprises and 19 small businesses, the 30 companies posted 106.4 billion won ($ 96 million) in annual sales and averaged $ 59 million in exports. Fourteen of them are located in Seoul while the other sixteen are located in other regions.     Eleven of them are electro date2015-06-30