Ministry of Trade, Industry and Energy

Government to not tolerate local votes on Yeongdeok nuclear power plant

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of the Interior announced their official stance on local residents' vote on the construction of a nuclear power plant in Yeongdeok, Gyeongsangbuk-do on November 05.     Both agencies asked the local residents not to participate in the vote saying "Any demands to turn over the decision to implement a national policy determined after voluntary requests of local governments and legitimate procedures through votes without any legal basis will not be tolerated."     They announced that: 1) The votes are not legally valid according to the "Local Autonomy Act" and 2) Any forms of the Yeongdeok-gun Office's administrative support including facility, human resources and funding for the votes which has no legal basis, and votes by town leaders will not be tolerated.     The government agencies further went on to say that they have proposed 10 different programs that are beneficial to the local residents on October 20 in reflection of their wishes and worries, and that these 10 programs will help the local residents protect their health and prevent them from their or their children's migration to other regions for reasons of education and jobs.     This announcement will be signed both by the MOTIE and Minister of Interior, and sent to each of the towns in Yeongdeok-gun in the form of a letter.     * Short version date2015-11-05

Korea Consumer Goods Export Convention to be held in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 03 that "Korea Consumer Goods Export Convention" is to be held at the COEX, Seoul for two days from November 3, 2015.     This event, prepared by MOTIE aiming at promoting consumer goods exports through the Korea-China FTA, will be participated by more than 200 companies from 33 different countries, including America's online shopping mall Amazon and distributor Lowe's, U.K.'s largest drugstore Boots, France's No. 1 beauty care brand Yves Rocher and Japan's biggest online shopping mall, Rakuten.     As for Korea, over 500 companies specializing home appliances, fashion, beauty products, food and daily necessities are participating in the event, signing more than 2,000 contracts to export their products to international buyers through business meetings and negotiations at the site.     * Short version date2015-11-03

MOTIE Minister Yoon Discusses Bilateral Economic Cooperation with Chinese and Japanese Counterparts

      Minister of Trade, Industry and Energy Yoon Sang-jick held a meeting with Chinese Commerce Minister Gao Hucheng in Seoul last week to discuss ways to promote economic cooperation between South Korea and its biggest trading partner.   Minister Yoon also held a meeting with Japan's new Economy, Trade and Industry Minister Motoo Hayashi to exchange views on how to facilitate regional economic cooperation such as the Korea-Japan-China Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP).   The two meetings took place on the sidelines of a summit between the leaders of South Korea, Japan and China held more than three years after the last one in May 2012. date2015-11-02

MOTIE VM Moon Greets Montana Governor Bullock

      Moon Jae-do, second vice minister of the Ministry of Trade, Industry and Energy (MOTIE), received a visit by Steve Bullock, governor of the U.S. state of Montana, in Seoul last week.   During the meeting, the two exchanged views on how to promote bilateral trade and energy cooperation between South Korea and Montana following the implementation of the Korea-U.S. Free Trade Agreement (KORUS FTA) in 2012. date2015-11-02

MOTIE and the Police to work together for public safety

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 02 that MOTIE and Korean National Police Agency signed an MOU on the same day at the Korean National Police Agency to work together in building a safe society and promote the security industries.     According to the MOU, the two agencies will cooperate in the areas of R&D, commercialization of R&D results, global marketing, mutual cooperation in each other’s R&D activities and human resources exchange, particularly in industry growth engine projects for the future such as patrol car integration system that enables voice and touch command by using IoT and scanners for the preservation and analysis of materials through real-time identification and 3D configuration of the obstacles and risks at the crime scenes.     MOTIE and Korean National Police Agency plan to apply the latest technologies in the security industries and replace the old police equipment with new ones, while also developing new equipment for which the Korean police has been dependent on imports.     The aim is to turn the security industries as a future growth engine by tapping into the global market while also creating new markets.     * Short version date2015-11-02

Korea, Japan and China Hold 10th Trilateral Economic Trade Ministers' Meeting

    Korea, Japan and China held the 10th Trilateral Economic Trade Ministers' Meeting today in Seoul to discuss ways to facilitate regional cooperation in trade and investment among the three neighboring countries.   During the meeting, Minister of Trade and Industry and Energy Yoon Sang-jick and his two counterparts, Japan's International Trade and Industry Minister Motoo Hayashi and China's International Trade Representative Zhong Shan, agreed to accelerate talks aimed at establishing a three-way free trade agreement (FTA) and a new mega trading bloc encompassing Asia and Oceania.   The three countries are involved in both the trilateral FTA and the Regional Comprehensive Economic Partnership (RCEP), which also includes the 10 members of the Association of Southeast Asian Nations, India, Australia and New Zealand.   Today's meeting, the first since 2012, touched on other global and regional issues regarding East Asian economic integration, the World Trade Organization (WTO), the Group of 20 and the Asia Pacific Economic Cooperation (APEC). date2015-10-30

Electricity Sales in 3Q and Retail Sales Trends in September 2015

Electricity Sales in 3Q and Retail Sales Trends in September 2015   Electricity Sales Trends in 3Q □ In 3Q, the total volume of electricity sales increased 2.4% from a year earlier, which is the most since 4Q in 2013. It is attributable to consumer sentiment recovery and heat wave.   2. Sales Trends by Major Retailers in September □ All major retailers showed increases in sales due to Korean Thanksgiving holidays in September. ㅇIn the third quarter of 2015, the sales of h date2015-10-30

Automobile Industry Trends for September 2015

    □ The volume of South Korean automobile production, exports, and domestic sales grew by 13.5 percent, 3.5 percent, and 16.3 percent, respectively, from a year earlier. This was attributed to a reduction in the country’s individual consumption tax, strong sales of multi-purpose vehicles such as SUVs and minivans, and satisfactory growth in exports of key export models such as the Accent, the Pride, and the Trax.   □ : Production increased by 13.5 percent from a year earlier to 333,759 units, despite a 26-hour strike at Hyundai Motor. This rise was partly attributable to the effects of another strike the year before, along with satisfactory growth in both domestic sales and exports.   □ : Domestic sales went up by 16.3 percent from a year earlier to 149,327 units. This was attributable to the continuing popularity of multi-purpose vehicles, such as the Santa Fe, the Sorento, the Trax, and the Tivoli. Other reasons were a reduction in the country’s individual consumption tax and the introduction of new Avante, Sportage, and other new-car models.   - Sales of imported cars increased by 37.0 percent from a year earlier to 24,323 units. They also rose by 18.3percent from a month earlier   □ : Exports increased by 3.5 percent from a year earlier to 203,762 units. This was mainly attributable to strong performances by key export models such as the Accent, the Pride, and the Trax.   □ Exports of auto parts rose by 5.0 percent from a year earlier to USD 2.13 billion. This was largely attributed to an increase in overseas sales of Korean-based finished vehicles.   date2015-10-30

A trade remedies contest held for college students to present practical ideas

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that the 2015 National College Students' Trade Remedies Contest was held on October 29, 2015, and the Yeungnam University Team won the grand prize, with a realistic presentation of their research and decisions made on trade remedies under the topic, "Facts about dumping sales of Chinese plywood and any damages to South Korean businesses".     Pyeongtaek University and Kyung Hee University won the first prize, while Hongik University won the second prize at the contest.     This annual contest has been held since 2005 with the participation of more than 2,300 students.     This year, a total of 218 students form 11 universities have participated, and the final competitions were held on October 29, 2015 between the six teams that made to the finals.     The students made a realistic presentation of their research projects and judgment processes in various different areas including customary trade remedy systems such as anti-dumping duty, violation of intellectual property rights and violation of country of origin labeling requirements through a simulated trade remedy case.     * Short version date2015-10-30

Korea, Japan and China to hold ministerial meeting in Seoul to strengthen cooperation in economy and trade

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that the 10th Economic and Trade Ministers' Meeting among the Republic of Korea, the People's Republic of China and Japan was held on October 30, 2015 in Seoul, with the participation of Korean Minister of Trade, Industry and Energy Yoon Sang-Jick, Japanese Minister of Economy, Trade and Industry Hayashi and Chairperson of China Council for the Promotion of International Trade Zhongshan, who have gathered to strengthen th date2015-10-30