Ministry of Trade, Industry and Energy

Korea, Africa Sign MOU on Development Assistance

Vice Minister for Trade and Energy Han Jinhyun and Deputy Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Abdalla Hamdok stand together after signing a memorandum of understanding on advancing Africa’s industrial development and infrastructure on June 25 in Seoul. The memorandum was signed following the “Korea-Africa Economic Cooperation Forum,” which drew 100 participants including business leaders and ambassadors from a number of African countries. date2013-07-02

Korea, Ethiopia to Enhance Business Relations

date2013-06-28

MOTIE Implements Energy-Saving Measures for Summer

The Ministry of Trade, Industry and Energy announced energy saving measures for the summer which came until force as of June 18 and will remain in effect until the end of August. As unprecedented power shortages are expected over the summer due to the higher temperatures than previous years and temporary shutdowns at some of the nation’s nuclear power plants, the Ministry will make it mandatory for businesses whose contract demand is greater than 5,000 kilowatts to reduce their electricity consumption up to 15 percent from 10 to 11 am and 2 to 5 pm when the electricity demand hits at peak level. The measures will be implemented from August 5. Commercial buildings with higher electricity demands are required to keep their indoor temperatures at 26 degrees Celsius or above, while stores should keep their doors closed when air-conditioning systems are in use. Additionally, during peak demand hours, public institutions and buildings with higher electricity demands will be required to turn off their air conditioners every 30 minutes. Government and public institutions also pledged to keep their indoor temperatures at or above 28 degrees Celsius and reduce electricity consumption by 15 percent. At peak hours, the percentage will be up to 20 percent. * Released by the Energy Saving Cooperation Division and the Electric Power Division date2013-06-27

Korea, Saudi Arabia Pursue a Closer Nuclear Partnership

The Ministry of Trade, Industry and Energy and King Abdullah City for Atomic and Renewable Energy (K.A.CARE), a Saudi Arabian institution established to implement the nation’s renewable-energy policy, hosted a Ministerial Roundtable meeting on June 24 in Seoul to enhance bilateral ties in the nuclear industry. The purpose of the meeting was to further specify the cooperation agenda discussed at the preparation meeting for the roundtable held in February. In his opening remarks, the Minister of Trade, Industry and Energy, Yoon Sang-jick, stressed his commitment to the nuclear partnership and predicted that “Korea’s nuclear technology and know-how will greatly contribute to the development of Saudi Arabia’s nuclear industry.” With regard to recent nuclear scandals, Yoon said, “Korea takes a very strong stance on the issue and it will thoroughly investigate the matter and take measures to prevent a recurrence.” In addition, he said, “to that end, the government will make every effort to upgrade Korea’s quality assurance system of nuclear parts to a world-class level.” At the meeting, K.A.CARE showcased Saudi Arabia’s nuclear program. MOTIE in turn briefed attendees on the current status of bilateral ties. The Korea Advanced Institute of Science and Technology (KAIST) highlighted the role of nuclear power in Korea’s industrial development. Moreover, Korea suggested various opportunities to strengthen bilateral ties. Sessions were also given by the Korea Electric Power Corporation (KEPCO), the Korea Nuclear International Cooperation Foundation (KONICOF), the Nuclear Safety and Security Commission (NSSC) and the Korea Atomic Energy Research Institute (KAERI) on areas including localization of nuclear power plants, training skilled personnel, safety and regulation of nuclear power and cooperation in the R&D sector. Saudi Arabian officials said, “the Roundtable was a good forum for exchanging constructive views of the two countries on Saudi Arabia’s nuclear development.” They added, “We expect further cooperation talks to come to learn more about Korea’s experience of successful nuclear power plants construction.” As part of efforts to develop sustainable and stable energy resources, Saudi Arabia plans to add 17.6 gigawatts of nuclear power generation capacity by 2032 and is expected to place an order for the construction of its first nuclear power plant next year. While countries like France, Japan, and China are vying to win future nuclear bids in Saudi Arabia, South Korea is also making vigorous efforts to attract Riyadh, having concluded the bilateral Nuclear Cooperation Agreement in November 2011. * Released by the Nuclear Plant Export Promotion Division date2013-06-26

Korea Outlines New Trade Policy Direction

The Ministry of Trade, Industry and Energy announced a “New Trade Policy Roadmap” to improve the effectiveness of the nation’s trade policy and promptly respond to rapidly changing trade conditions. As part of its new trade agenda, Korea will continue to expand its global network of free trade agreements (FTAs). While concentrating on the completion of additional trade pacts, particularly with emerging economies, Korea is poised to serve as a linchpin of accelerated economic integration in the East Asian market with the promotion of regional trade agreements. The nation is also committed to further cooperating on multilateral trade negotiations, such as the Information Technology Agreement (ITA) and the Trade in Service Agreement (TISA). Korea will push for trade ties tailored to its trading partners’ needs, promoting FTAs with economic powerhouses as well as sharing its development experiences with emerging economies. For example, to better assist developing countries’ development efforts, Korea will set up an Emerging Nations Co-development Program (ECP), provide project financing in collaboration with development banks and offer comprehensive technological assistance. With the new the initiatives in place, MOTIE aims to create more jobs and provide greater access to overseas markets for small and medium-sized enterprises (SMEs). As part of these efforts, the Ministry plans to form a headquarters to help address non-tariff barriers in foreign markets. To improve trade infrastructure and strengthen links between trade and industry, MOTIE has also launched a “trade industry forum”, inviting representatives from a wide range of industries including manufacturing, services, agriculture and fisheries. A comprehensive one-stop trade information system will be set up to support Korean companies doing business overseas. * Released by the Trade Policy Division date2013-06-25

Vice Minister Seeks Deeper Ties with Myanmar

date2013-06-24

Korea, Ecuador Talk on Trade and Energy

date2013-06-21

Retail Sales Figures for May

date2013-06-20

Minister Greets Chairman of U.S. International Trade Commission

Minister Greets Chairman of U.S. International Trade Commission Minister of Trade, Industry and Energy Yoon Sang-jick met with the Chairman of the U.S. International Trade Commission Irving A. Williamson on June 17 in Seoul. The discussion focused on the current status of bilateral ties in trade and investment and issues related to trade disputes and intellectual property rights. date2013-06-20

MOTIE Releases Car Sales Figures for May

The Ministry of Trade, Industry and Energy has released its car sales figures for May. The nation’s car production fell 0.9 percent year on year to 385,371 vehicles due to reduced working hours. The number of vehicles sold on the domestic market continued to grow thanks to the introduction of new models by domestic auto makers. Sales of imported cars posted the highest-ever monthly performance on the back of healthy sales growth for German and Japanese brands. With domestic cars’ i date2013-06-13