Ministry of Trade, Industry and Energy

Korea Pledges Better Environment for Foreign Direct Investment

The Ministry of Trade, Industry and Energy held this year’s third Foreign Investment Committee meeting and finalized a set of measures to improve Korea’s business environment and infrastructure for foreign investment. With the aim of creating quality jobs and leading the transition to the creative economy, the Ministry mapped out top priority tasks in collaboration with related agencies and local governments. As part of efforts to promote foreign investment, Korea will introduce an ‘Asia Regional Headquarter Program’ later this year. Under the new program, companies that set up a regional headquarters in Korea may apply for a comprehensive package including cash grants from the government. The Ministry will also work with competitive materials and parts suppliers based in the United States and Germany to explore and develop investment opportunities in Korea. To better lure high quality investment, Korea plans to reorganize its foreign investment support system to focus on job creation and innovation. Under the new system, foreign companies who have contributed to the local economy will enjoy further support from the government. In addition, the Ministry will take a two-track approach – setting up task force teams tailored to meet investors’ needs while actively developing large-scale overseas investment promotion activities. In an effort to improve investment conditions and remove obstacles to foreign investment, steps under consideration include lowering the minimum share required for a third generation subsidiary of a joint investment company to establish its subsidiaries to 50 percent. In order to enhance living conditions for expatriate employees in Korea, MOTIE plans to attract more foreign schools, provide better medical services and create a more English-friendly environment. The Ministry is also committed to assisting foreign businesses in their efforts to recruit skilled personnel. * Released by the Foreign Investment Policy Division date2013-06-13

Minister Praises Strong Economic Ties with the U.S.

date2013-06-12

IT Trade Figures for May

date2013-06-11

Korea, Mozambique Discuss Mineral Resources

Korea, Mozambique Discuss Mineral Resources Minister of Trade, Industry and Energy Yoon Sang-jick greets his Mozambican counterpart Minister of Mineral Resources Esperança Bias on June 3 at the Gwacheon Government Complex. The two officials discussed how to expand bilateral ties in the gas and mineral resources sector. date2013-06-11

Minister Attends Groundbreaking Ceremony for 2nd UAE Nuclear Reactor

date2013-06-07

Trade Figures for May

Exports of wireless communications devices surged thanks to brisk sales of smartphones and a low base effect from a year earlier. Semiconductor exports showed positive growth as rising demand for smart devices boosted outbound shipments of memory semiconductors. Thanks to strong demand for LED lighting from advanced nations and robust sales of premium TVs, exports of household appliances also performed strongly. Textile exports also increased as an effect of the Korea-Turkey FTA. Exports of steel, on the other hand, declined sharply, mainly due to sluggish recovery of the steel market. Outbound shipments of ships also continued to fall. An oversupply of ships, financial crisis in the European Union and contraction of shipping finance were contributing factors in this decline. date2013-06-04

Minister Greets Ugandan Energy Minister

Minister of Trade, Industry and Energy Yoon Sang-jick shakes hands with his Ugandan counterpart, Minister of Energy and Mineral Development Irene Muloni on May 27 in Gwacheon. The discussion focused on energy ties including oil, gas and mineral resources. date2013-06-04

Korea, Iraq Focus on Industry, Trade and Energy

Korea, Iraq Focus on Industry, Trade and Energy Minister of Trade, Industry and Energy Yoon Sang-jick shakes hands with his Iraqi counterpart Minister of Electricity, Karim Aftan Al Jumaili on May 23 in Gwacheon. The two officials exchanged views on bilateral ties in areas including industry, trade and energy. date2013-05-31

Korea, Europe Mark 4th “EUREKA Day”

The Ministry of Trade, Industry and Energy held the 4th Korea EUREKA Day event for three days in Istanbul, Turkey starting May 28. EUREKA is a pan-European network that promotes international, market-oriented research and innovation. In 2009, Korea became the first non-European nation to join the network as an Associate Country. Korea holds the EUREKA day event every year to widen the scope of technological ties with EUREKA members. On the first day, participants learned about Korea’s in date2013-05-31

Minister Celebrates 60th Anniversary of AMCHAM

date2013-05-24