Ministry of Trade, Industry and Energy

Government agencies assign foreign investment staff as a communication channel between them and foreign investors

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 17 that a total of 21 government agencies including the MOTIE, Ministry of Strategy and Finance, Ministry of Environment, Ministry of Employment and Labor, Ministry of Land and Infrastructure and Transport have assigned foreign investment staff at the office to serve as a communication channel between foreign investors and the agency and also respond to foreign investors' complaints.     Their primary task is to listen to the opinions of foreign investors on new regulations when a law is revised or a new law is enacted, and also solve their problems with relevant government agencies.     The staff put in charge of foreign investor services at the 21 agencies were present at the "Foreign Investment Advisory Group Meeting of the First Half of 2015" at the Grand Hyatt Hotel Seoul on June 17. Also present at the meeting were CEO's of major foreign-invested companies and chairmen of foreign chambers of commerce in Korea.     At the meeting, the CEO's of foreign-invested companies said, "It has been difficult communicating with the relevant agencies directly. The appointment of foreign investor services staff at each of the agencies will make it much easier for us to communicate with the agencies."     They have made 17 proposals, and MOTIE agreed to cooperate with relevant agencies on all the proposals except the ones that have been accepted or implemented already.   The Korean government agreed to provide potential foreign investors with accurate information on any measures taken against MERS.     * Short version date2015-06-17

MOTIE Seeks Manufacturing Innovation with U.S.

      The MOTIE's 1st Vice Minister Lee Kwan-sup delivered a congratulatory speech at the Republic of Korea-U.S. Advanced Manufacturing Innovation Forum held in Virginia yesterday.   During the forum, VM Lee stressed the need to promote industrial cooperation in manufacturing innovation between Korea and its second-largest trading partner.   About 150 officials and experts gathered to exchange ideas and share cases of manufacturing innovation, including Deputy Secretary of Commerce Bruce Andrews and U.S. Senator Mark R. Warner (D-VA). date2015-06-16

South Korea to Develop Electric Mini Cars by 2017

      South Korea plans to develop and commercialize electric mini vehicles by 2017 in a bid to keep up with the global race toward the micro-mobility industry for the future, the Ministry of Trade, Industry and Energy (MOTIE) said today.   The country's central and regional governments are spending a total of 40 billion won (US $36 million) over the three years starting from 2014 to develop these eco-friendly cars on four and three wheels, which can be customized for people in need like the elderly and handicapped.   The MOTIE is working as a team with government, academic and industry experts to study the most effect ways to improve the relevant laws and systems for the development and commercialization of electric mini vehicles as well as their industrial ecosystem. date2015-06-15

South Korea Prepares 4 Scenarios for Greenhouse Gas Reduction by 2030

        South Korea, one of the world's top 10 carbon producers, has prepared four scenarios to set a target for reducing greenhouse gas emissions from 2020 to 2030, the Ministry of Trade, Industry and Energy (MOTIE) said yesterday.   As part of global efforts to reduce carbon emissions, the scenarios aim to cut emissions from 14.7 percent up to 31.3 percent relative to the country's business-as-usual (BAU) levels, the ministry said in a joint statement with other relevant ministries.   The Korean government plans to submit the finalized option to the United Nations (UN) by the end of this month, which is expected to produce a global framework for carbon emissions reduction at its year-end meeting 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 earlier this week.           date2015-06-12

South Korea Provides Global Connections to Companies and Clients for Overseas Plant Construction

      The MOTIE's 2nd Vice Minister Moon Jae-do delivered a welcoming speech at the Global Project Plaza 2015 in Seoul yesterday, which provided a venue for South Korea's plant construction companies to connect with overseas clients.   In his speech, VM Moon stressed the need to create more win-win opportunities between selling and buying countries in plant construction, adding that the Korean government will provide all necessary support for such opportunities.   About 55 global clients from 33 countries attended the event, including Morocco's Minister of Energy and Mines Abdelkader Amara, Croatia's Deputy Economy Minister Alen Leveric, and Egyptian National Railways Chairman Ahmed Hamed.   date2015-06-10

MOTIE VM Lee Congratulates Seoul International Forum on Trade Remedies 2015

      The MOTIE's 1st Vice Minister Lee Kwan-sup delivered a congratulatory speech at the Seoul International Forum on Trade Remedies 2015 in Seoul last week, which discussed the achievements and challenges of the World Trade Organization (WTO) on the occasion of the global body's 20th anniversary.   About 350 trade-related guests from 18 countries attended this year's annual forum, including Paul Piquado, assistant secretary for enforcement and compliance for the U.S International Trade Administration, Stephen Leach, chairman of the Canadian International Trade Tribunal, and Dale Seymour, commissioner of Australia's Anti-Dumping Commission.   date2015-06-09

South Korea’s Team KAIST Wins 2015 DARPA Robotics Challenge with $2 Million Prize

South Korea’s Team KAIST Wins 2015 DARPA Robotics Challenge with $2 Million Prize   A team of roboticists from the Korea Advanced Institute of Science and Technology (KAIST) won a $2 million prize challenge to develop a mobile robot capable of assisting humans in responding to natural and man-made disasters.   Team KAIST beat 24 other competing teams of university and corporate roboticists from around the world at the challenge, which was first proposed in 2012 by the Pentagon&rs date2015-06-09

MOTIE VM Moon Urges OECD Countries to Work Together for Policy Coordination

MOTIE VM Moon Urges OECD Countries to Work Together for Policy Coordination   The MOTIE's 2nd Vice Minister Moon Jae-do attended the Organization for Economic Cooperation and Development (OECD)'s Ministerial Council Meeting (MCM) in Paris last week, which discussed the many challenges facing the global economy.   During a session on trade, VM Moon urged OECD members to join hands in policy coordination to promote inter-country trade and exchanged views on facilitating cross-country inv date2015-06-08

South Korea Pushes for National Assembly's Approval of FTAs with China, Vietnam and New Zealand

      The South Korean government submitted three bills to the National Assembly today for approval on the recently signed bilateral free trade agreements (FTAs) with China, Vietnam and New Zealand.   The government will make its best efforts to put the FTAs with these countries into effect as soon as possible to realize their benefits, the MOTIE's Deputy Trade Minister Woo Taehee said in a press briefing today.   date2015-06-08

ROK and Senegal to Cooperate in Trade, Industry and Investment

      Republic of Korea President Park Geun-hye and Republic of Senegal President Macky Sall have agreed to strengthen bilateral cooperation in trade, industry and investment.   During the summit between their leaders in Seoul yesterday, the two countries signed memoranda of understanding to upgrade their economic relations.   MOTIE Minister Yoon Sang-jick attended the signing, which is expected to help Korean companies tap into Senegal's Plan Senegal Emergent (PSE) - or Emerging Senegal Plan - a blueprint for the African country's development. date2015-06-05