Ministry of Trade, Industry and Energy

MOTIE Launches Battery Lease Service For Electric Cars in Jeju Island

      The Ministry of Trade, Industry and Energy (MOTIE) launched a battery lease service in Jeju Island this week as part of its efforts to develop energy-related new industries.   The new service would help the island's bus, taxi and rental car companies purchase electric vehicles more cheaply without batteries, which they can lease in payments over time with the money earned from saved fuel costs.   The ministry expects the battery lease service to bring about 119 electric buses and 1,000 electric taxi and rental cars over the next three years to South Korea's southernmost resort island. date2015-05-28

South Korea and Uzbekistan Seek Business Cooperation

  MOTIE Minister Yoon Sang-jick attended a business forum to strengthen cooperation between South Korea and Uzbekistan in Seoul yesterday, ahead of Uzbek President Islam Karimov's state visit to Seoul on May 28.   About 200 quests from both countries attended the forum, including Uzbek Deputy Prime Minister Rustam Azimov and Minister of Foreign Economic Affairs, Investments and Trade Elyor Majidovich Ganiyev. date2015-05-27

EV battery pack rental service to become available in Jeju Island

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 27 that it held the inauguration and agreement signing ceremonies for the EV battery pack rental business on the same day at the Jeju Science Park Auditorium.     Through this project, a total of 119 electric buses and over 1,000 electric taxis and rental EV's will be supplied to Jeju Island over the next three years.     This year's goal is to operate 49 electric buses, 290 taxis and 227 rental EV's. The service company selected for this project is Begins Jeju, which will build charging stations and integrated control center by September this year before launching the services.     If this project becomes a success, MOTIE will expand the service area to include other provinces by re-investing the profit from this project.     Meanwhile, other cities are also working to launch similar services: Pohang, Gyeongsangbuk-do is looking for companies that are interested in the battery pack lease services for electric buses, while Seoul Metropolitan Government is trying to expand EV business by having mobile charger providers participate in mobile charging services.     * Short version date2015-05-27

South Korea and Japan's Trade Ministers Discuss Bilateral Cooperation

South Korea and Japan's Trade Ministers Discuss Bilateral Cooperation   MOTIE Minister Yoon Sang-jick held a meeting with Yoichi Miyazawa, Japan's Minister of Economy, Trade and Industry, in the Philippines over the weekend to discuss bilateral economic cooperation and issues related to South Korea and Japan.   The one-on-one meeting took place on the sidelines of the 21st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Boracay on May 23 and 24 date2015-05-26

International standards to be applied on domestic nanodevices

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Agency for Technology and Standards announced on May 26 that they plan to support the commercialization of a nanodevice developed by the Korean medium-sized business HCT by applying international standards on it.     The core technology of the nanoparticle generator is to assess the toxicity of the nanoparticles absorbed and evenly distribute the nanoparticles.     The toxicity index evaluation equipment is used to test the "inhalation toxicity" that affects the respiratory system when nanoparticles are inhaled through the nose.     There are already international standards for the nanoparticle generation and monitoring methods.     HTC is currently performing well both in the domestic and overseas markets through a series of international standardization activities, as it expects to achieve 17 billion won ($15 million)  in domestic sales and 3 billion won in exports.     Devices that are developed in Korea but conform to international standards can help boost the domestic market by replacing imported devices that are 2.5 to 3 times more expensive than the domestic counterpart. Furthermore, Korean companies can export more once made-in-Korea products gain global recognition.     The Korean Agency for Technology and Standards plans to support the international standardization of technologies developed by Korean SME's such as HTC.     * Short version date2015-05-26

MOTIE Minister Yoon and China's Sichuan Governor Hong Discuss South Korea-China Cooperation

    MOTIE Minister Yoon Sang-jick met with Wei Hong, governor of Sichuan Province, in Chengdu city, China, yesterday to discuss bilateral economic cooperation between South Korea and the Chinese region.   During the one-to-one meeting, the two exchange views on various topics, including industrial policy cooperation, China's `One Belt, One Road' initiative and the Asian Infrastructure Investment Bank (AIIB). date2015-05-22

MOTIE Hosts China Week 2015 to Attract Chinese Investors

      The Ministry of Trade, Industry and Energy (MOTIE) hosted China Week 2015 in Seoul yesterday, an investor relations seminar to explain South Korea's foreign investment policy to Chinese investors.   The MOTIE's 1st Vice Minister Lee Kwan-sup delivered a congratulatory speech at this year's annual event, which about 100 officials from 61 Chinese companies such as Bunma Group, CNPV and Huawei Technologies Co attended.   Prior to the speech, VM Lee also held a roundtable meeting with representatives from about 20 investment-related companies and institutions in China, including the China Council for the Promotion of International Trade, the China State Construction Engineering Corporation, and the Bank of China.   date2015-05-22

MOTIE Minister Yoon and Australia's NSW Premier Baird Meet in Seoul

    MOTIE Minister Yoon Sang-jick received a visit by Australia's New South Wales Premier Mike Baird yesterday at his satellite office in Seoul to discuss ways to promote trade and investment cooperation between South Korea and the southeastern Australian state.   They also exchanged views on the implementation of the free trade agreement (FTA) between South Korea and Australia, which went into effect on December 12 last year, and energy cooperation between the two countries.   date2015-05-21

MOTIE Hosts Korea Eureka Day 2015

    The Ministry of Trade, Industry and Energy (MOTIE) is hosting the Korea Eureka Day 2015 ( from May 20 to May 22 in Seoul with the Swiss EUREKA Chairmanship.   The 6th annual event, organised by the Korea Institute for Advancement of Technology (KIAT), attracted about 200 technology professionals from 22 member nations of EUREKA and 400 from local institutions.   Founded in 1985, EUREKA is an intergovernmental organisation for market-driven industrial research and development (R&D), which integrates over 40 European economies across Europe, but also includes Israel, South Korea, and Canada.   To find more about EUREKA, please visit its website at date2015-05-21

South Korea and India Strike Deal on Joint Production of Audiovisual Content

      MOTIE Minister Yoon Sang-jick and Anil Wadhwa, Secretary (East) of India's Ministry of External Affairs, signed an agreement earlier this week in Seoul on the joint production of audiovisual content between South Korea and India.   The agreement will make it easier for jointly-produced audiovisual content to receive equal treatment and benefits as content produced locally in each country.   The signing took place on the occasion of Indian Prime Minister Narendra Modi's state visit to South Korea from May 18 to May 19 as part of his three-nation tour, which included China and Mongolia.   The deal would help South Korea tap into India's fast-growing video content market, which has the world's sixth largest movie market known as Bollywood and 10th largest television broadcasting market.   Minister Yoon also signed a memorandum of understanding (MoU) with Indian Ambassador to Korea Vikram Doraiswami on promoting bilateral cooperation in the areas of electricity and renewable energy.   date2015-05-20