Ministry of Trade, Industry and Energy

Vice Minister Visits Iraq

Vice Minister Visits Iraq Vice Minister for Trade and Energy Cho Seok meets with his Iraqi counterpart, Deputy Prime Minister for Energy Hussain Al-Shahristani, on March 16 in Baghdad to discuss energy cooperation. date2012-03-21

Retail Sales Figures for February

date2012-03-21

MKE Releases Car Sales Figures for February

MKE Releases Car Sales Figures for February The Ministry of Knowledge Economy has released its car sales figures for February. Korea’s car production jumped 41.8 percent year on year to 421,789 vehicles thanks to strong exports and more working days. Despite weak consumer confidence and rising fuel prices, domestic sales gained 5.5 percent to 113,565 vehicles. Strong sales of Japanese brands led imported car sales to rise 35.8 percent to 9,196 vehicles. Exports surged 51.2 percent to 299, date2012-03-15

Vice Minister Meets With Qatari Energy Minister

date2012-03-15

IT Trade Figures for February

date2012-03-08

Minister Speaks with Japanese Business Leaders in Korea

Minister of Knowledge Economy Sukwoo HONG speaks at the annual luncheon meeting of the Seoul Japan Club, an association of Japanese businesspeople based in Korea, on February 23 in Seoul. Addressing 24 business leaders, the Minister expressed his intention of continuing his efforts to improve the foreign investment environment in Korea. date2012-03-06

Minister Pursues Closer Ties With Southeast Asian Partners

During the visit, Minister HONG and his Indonesian counterpart, Coordinating Minister for Economic Affairs Hatta Rajasa, presided over the first meeting of the Korea-Indonesia Economic Cooperation Committee. Previously, Korea had agreed to be Indonesia’s major partner in the implementation of the Master Plan for the Acceleration and Expansion of Indonesia’s Economic Development Through 2025 (MP3EI). The Joint Committee was established to facilitate that partnership, which will involve cooperation on large-scale projects concerning steel, energy, infrastructure, agriculture and the environment. At the meeting, both countries agreed to set up a consultative body to discuss financing for the projects. They also launched a Joint Secretariat—which consists of government officials from each country responsible for the different cooperation sectors—to more effectively coordinate the implementation of Indonesia’s Master Plan. Prior to the visit to Indonesia, the Minister went to Malaysia for a two-day visit to enhance bilateral cooperation on energy and trade. Minister HONG and his Malaysian counterpart, Minister of Energy, Green Technology and Water Dato Sri Peter Chin Fah Kui, discussed green technology, oil and LNG. During a separate meeting with Minister of International Trade and Industry Dato Sri Mustapa bin Mohamed, Minister HONG agreed to establish a long-term cooperation plan to reinforce trade and investment ties between the two countries. * Released by the Southeast Asia and Oceania Division; the Components and Materials Division; the Mineral Resources Development Team; and the Nuclear Power Plant Cooperation Division date2012-03-06

Trade Figures for February

date2012-03-05

Korea, Australia Hold Talks on Energy Cooperation

Korea and Australia shared information on energy policy and strengthened bilateral ties on energy and mineral resources last week. Oil, LNG and uranium were among the major discussion topics at the 26th annual meeting of the Joint Committee on Energy and Mineral Resources Consultations and Cooperation on February 22 in Seoul. Ms. Tania Constable, the head of the Resources Division within Australia’s Department of Resources, Energy and Tourism, led a 33-member Australian delegation that represented 19 institutions. Korea expressed its intention to import more Australian LNG and step up its efforts to help Australia develop its offshore oil fields. To promote the development of the clean and renewable energy sectors, the two countries also pledged to carry out joint research and personnel exchanges. As a country with abundant natural resources and a stable investment environment, Australia is one of Korea’s most important investment partners. Australia supplied 41.7 percent of the mineral resources Korea imported in 2010. As of June 2011 Korea had invested $2.84 billion in mineral resources in Australia, and Australia accounted for 30.4 percent of Korea’s investments in overseas mineral resources. * Released by the Southeast Asia and Oceania Division date2012-02-27

Korea, Sri Lanka Enhance Energy Ties

Korea, Sri Lanka Enhance Energy Ties Vice Minister for Trade and Energy Cho Seok greets Sri Lankan Minister of Power and Energy Patali Champika Ranawaka on February 14 at the Lotte Hotel in Seoul. The two officials discussed the bilateral energy partnership. date2012-02-23