Ministry of Trade, Industry and Energy

Korea, New South Wales Focus on Energy

Vice Minister for Trade and Energy Cho Seok greets NSW Minister for Resources and Energy Chris Hartcher on November 30 at the Gwacheon Government Complex. The two officials discussed energy ties, with a particular emphasis on forging a closer investment partnership for resources development projects. date2012-12-11

MKE Releases Car Sales Figures for November

MKE Releases Car Sales Figures for November The Ministry of Knowledge Economy has released its car sales figures for November. Based on stronger domestic demand, the nation’s car production climbed 3.7 percent year on year to 444,049 vehicles, posting the highest performance for any month so far this year. Despite the impact of the broader slowdown in Europe, vehicle exports declined only slightly from a year earlier thanks to solid demand from the North American market and a steady recov date2012-12-11

Vice Minister Attends CEO Forum

Vice Minister Attends CEO Forum Vice Minister for Trade and Energy Cho Seok speaks at the CEO Forum for Foreign-invested Companies 2012 on November 29 in Seoul. Around 150 representatives from foreign companies in Korea participated in the event. date2012-12-07

IT Trade Figures for November

date2012-12-07

Korea Rolls Out Commercial Electric Vehicle-Sharing Program

Korea Rolls Out Commercial Electric Vehicle-Sharing Program The Ministry of Knowledge Economy has introduced a commercial EV-sharing program as part of efforts to build an electric vehicle platform for sustainable everyday use. Launched on December 3, the service offers registered members access to a fleet of 30 electric cars available at 18 charging stations in Seoul, which can be reserved by the hour or day via the Internet. It aims to expand access to green cars while helping shoulder the co date2012-12-06

Korea Committed to Broadening Partnerships with China`s Local Governments

Minister of Knowledge Economy Sukwoo HONG travelled to the Chinese provinces of Guangdong and Shaanxi last week to strengthen economic ties with the Chinese local governments. During the visit to Guandong, Minister Hong met with the Secretary of the Guangdong Provincial Committee, Wang Yang, and reaffirmed the importance of stronger partnerships in overcoming global economic uncertainties. In order to develop a platform for sustainable growth, the two officials pledged to further advance the dialogue and agreed to widen the scope of cooperation, including in the high-tech industrial sectors. Meanwhile, the third Korea-Guangdong Economic and Trade Development Forum produced seven memorandums of understanding to enhance bilateral ties in areas such as energy conservation, the environmental industry and investment promotion. On the sidelines of the event, MKE also arranged a business forum for the first time in Guangdong to showcase Korea’s cutting-edge technologies and promising business opportunities in Korea. After the two-day visit to Guangdong, Minister Hong made his first trip to Shaanxi and met with the Governor, Zhao Zhengyong. A groundbreaking MOU signed by the two officials will establish a ministerial-level cooperation channel and develop joint partnerships in new growth industries. Under the terms of the MOU, both sides will take on various projects in the infrastructure and industrial development sectors. The deal also includes plans for working-level discussions on joint endeavors and potential cooperation opportunities in both Shaanxi and Korea. With high-profile business leaders from both sides in attendance, the Korea-Shaanxi Economic Forum was set up to serve as an important opportunity to share information on development plans and collaboration ideas. * Released by the Northeast Asia Division date2012-12-05

Trade Figures for November

While inbound shipments of capital goods rose 3.6 percent, imports of consumer goods shrank 7.1 percent. Imports from Japan and China showed negative growth. date2012-12-03

Minister Greets Head of IEA

Minister of Knowledge Economy Sukwoo HONG shakes hands with the Executive Director of the International Energy Agency, Maria van der Hoeven on November 23 in Seoul. date2012-11-29

MKE Announces Energy Conservation Measures for Winter

The Ministry of Knowledge Economy has announced plans to cope with possible power shortages this winter as the nation’s power reserves are expected to fall below the safe level of 4 million kilowatts. The new measures require government offices and commercial buildings with high electricity demand to keep indoor temperatures at or below 18 and 20 degrees Celsius, respectively. The plan also limits retailers to one neon sign each and requires them to keep doors shut when heating systems are in use. On the supply side, the nation will make efforts to maximize power generation by fully mobilizing publicly- and privately-owned generators. For the first two months of 2013, businesses whose contract demand is greater than 3,000 kilowatts will be required to reduce consumption by up to 10 percent. From the beginning of the year, MKE also plans to introduce a critical-peak pricing program, which offers discounts on off-peak days while imposing surcharges for peak days and times to encourage energy saving. The ministry will update the public on the status of power reserves via public broadcasting networks and text messaging. The second nationwide blackout drill is scheduled in January to improve the readiness of industrial complexes for possible rolling power outages. * Released by the Electric Power Division and the Energy Efficiency Policy Division date2012-11-27

Retail Sales Figures for October

The Ministry of Knowledge Economy has released its retail sales figures for the month of October. Weaker consumer sentiment due to prolonged global economic uncertainties and the higher cost of fresh produce pushed sales at the nation’s three major discount chains down 6.6 percent year on year. Spending declined in most categories, including apparel, household goods and food. date2012-11-26