Ministry of Trade, Industry and Energy

Korea, Japan Vitalize Business Ties

Korea, Japan Vitalize Business Ties Minister of Knowledge Economy Choi Joong-Kyung speaks at the 43rd Korea-Japan Business Conference on September 28 in Seoul. In his speech, he commended business leaders in both countries and urged them to expand the scope of bilateral cooperation to advance together into third-country markets. date2011-09-30

Retail Sales Figures for August

Seasonal demand stimulated sales of sporting items, while sluggish air conditioner sales lowered sales of household appliances and cultural goods. Because the Chuseok holiday fell early this year, sales of food and household goods climbed. date2011-09-28

Korea Stepping Up Cooperation with China`s Guangdong Province

Korea and the Chinese province of Guangdong recently held the second Korea-Guangdong Economic and Trade Development Forum. With high-profile business leaders from both sides in attendance, the forum was a valuable opportunity to discuss bilateral collaboration in the energy and high-tech industrial sectors. Guangdong is leading the Chinese economy thanks to its active efforts to open its markets; for 22 years it has consistently recorded the highest GDP among China’s 22 provinces, four municipalities and five autonomous regions. With the sole exception of Gansu province, Guangdong also leads the rest of China in trade with Korea. date2011-09-27

MKE Releases Car Sales Figures for August

MKE Releases Car Sales Figures for August The Ministry of Knowledge Economy has released its car sales figures for August. Korea produced 320,438 vehicles, recording the highest-ever August performance at 13.6 percent. The introduction of new models into the domestic market, coupled with rising demand for imported vehicles, drove domestic sales up 3.7 percent year on year to 123,168. Sales of imported cars gained 4.1 percent to 9,116 vehicles, resulting in a record 7.4 percent market share. The date2011-09-23

IT Trade Figures for August

date2011-09-21

Korea and Colombia Team Up on Energy

Colombia is a promising partner for Korea, with great potential on the strength of its stable economy and its abundant natural resources. With the “Look Asia Project,” the country seeks to diversify its oil export market and acquire Korea’s world-renowned technology and expertise. On the occasion of the Summit, Minister of Knowledge Economy Choi Joong-Kyung also signed a memorandum of understanding with his Colombian counterpart, Minister of Mines and Energy Carlos Enrique Rodado, establishing a comprehensive partnership between the two countries in the power sector. The power sector is an area in which Korea has global competitiveness, and the partnership will help Colombia better utilize its ample water resources to enter a new era of advanced power systems. * Released by the Americas Division date2011-09-20

Korea Stepping Up Investment Cooperation with Hong Kong and Singapore

Korea Stepping Up Investment Cooperation with Hong Kong and Singapore Vice Minister for Trade and Energy Kim Junggwan travelled to Hong Kong and Singapore recently to promote investment partnerships. At forums in both countries, Vice Minister Kim encouraged investors to take an active role in forming partnerships and explained promising projects in diverse industries: finance, real estate, green business, and parts and materials. “Hong Kong and Singapore are among Korea’s key tradi date2011-09-14

Trade Figures for August

Exports to most of Korea’s major trading partners went up, but the United States, the Middle East and Latin America were exceptions. Outbound shipments of petroleum products to the European Union shot up 663.8 percent, while exports of automobiles to China jumped 98 percent. date2011-09-05

Korea, Uzbekistan Strengthen Industrial Partnership

Korea, Uzbekistan Strengthen Industrial Partnership During President Lee Myung-bak’s recent trip to Central Asia, Korea and Uzbekistan stepped up industrial and energy cooperation at the Korea-Uzbekistan Business Forum. The forum resulted in memorandums of understanding in seven areas—most notably textile manufacturing, rare metals, and a package-type project to develop Uzbekistan’s Surgil gas field and build gas and chemical plants. The national leaders of the two countries e date2011-09-01

Korea, Mongolia Pursuing Stronger Energy Ties

Korea, Mongolia Pursuing Stronger Energy Ties Korea and Mongolia have decided to broaden the scope of their energy ties with active government-level cooperation on power generation, renewable energy and climate change. Previously, energy cooperation between the two countries centered almost exclusively on mineral resources development. Minister of Knowledge Economy Choi Joong-Kyung and his Mongolian counterpart, Minister of Mineral Resources Zorigt Dashdorj signed a memorandum of understanding date2011-08-26