Ministry of Trade, Industry and Energy

Minister Visits Traditional Market

Minister of Knowledge Economy Choi Joong-Kyung talks with an eatery owner on July 14 at a traditional market in Anyang, south of Seoul. Minister Choi promised to lead a nationwide effort to boost domestic demand. date2011-07-21

Bright Future Ahead for Korea’s Robot Industry

Minister of Knowledge Economy Choi Joong-Kyung (right, front row) poses with a group of students on July 19 at Seoul Robot High School. Minister Choi spoke with teachers and students and observed the students’ robots. date2011-07-21

Parts and Materials Industry Trade Figures for First Half of 2011

    date2011-07-21

Foreign Investment Figures for First Half of 2011

Foreign direct investment (FDI) in the manufacturing sector grew 11.8 percent to $2.23 billion, while FDI in the service sector fell 16.8 percent to $2.65 billion. Notably, investments in nonmetallic minerals and culture and entertainment shot up 10,500 percent and 6,766.7 percent, respectively. date2011-07-19

Retail Sales Figures for June

Sales at the major discount chains rose 2.7 percent year on year—there was a slight increase in spending on food, which accounted for 52.3 percent of all sales. Sunny weather during the first part of the month brought more outdoor activities, pushing up sales of food and sporting items. Spending on household appliances and cultural goods, however, showed a decline—particularly televisions, which had displayed brisk growth last year on the back of the 2010 World Cup. date2011-07-14

IT Trade Figures for June

date2011-07-13

Korea and Gabon Take First Step Toward Energy Partnership

Officials from Gabon visited Seoul last week to discuss energy partnerships with their Korean counterparts. The first meeting of the Korea-Gabon Joint Committee on Energy and Mineral Resources Cooperation was a successful first step toward collaboration on oil and mineral development projects and the establishment of energy infrastructure in Gabon. Gabon plans to found a state-owned oil company, and Korea can provide useful information for this endeavor. Training programs and joint technology development were among the topics raised at the meeting. Furthermore, Korean companies have expressed a keen interest in joint projects involving mineral resources and rare metals and the establishment of a new refinery in Gabon. The Korean delegates requested support for Korean businesses in Gabon so that the two countries can make the most of these opportunities. Both sides expressed the desire to widen the scope of bilateral cooperation to include green growth and free economic zones. Ahead of the meeting, Minister of Knowledge Economy Choi Joong-Kyung met with Minister of Mining, Oil and Hydrocarbons Alexandre Barro Chambrier. * Released by the Emerging Economies Cooperation Division date2011-07-08

Korea, Africa Cultivate Friendship

Vice Minister for Trade and Energy Kim Junggwan (fifth from left) stands with African partners at the third Korea-Africa Round Table Meeting on June 29 in Seoul. Ambassadors from 16 African countries and representatives from Korean companies with operations in Africaworkedcloselytoshareinformation. date2011-07-07

Minister Meets With Gabonese Counterpart

Minister of Knowledge Economy Choi Joong-Kyung shakes hands with Gabonese Minister of Mining, Oil and Hydrocarbons Alexandre Barro Chambrier on June 30 in Seoul.Thetwoministersdiscussedeconomicpartnerships. date2011-07-07

Energy Forum Reinforces Ties Between Korea, Indonesia

Vice Minister for Industrial Affairs and Global Industrial Cooperation Moon Jae-do traveled to Jakarta last week for the fourth Korea-Indonesia Energy Forum. The forum was an occasion to advance energy partnerships and explore new opportunities for cooperation. Vice Minister Moon pointed to energy and resources as a key sector in which stronger partnerships will significantly rev up the Indonesian economy. “Korea and Indonesia already have a very successful mineral resources and oil field partnership,” the Vice Minister said in his congratulatory speech. “Now it is time to build on what we have achieved, intensify ongoing cooperation, and strengthen our cooperative ties with future projects in mind.” Possible areas of cooperation include overseas oil and gas projects, the establishment of natural gas distribution networks, and the development of mines in Indonesia. Korea also wants to work with Indonesia to make its mining sector more eco-friendly and to increase the use of renewables, especially photovoltaic energy. Indonesia is one of Korea’s foremost energy partners, with ties that date back to 1979. After holding 22 consultations over nearly 30 years, in 2007 the two countries decided to establish an annual Energy Forum and engage in broader discussions. * Released by the Southeast Asia and Oceania Division date2011-07-07