Ministry of Trade, Industry and Energy

Minister Plans Korea’s Role in Indonesia’s Economic Development

Minister of Knowledge Economy Choi Joong-Kyung traveled to Bali last week to discuss bilateral economic ties. Indonesia is moving forward with the “Master Plan on the Acceleration and Expansion of Indonesian Economic Development,” an initiative to advance its economy with Korea as a close partner. The visit was a follow-up to a meeting between the national leaders of both countries, which took place in December. Government officials and business leaders from the two countries gathered for the first meeting of a new joint working-level task force to discuss promising areas for cooperation and plan joint projects. The meeting focused on seven sectors that feature prominently in Indonesia’s Master Plan: trade and investment, industry, energy and resources, construction and infrastructure, agriculture and fisheries, defense, and finance. The two countries signed nine memorandums of understanding in such areas as hydroelectricity, photovoltaic energy, shipbuilding, textile machinery and industrial technology transfer. An intergovernmental MOU outlines how the two sides will work together to implement Indonesia’s Master Plan. Minister Choi said the MOUs were the first step toward the realization of the two national leaders’ forward-looking vision. Minister Choi proposed what he called a “two-track approach” to the Master Plan—one for policymakers and the other for businesses. “Koreans are known for a ‘cepat cepat’ culture—it’s in our blood to do things well and fast,” the Minister said. “We will take this ‘cepat cepat’ approach to make Indonesia the economic powerhouse in this region and beyond.” In the Indonesian language, the word “cepat” means “fast.” For details on the Minister’s two-track approach, please see the full text of the speech dated May 23. Minister Choi also had a separate meeting with Coordinating Minister for Economic Affairs Hatta Rajasa. On the following day, the Minister traveled to Jakarta to visit President Susilo Bambang Yudhoyono.   * Released by the Indonesia Division date2011-05-25

Minister Speaks with Indonesian Coordinating Minister for Economic Affairs

Minister of Knowledge Economy Choi Joong-Kyung meets with Indonesian Coordinating Minister for Economic Affairs Hatta Rajasa (second from right) on May 18 in Bali. The two officials discussed economic partnerships, with particular emphasis on the Master Plan on the Acceleration and Expansion of Indonesian Economic Development. date2011-05-24

Minister Visits Indonesian President

Minister of Knowledge Economy Choi Joong-Kyung speaks with Indonesian President Susilo Bambang Yudhoyono on May 19 in Jakarta. Minister Choi requested the Indonesian President’s continued interest in economic cooperation between the two countries. date2011-05-24

Retail Sales Figures for April

The Ministry of Knowledge Economy has released its retail sales figures for the month of April. Sales at the nation's three major discount chains and its three major department store chains posted positive growth. Sales at the major discount chains increased 4.6 percent-largely because of higher spending on food, which accounted for 54.6 percent of all sales. Warmer weather drove up sales of sporting items, while discounts stimulated spending on apparel.     With more Saturdays in April, sales at the nation's three major department store chains went up 15.1 percent. Notably, spending on luxury goods jumped43.2 percent. Sales of household goods displayed double-digit growth for the fifth consecutive month as a result of home appliance promotions. Due to the increase in outdoor activities such as hiking, sales of children's goods and sporting items climbed 19.9 percent.       *Released by the Distribution and Logistics Division   date2011-05-20

Minister Commemorates 100th Day in Office

Minister of Knowledge Economy Choi Joong-Kyung held a press conference on May 4 in the Gwacheon Government Complex to mark his 100th day in office. date2011-05-17

Minister Welcomes Vietnamese Deputy Minister

Minister Welcomes Vietnamese Deputy Minister Minister of Knowledge Economy Choi Joong-Kyung meets with Vietnamese Deputy Minister of Industry and Trade Ho Thi Kim Thoa on May 5 in Seoul. Their discussion focused on cooperation on energy, industrial technology, and the construction of nuclear power plants date2011-05-17

MKE Releases Car Sales Figures for April

MKE Releases Car Sales Figures for April The Ministry of Knowledge Economy has released its car sales figures for April. Despite higher oil prices, the country's car production and export figureshit record levels. Sales of both domestic and imported cars showed a year-on-year increase. Korea produced 395,383 vehicles, posting a 3.5 percent increase from the same period the previous year. Production has shown positive growth for seven monthsin a row. New cars and imported vehicles performed well date2011-05-17

Korea, Cameroon to Cooperate on Minerals

Minister of Knowledge Economy Choi Joong-Kyung (center) stands with Cameroon’s Minister of Industry, Mines and Technology Development Badel Ndanga Ndinga and Korea Resources Corporation President Kim Shin-Jong at a signing ceremony on April 29 in Seoul. The two Ministers discussed cooperation on energy and resources and a memorandum of understanding establishing a mineral resources partnership between Korea and Cameroon was signed. date2011-05-12

Vice Minister Visits Colombian Energy Minister

Vice Minister for Trade and Energy Park Young June poses with Colombian Minister of Mines and Energy Carlos Rodado Noriega on April 29 in Bogota following discussions on trade, investment and energy. date2011-05-12

Vice Minister Visits Colombia for Energy Meeting

Vice Minister for Trade and Energy Park Young June poses with Colombian Minister of Mines and Energy Carlos Rodado Noriega on April 29 in Bogota. Vice Minister Park was in the country for the second meeting of the Colombia-Korea Joint Committee for Energy and Resources Cooperation. date2011-05-12