Ministry of Trade, Industry and Energy

Retail Sales Figures for April

date2012-05-21

Korea, Peru Enhancing Cooperation on Industry, Energy and Trade

Minister of Knowledge Economy Sukwoo HONG and visiting Peruvian Minister of Foreign Commerce and Tourism José Luis Silva Martinot met last week to concretize the comprehensive strategic partnership the two countries announced on May 10 at the presidential Summit. The two Ministers signed a memorandum of understanding, under which Korea will support Peru in establishing a paperless trade system. They also affirmed their intention to utilize the Korea-Peru FTA (which took effect on August 1, 2011) to expand the scope of cooperation on trade and investment. Their discussion also touched on the purchase of Korean-made patrol cars for police departments in Peru; the upcoming construction of a hydroelectric power plant in Peru’s Molloco region, in which Korean companies have agreed to participate; and plans for an industrial cooperation committee to explore promising joint projects in both countries. The committee is set to launch in the second half of the year. * Released by the Americas Division date2012-05-17

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. Thanks to robust outbound shipments, Korea produced 396,184 vehicles, up 0.2 percent from a year earlier. Exports continued to rise 3.9 percent year on year to 276,639 vehicles, but growth slowed due to the lower number of working days in April this year. High fuel prices and economic uncertainties drove sales of domestic cars down 6.8 percent to 118,377 vehicles. The lower date2012-05-10

IT Trade Figures for April

Meanwhile, IT imports dropped 5.3 percent from a year earlier to $6.31 billion. While imports of system semiconductors and household devices rose, demand fell for mobile phones and computers and related devices. Imports from Japan and the United States saw an increase; however, inbound shipments from China and Taiwan continued to decline. * Released by the Electronics and IT Policy Division date2012-05-08

Vice Minister Meets With Australian Climate Minister

Vice Minister Meets With Australian Climate Minister Vice Minister for Industry and Technology Yoon Sang-Jick meets with Australian Minister for Climate Change and Energy Efficiency Greg Combet on April 27 in Seoul. The two officials discussed how to reduce greenhouse gas emissions and strengthen industrial cooperation. date2012-05-04

Minister Visits Yeosu Expo Site

Minister of Knowledge Economy Sukwoo HONG examines facilities in Yeosu on April 27 to prepare for the 2012 Yeosu Expo. At a luncheon with the organizers, the Minister shared his ideas on how best to promote this international event. date2012-05-04

Minister Greets Kazakhstani Ambassador

Minister Greets Kazakhstani Ambassador Minister of Knowledge Economy Sukwoo HONG speaks with Kazakhstani Ambassador Dulat Bakishev on May 3 in Gwacheon. The two officials exchanged views on trade, investment and industrial cooperation. date2012-05-04

Korea, Venezuela Step Up Energy Cooperation

date2012-05-02

Vice Minister Attends Clean Energy Ministerial, Steps Up Technology Cooperation With UK

Vice Minister for Trade and Energy Cho Seok traveled to London last week to participate in the third Clean Energy Ministerial, a high-level international forum where 23 nations share ideas to promote clean energy and energy efficiency. While he was there, the Vice Minister signed a memorandum of understanding that will enhance cooperation on energy technology with the United Kingdom. Under the intergovernmental MOU, the Korean Ministry of Knowledge Economy and the UK Department for Business, Innovation and Skills will collaborate in such areas as nuclear power and renewable energy. At the same time, the Korea Wind Energy Industry Association and Renewable UK, leading industry associations in their respective countries, affirmed their intention of nurturing partnerships in the area of wind power. At the forum, Vice Minister Cho shared Korea’s green growth strategy with the other participants: plans to increase the energy efficiency rate to 47 percent and raise the proportion of energy generated from renewable sources to 11 percent of the nation’s energy mix by 2030; initiatives such as the Greenhouse Gas and Energy Target Management System and the Renewable Portfolio Standard; and greater investment in the renewable energy sector. At a roundtable discussion for representatives of the private sector, the Vice Minister stressed the role of private investment in the development of renewable energy technology. * Released by the Energy and Resources Policy Division; the Foreign Investment Promotion Division; the Energy Technology Division; and the New and Renewable Energy Division date2012-05-02

Trade Figures for April

date2012-05-02