Ministry of Trade, Industry and Energy

Forum Nurtures Closer Economic Ties With China

Minister of Knowledge Economy Sukwoo HONG addresses Chinese experts in Seoul on April 17 at a forum to discuss the future direction of industrial cooperation between Korea and China and celebrate the 20th anniversary of diplomatic ties. The forum drew approximately 550 business leaders and economists, as well as Chinese Ambassador Zhang Xinsen and Chairman Zeng Peiyan of the China Center for International Economic Exchanges (CCIEE). date2012-04-26

New Law Brings Foreign Hospitals a Step Closer

Minister of Knowledge Economy Sukwoo HONG announced last week that the Cabinet had approved the revised enforcement decree of the Special Act on Designation and Management of Free Economic Zones (FEZs). The President proclaimed the revised decree on April 20 and it takes effect June 1. The change will improve Korea’s investment environment by making it easier for foreign medical institutions to enter the Korean market. Since the passage of the Special Act in 2002, the government has been working to bring foreign medical institutions to Korea. Until now, however, gaps in the legislation were obstacles to foreign investment in this important business area and proposed regulatory changes were still on hold in the National Assembly. The ordinance sets forth specific preconditions for the establishment of a foreign medical institution in one of Korea’s six Free Economic Zones (FEZs), as well as the approval procedure. Under the new ordinance, a foreign medical institution in an FEZ must operate in collaboration with a foreign entity and at least 10 percent of doctors and dentists practicing in each institution must hold foreign licenses. A related ordinance will be drafted by the Ministry of Health and Welfare this month and take effect in June. Shortly after the ordinances take effect, the first 600-bed foreign hospital is set to open in the Incheon FEZ. It is expected to attract at least 60,000 foreign patients every year from Korea and abroad. Regarding concerns over the possible impact of foreign hospitals on the domestic healthcare industry, Minister HONG said the government would consider restricting the number of beds in the new foreign institutions. * Released by the Planning Office of the Free Economic Zones date2012-04-26

Retail Sales Figures for March

date2012-04-20

Korea Takes Action to Stabilize Domestic Oil Market

Korea announced plans yesterday to increase competition in the domestic oil market and stabilize energy prices. Four major refiners currently dominate the domestic oil market, but a fifth petroleum supplier—Samsung Total Petrochemicals—is set to gain a presence as a new supplier for Korea’s thrift gas stations. Beginning in June, Samsung Total Petrochemicals will have the opportunity to supply gasoline to Korea’s thrift gas stations; the government will also increase the number of thrift gas stations by introducing tax incentives. Korea’s gas stations are currently under pressure to purchase petroleum products from a single refiner; however, the plan will make it easier for them to do business with different suppliers. Sellers of petroleum products will also enjoy tax benefits if they participate in the new electronic spot oil trading system that the government launched in March. To invigorate trade through the system, no tariffs will be imposed on oil products imported via the system. In addition, a support center will provide one-stop administrative services including detailed information on petroleum product prices and the progress of the new measures. The government pledges to monitor oil prices closely, and to take action to alleviate the burden that high fuel costs impose on consumers. * Released by the Petroleum Division date2012-04-20

Parts and Materials Industry Trade Figures for the First Quarter

date2012-04-19

Vice Minister Greets Kuwaiti Ambassador

Vice Minister for Trade and Energy Cho Seok meets with Kuwaiti Ambassador to Korea Muteb Al-Mutoteh on April 3 in the Gwacheon Government Complex. The two officials exchanged views on bilateral economic ties. date2012-04-17

Minister, Middle Eastern Ambassadors Promote Cooperation at Seoul Forum

Minister of Knowledge Economy Sukwoo HONG stands with the ambassadors of 10 Middle Eastern countries and some Korean business leaders on March 29 in Seoul. The group gathered at the Lotte Hotel for the Korea-Middle East Economic Cooperation Forum. date2012-04-13

MKE Releases Car Sales Figures for March

MKE Releases Car Sales Figures for March The Ministry of Knowledge Economy has released its car sales figures for March. Korea’s automobile production rose 6.3 percent year on year to 420,759 vehicles on the back of strong export growth. Rising demand for fuel-efficient vehicles, greater brand awareness and the Korea-EU FTA drove exports up 18.1 percent to 305,527 vehicles—a record high. Although the Korea-U.S. FTA took effect, high oil prices and weak consumer confidence pushed sa date2012-04-13

Foreign Investment Figures for First Quarter

date2012-04-12

IT Trade Figures for March

date2012-04-10