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FDI in Korea contracts 4.4% to $5 billion in 1st half
The Ministry of Trade, Industry and Energy announced on July 4 that USD 5 billion of foreign direct investment (FDI) arrived in Korea in the first half of this year, 4.4 percent down from a year earlier. New FDI commitments to Korea also contracted 9.1 percent year-on-year to USD 9.6 billion amid growing uncertainties in the global economy such as two interest rate hikes by the U.S. Federal Reserve, negotiations on Britain’s exit from the European Union, and the rising prot date2017-07-04
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Korea’s exports hit second highest on record in June, up 13.7% to $51.4 billion
The Ministry of Trade, Industry and Energy announced on July 1 that Korea’s exports surged 13.7 percent to USD 51.4 billion, the second highest on record, in June as outbound shipments of semiconductors and ships reached a record high. The total exports grew at a double-digit rate for the sixth consecutive month for the first time in 69 months since September 2011. The average daily exports jumped 13.7 percent to $2.2 billion, marking the seventh straight month of increase, date2017-07-01
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Retail sales up 6.3% on double-digit growth of e-commerce in May
The Ministry of Trade, Industry and Energy announced on June 29 that retail sales advanced 6.3 percent to 10.29 trillion won in May on a double-digit growth of e-commerce revenues. Web-based sales, which accounts for about a third of the total retail sales, jumped 15.2 percent in May from a year earlier, while in-store sales advanced 2.5 percent. The double-digit growth in online sales was led by an increased seasonal demand for home appliances and clothing. More pu date2017-06-29
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Korea, Canada launch 1st joint industrial technology R&D program
The Ministry of Trade, Industry and Energy announced on June 26 that Korea and Canada launched their first-ever joint research and development program for industrial technologies. The Korea-Canada joint R&D program supports domestic companies to cooperate with Canadian counterparts in the development of industrial technologies, in order to help them enter overseas markets and acquire advanced technologies. The program will support projects in five fields of comm date2017-06-26
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Korea developed world’s first 77-inch flexible, transparent OLED display
The Ministry of Trade, Industry and Energy announced on June 22 that Korea has developed the world’s first 77-inch flexible and transparent organic light-emitting diode (OLED) display in a government-funded project. The Ministry, LG Display, and the Korea Evaluation Institute of Industrial Technology (KEIT) held on June 22 in Seoul a presentation for the outcome of the public-private project to develop a 60-inch or larger ultra high definition (UHD) flexible, transparent dis date2017-06-22
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Kori Unit 1, Korea’s first nuclear reactor, ceases after 40 years of operation
The Ministry of Trade, Industry and Energy announced on June 19 that Kori Unit 1, Korea’s first nuclear reactor, ceased operations on the midnight of June 18 after 40 years of operations. The Ministry and Korea Hydro and Nuclear Power (KHNP) hosted a ceremony on June 19 at the Kori Nuclear Power Plant in Gijang-gun, Busan to declare the retirement of the reactor. The event was attended by President Moon Jae-in, government and KHNP officials, residents of the hosting region, and ci date2017-06-19
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ICT exports jump 17.4 percent to new record for May
The Ministry of Trade, Industry and Energy announced on June 14 that exports of information and communication technology (ICT) goods surged 17.4 percent year-on-year to USD 15.4 billion in May, a new record for the month. Exports in the ICT sector, which broke the previous record of $15.3 billion, set in May 2013, advanced for seven consecutive months and at double-digit rates for six straight months as outbound shipments of semiconductors rose sharply. Imports of ICT goods grew 13.4 percent t date2017-06-14
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Strong sales of eco-friendly cars boost auto exports in May
The Ministry of Trade, Industry and Energy announced on June 13 that exports of automobiles rose by 3.6 percent to $3.5 billion in May on strong sales of eco-friendly vehicles, marking the fourth consecutive month of growth. The number of vehicles shipped abroad increased 2.1 percent year-on-year to 221,237 in the meantime. The value of automobile exports grew at a faster pace on strong sales of eco-friendly cars and small-size sports utility vehicles. An average price of date2017-06-13