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Korea to invest 464.5 billion won into system semiconductor segment
The Ministry of Trade, Industry and Energy announced on March 30 that the Korean government and industry will invest a combined 464.5 billion won into the system semiconductor segment by 2023. System semiconductors will be the key enablers of innovations of the upcoming Fourth Industrial Revolution. A total of 264.5 billion won will be spent to research and develop low-power, ultra-light and high-speed semiconductor technologies as well as next-generation semiconductor materials a date2017-03-30
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Gov’t to expand discount on electricity bills linked to renewable energy consumption
The Ministry of Trade, Industry and Energy announced on March 29 that discounts on electricity bills for renewable energy user-producers will be expanded. The new amount of the discounts will equate to the value of up to 75 percent of renewable electricity generated and consumed. Under the current special rules to promote renewable energy, its user-producers are eligible for a 10-percent or higher discount on their electricity bills under the condition that the amount of green electrici date2017-03-29
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Ministry, experts meet to review preparation for ASEM Economic Ministers’ Meeting
The Ministry of Trade, Industry and Energy announced on March 28 that the Ministry held the second meeting of the expert advisory panel set up to prepare for the successful hosting of the seventh ASEM (Asia-Europe Meeting) Economic Ministers’ Meeting taking place in Seoul on September 21 and 22. The meeting of the advisory panel in central Seoul was presided by Trade, Industry and Energy Minister Joo Hyunghwan and attended by other senior ministry officials as well as 10 experts f date2017-03-28
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Ministry discusses expansion of Korea-US economic cooperation with private sector
The Ministry of Trade, Industry and Energy announced on March 24 that the Ministry held the third meeting of the public-private committee on Korea-U.S. trade in Seoul to discuss latest developments in the trade between the two countries and come up with responses. The meeting was chaired by Trade, Industry and Energy Minister Joo Hyunghwan and was attended by about 40 representatives from export-supporting agencies, industries bodies and think tanks, including the Korea Internatio date2017-03-24
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Korea, Israel hold 3rd round of FTA negotiations in Seoul
The Ministry of Trade, Industry and Energy announced on March 20 that the third round of negotiations for the Korea-Israel Free Trade Agreement kicked off in Seoul. The negotiations for the proposed FTA, which will last until March 24, are led by Trade, Industry and Energy Director General for Trade Policy Yeo Han-koo and Foreign Trade Administration Director Rachel Hirshler of Israel’s Ministry of Economy and Industry. The Korean delegation is joined by officials from other relev date2017-03-20
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Korea’s ICT exports sets new record in February
The Ministry of Trade, Industry and Energy announced on March 15 that exports of information and communication technology (ICT) goods surged 22.8 percent to USD 14.1 billion in February from a year earlier, setting a new record for the month of February. Exports of ICT goods grew year-on-year for the fourth consecutive month – and at double-digit rates for the third straight month – on large increases in outbound shipments of semiconductors, displays, and computers and date2017-03-15
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Auto production, sales improve in February
The Ministry of Trade, Industry and Energy announced on March 15 that production, domestic sales and exports of automobiles all improved in February from a year earlier, signaling a recovery in the auto sector. Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, SsangYong Motor and Renault Samsung Motors – produced a total of 336,032 vehicles in February, up 9.8 percent from a year earlier on more working days in the month and higher sales at home and abroad.  date2017-03-15
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Korea, 5 Central American nations initial FTA
The Ministry of Trade, Industry and Energy announced on March 13 that Korea and five Central American nations initialed the Korea-Central America Free Trade Agreement, a comprehensive trade pact that will eliminate tariffs and other barriers and consolidate bilateral and multilateral economic cooperation. On March 10, in San José, Costa Rica, Trade, Industry and Energy Director for FTA Negotiation Coordination Kwon Hyouk-woo and his counterparts from five Central American c date2017-03-13