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Automobile Industry Trends for January 2015
□ The volume of South Korean automobile production and domestic sales grew by 2.1 percent and 8.5 percent, respectively, while exports decreased by 2.8%. This was attributed to a surge in consignment production at Renault Samsung, strong sales of multi-purpose vehicles such as SUVs and minivans, and Yen depreciation along with slump in Eastern Europe market. □ : Production increased by 2.1 percent from a year earlier to 376,017 units, despite a decrease in exports from Hyundai, GM Korea, and Ssangyong. This rise was mainly attributable to the consignment production of Nissan Rogue at Renault Samsung. □ : Domestic sales went up by 8.5 percent from a year earlier to 132,337 units. This was attributable to the continuing popularity of multi-purpose vehicles and new models, such as the Sorento, Carnival, Tivoli, and SM5 Nova. - Sales of imported cars increased by 43.5 percent from a year earlier to 21,576 units. □ : Exports decreased by 2.8 percent from a year earlier to 249,675 units. This was mainly attributable to continuing Yen depreciation and slump in Eastern Europe market, including Russia. □ Exports of auto parts fell by 7.3 percent from a year earlier to USD 2.07 billion. This was largely attributed to economic recession in exporting countries and decreased delivery amount and KD exports. date2015-02-28
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More industrial complexes to be available for young job seekers
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 27 that MOTIE, Ministry of Employment and Labor, and Ministry of Land, Infrastructure and Transport, which jointly launched the "Create Industrial Complexes for Young Job Seekers" campaign, have been accepting applications from local governments to join the campaign since November last year. A total of 36 complexes from 13 different regions have applied for the program, and the government organized a screening committee composed of private experts to select suitable candidates. As a result, 17 industrial complexes from 11 different regions were selected to receive a funding of 13.9 billion won ($ 12.5 million). Banwol Sihwa, Pyeongtaek Songtan and Gimpo Yangchon complexes will use the money to buy commuter buses, renovate employee housing and repair company cafeteria, and also build new shower facilities and gyms for their employees. Myeongji Noksan Industrial Complex in Busan will receive a total of 2 billion won to build a daycare center for the employees, while Jeonju Industrial Complex in Jeollabuk-do will spend 450 million won on building a health care center for the employees. Daejeon Industrial Complex will receive a total of 7.52 billion won to build rental housing units, and Donghae Bukpyeong Industrial Complex in Gangwon-do will receive 50 million won to build a logistics center for resident companies. * Short version date2015-01-27
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The TPP Strategy Forum to have in-depth discussions on national interests
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 13 that it organized the TPP Strategy Forum with experts from the industries, universities and research institutes have in-depth discussions on national interest. The TPP refers to the multilateral FTA between 12 countries in the Pacific Rim including the U.S. and Japan. Ever since showing interest in participating in the TPP in December 2013, the Korean government has been listening to the opinions of relevant parties while also conducting an in-depth analysis of the effects of the industry and area. With other countries, Korea has entered bilateral agreements with the 12 countries participating in the TPP in order to review the feasibility of its participation in the TPP. In principle, the TPP Strategy Forum is held twice a month with the participation of 15 experts from four different areas including economy, industry, politics, diplomacy, trade laws and the respective country. They will also organize a group of experts to be more flexible in having the best experts participate in the discussion. * Short version date2015-01-13
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MOTIE launches 13 Industrial Growth Engine Projects
The Ministry of Trade, Industry and Energy (MOTIE) announced on January 06 that it secured a budget of 449.5 billion won ($ 404 million) to invest in 13 growth engines for the future. The ministry will run a feasibility study to make sure it has enough budget to develop high-speed vertical takeoff and landing UAV and self-driving vehicles that require a lot of money in carrying out med- to long-term proprietary technology development. The final results of the feasibility study on wearable smart devices and DC transmission system will be available in early this year. MOTIE plans to launch stepping stone projects to commercialize and produce the products with market demand by using the interim results of the Industrial Growth Engine Project. The plan is to launch plastic electric cars for children in the market in 2015 and then plastic automobiles by 2022. MOTIE also plans to improve the system to enable faster certification process and mitigate various regulations in order to remove obstacles that stand in the way of commercializing new products early in the stage. * Short version date2015-01-06
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Small and medium-sized businesses can now get help on product design
The Ministry of Trade, Industry and Energy (MOTIE) announced on December 29 that MOTIE and Korea Institute of Design Promotion now offer consulting and troubleshooting services for SME's having problems with their product design. Small and medium-sized businesses can now visit www.k-design119.com or call 1899-9199 for consulting services by experts in design, law, management and marketing. When it's deemed necessary, a team of designers from a design firm will visit the company to provide consulting services at the site. The service also includes design innovation history management chart, which is managed by a person in charge of the company, and the company will continue to receive support according to the growth stage. * Short version date2014-12-29
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South Korea and Vietnam Hold 9th Round of FTA Talks
December 8, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) announced today that South Korea and Vietnam will hold a 9th round of negotiations towards a bilateral free trade agreement (FTA), from December 8 to December 12 in Seoul. The Korean delegation will be led by the MOTIE’s Director General for FTA Policy, Kim Hak-do, and will include representatives from relevant ministries, including the Ministry of Strategy and Finance; the Ministry of Agriculture, Food and Rural Affairs; and the Ministry of Oceans and Fisheries. The Vietnamese delegation will be led by Bui Huy Son, the Director General of the Vietnam Trade Promotion Agency (VIETRADE) within the Ministry of Industry and Trade. The South Korea-Vietnam FTA negotiations began in August, 2012. At the 9th round of negotiations, the two countries will continue in-depth discussions on goods, services and investment. If signed, the South Korea-Vietnam FTA is expected to further strengthen the economic and trade relationship between the two countries by establishing a higher degree of trade liberalization than the existing FTA between South Korea and ASEAN. Vietnam was South Korea's 9th largest trading partner and 4th largest investment destination as of the end of 2013. ㆍExports _ 2008:7,805(35.5), 2009:7,149(△8.4), 2010:9,652(35.0), 2011:13,465(39.5), 2012:15,946(18.4), 2013:21,088(32.2), 2014(Jan.-Aug.):14,291(6.0) ㆍImports _ 2008:2,037(46.4), 2009:2,370(16.3), 2010:3,331(40.5), 2011:5,084(52.6), 2012:5,719(12.5), 2013:7,175(25.4), 2014(Jan.-Aug.):4,847(9.9) ㆍTrade Balance _ 2008:5,768, 2009:4,780, 2010:6,321, 2011:8,381, 2012:10,227, 2013:13,912, 2014(Jan.-Aug.):9,445 ㆍTotal Trade Volume _ 2008:9,842, 2009:9,519, 2010:12,983, 2011:18,549, 2012:21,665, 2013:28,263, 2014(Jan.-Aug.):19,138 《Unit: US$ million, (%)/Source: KITA》 For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24
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MOTIE to Host Nano Convergence Week 2014
December 2, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) today announced the opening of a conference on nanotechnology and its convergence with other industries today at the K Seoul Hotel to promote nanotechnology, the engine of the creative economy. This third annual conference, which will be held for three days in Seoul, Suwon and Pohang, will feature various programs including R&D presentations, a T2B (Tech to Biz) forum, the 2nd Nano Festival and an expert workshop on nanotechnology safety. About 200 people from industry, academia, research and the government, including Director General for Industrial Innovation Policy of the MOTIE Lee In-hoo, and President of the Korea Evaluation Institute of Industrial Technology (KEIT) Lee Gi-seop participated in the opening ceremony, the ministry said in a statement. In his remarks at the opening ceremony, Director General Lee said he hopes that the event becomes a venue for sharing ideas among people in the industry, and that the government will seek to promote the commercialization of the nano convergence industry. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24
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Energy & Mineral Resources Development Symposium 2014
– The Ministry of Trade, Industry and Energy (MOTIE) announced today that the Energy & Mineral Resources Development Symposium 2014 was held on Dec. 4 in Seoul. Approximately 600 people from Korea and abroad participated in the symposium, which was held under the theme of ‘Technology Innovation and Strategy to Cope with the Paradigm Shift in Energy & Mineral Resources Development.’ In his keynote speech, Sonn Yang-hoon, president of Korea Energy Economics Institute (KEEI), said that South Korea should make strategic investments in low-risk and capacity building projects in this new era of low oil prices caused by factors such as an increased oil supply from non-OPEC countries and reduced geopolitical uncertainties. At the symposium, Michael Wang, Director of Research for IHS Herold stressed that the recent sudden drop in oil prices had affected investment strategies as well as mergers and acquisitions between global oil companies and Asian national oil companies, and South Korean companies should respond aggressively to the changes. During the opening ceremony, Ali Khalifa Al Shamsi, Strategy and Coordination Director at ADNOC, was honored for his contribution to energy cooperation between South Korea and the United Arab Emirates. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24