Ministry of Trade, Industry and Energy

Korea Consumer Goods Export Convention to be held in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 03 that "Korea Consumer Goods Export Convention" is to be held at the COEX, Seoul for two days from November 3, 2015.     This event, prepared by MOTIE aiming at promoting consumer goods exports through the Korea-China FTA, will be participated by more than 200 companies from 33 different countries, including America's online shopping mall Amazon and distributor Lowe's, U.K.'s largest drugstore Boots, France's No. 1 beauty care brand Yves Rocher and Japan's biggest online shopping mall, Rakuten.     As for Korea, over 500 companies specializing home appliances, fashion, beauty products, food and daily necessities are participating in the event, signing more than 2,000 contracts to export their products to international buyers through business meetings and negotiations at the site.     * Short version date2015-11-03

MOTIE and the Police to work together for public safety

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 02 that MOTIE and Korean National Police Agency signed an MOU on the same day at the Korean National Police Agency to work together in building a safe society and promote the security industries.     According to the MOU, the two agencies will cooperate in the areas of R&D, commercialization of R&D results, global marketing, mutual cooperation in each other’s R&D activities and human resources exchange, particularly in industry growth engine projects for the future such as patrol car integration system that enables voice and touch command by using IoT and scanners for the preservation and analysis of materials through real-time identification and 3D configuration of the obstacles and risks at the crime scenes.     MOTIE and Korean National Police Agency plan to apply the latest technologies in the security industries and replace the old police equipment with new ones, while also developing new equipment for which the Korean police has been dependent on imports.     The aim is to turn the security industries as a future growth engine by tapping into the global market while also creating new markets.     * Short version date2015-11-02

Electricity Sales in 3Q and Retail Sales Trends in September 2015

Electricity Sales in 3Q and Retail Sales Trends in September 2015   Electricity Sales Trends in 3Q □ In 3Q, the total volume of electricity sales increased 2.4% from a year earlier, which is the most since 4Q in 2013. It is attributable to consumer sentiment recovery and heat wave.   2. Sales Trends by Major Retailers in September □ All major retailers showed increases in sales due to Korean Thanksgiving holidays in September. ㅇIn the third quarter of 2015, the sales of h date2015-10-30

Automobile Industry Trends for September 2015

    □ The volume of South Korean automobile production, exports, and domestic sales grew by 13.5 percent, 3.5 percent, and 16.3 percent, respectively, from a year earlier. This was attributed to a reduction in the country’s individual consumption tax, strong sales of multi-purpose vehicles such as SUVs and minivans, and satisfactory growth in exports of key export models such as the Accent, the Pride, and the Trax.   □ : Production increased by 13.5 percent from a year earlier to 333,759 units, despite a 26-hour strike at Hyundai Motor. This rise was partly attributable to the effects of another strike the year before, along with satisfactory growth in both domestic sales and exports.   □ : Domestic sales went up by 16.3 percent from a year earlier to 149,327 units. This was attributable to the continuing popularity of multi-purpose vehicles, such as the Santa Fe, the Sorento, the Trax, and the Tivoli. Other reasons were a reduction in the country’s individual consumption tax and the introduction of new Avante, Sportage, and other new-car models.   - Sales of imported cars increased by 37.0 percent from a year earlier to 24,323 units. They also rose by 18.3percent from a month earlier   □ : Exports increased by 3.5 percent from a year earlier to 203,762 units. This was mainly attributable to strong performances by key export models such as the Accent, the Pride, and the Trax.   □ Exports of auto parts rose by 5.0 percent from a year earlier to USD 2.13 billion. This was largely attributed to an increase in overseas sales of Korean-based finished vehicles.   date2015-10-30

A trade remedies contest held for college students to present practical ideas

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that the 2015 National College Students' Trade Remedies Contest was held on October 29, 2015, and the Yeungnam University Team won the grand prize, with a realistic presentation of their research and decisions made on trade remedies under the topic, "Facts about dumping sales of Chinese plywood and any damages to South Korean businesses".     Pyeongtaek University and Kyung Hee University won the first prize, while Hongik University won the second prize at the contest.     This annual contest has been held since 2005 with the participation of more than 2,300 students.     This year, a total of 218 students form 11 universities have participated, and the final competitions were held on October 29, 2015 between the six teams that made to the finals.     The students made a realistic presentation of their research projects and judgment processes in various different areas including customary trade remedy systems such as anti-dumping duty, violation of intellectual property rights and violation of country of origin labeling requirements through a simulated trade remedy case.     * Short version date2015-10-30

Korea, Japan and China to hold ministerial meeting in Seoul to strengthen cooperation in economy and trade

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that the 10th Economic and Trade Ministers' Meeting among the Republic of Korea, the People's Republic of China and Japan was held on October 30, 2015 in Seoul, with the participation of Korean Minister of Trade, Industry and Energy Yoon Sang-Jick, Japanese Minister of Economy, Trade and Industry Hayashi and Chairperson of China Council for the Promotion of International Trade Zhongshan, who have gathered to strengthen th date2015-10-30

The Korea Industry Fair to exhibit smart manufacturing technologies

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 28 that the Korea Industry Fair, which became the largest convention of capital goods suppliers in the country after the Korea Machine Fair, Seoul International Tool Exhibition and Korea Metal Week were integrated into one in 2011, will be held from October 28 to 31, 2015 with the participation of 1,286 companies from 34 countries.     The exhibition will include machines, robots, 3D printing and evolution of smart manufacturing technologies.     While many Korean companies will present their smart manufacturing machines and systems using IoT, Siemens from Germany will show their smart factory models.     Some of the participating companies will also introduce their industrial robots, service robots and 3D printers.     * Short version date2015-10-28

Korea-Iraq resources cooperation committee resumes after 8 years

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that MOTIE held the 2nd Korea-Iraq Joint Committee on Mineral Resources on the same day at the Lotte Hotel Seoul, after holding the first meeting in Dubai in September 2007, with Korean Minister of Trade, Industry and Energy Kim Young-Ju and Iraqi Oil Minister al-Shahristani as the country representatives.     This time, Korean Second Vice Minister of Trade, Industry and Energy Moon Jae-do and Iraqi Deputy Oil Minister Fayadh Nima were the country representatives.     The representatives of the two countries had discussion on the possible areas of cooperation in oil and gas that Iraq has in abundance, and also measures for joint research.     They also shared in opinions on the promotion of oil and gas development projects that are being carried out by Korean companies in Iraq, and strengthening of partnership between the two countries.     As a result of the meeting, the two countries agreed to organize a joint committee and take follow-up measures for smooth implementation of the agreement.     * Short version date2015-10-27