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Korea Committed to Broadening Partnerships with China`s Local Governments
Minister of Knowledge Economy Sukwoo HONG travelled to the Chinese provinces of Guangdong and Shaanxi last week to strengthen economic ties with the Chinese local governments. During the visit to Guandong, Minister Hong met with the Secretary of the Guangdong Provincial Committee, Wang Yang, and reaffirmed the importance of stronger partnerships in overcoming global economic uncertainties. In order to develop a platform for sustainable growth, the two officials pledged to further advance the dialogue and agreed to widen the scope of cooperation, including in the high-tech industrial sectors. Meanwhile, the third Korea-Guangdong Economic and Trade Development Forum produced seven memorandums of understanding to enhance bilateral ties in areas such as energy conservation, the environmental industry and investment promotion. On the sidelines of the event, MKE also arranged a business forum for the first time in Guangdong to showcase Korea’s cutting-edge technologies and promising business opportunities in Korea. After the two-day visit to Guangdong, Minister Hong made his first trip to Shaanxi and met with the Governor, Zhao Zhengyong. A groundbreaking MOU signed by the two officials will establish a ministerial-level cooperation channel and develop joint partnerships in new growth industries. Under the terms of the MOU, both sides will take on various projects in the infrastructure and industrial development sectors. The deal also includes plans for working-level discussions on joint endeavors and potential cooperation opportunities in both Shaanxi and Korea. With high-profile business leaders from both sides in attendance, the Korea-Shaanxi Economic Forum was set up to serve as an important opportunity to share information on development plans and collaboration ideas. * Released by the Northeast Asia Division date2012-12-05
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Trade Figures for November
While inbound shipments of capital goods rose 3.6 percent, imports of consumer goods shrank 7.1 percent. Imports from Japan and China showed negative growth. date2012-12-03
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MKE Announces Energy Conservation Measures for Winter
The Ministry of Knowledge Economy has announced plans to cope with possible power shortages this winter as the nation’s power reserves are expected to fall below the safe level of 4 million kilowatts. The new measures require government offices and commercial buildings with high electricity demand to keep indoor temperatures at or below 18 and 20 degrees Celsius, respectively. The plan also limits retailers to one neon sign each and requires them to keep doors shut when heating systems are in use. On the supply side, the nation will make efforts to maximize power generation by fully mobilizing publicly- and privately-owned generators. For the first two months of 2013, businesses whose contract demand is greater than 3,000 kilowatts will be required to reduce consumption by up to 10 percent. From the beginning of the year, MKE also plans to introduce a critical-peak pricing program, which offers discounts on off-peak days while imposing surcharges for peak days and times to encourage energy saving. The ministry will update the public on the status of power reserves via public broadcasting networks and text messaging. The second nationwide blackout drill is scheduled in January to improve the readiness of industrial complexes for possible rolling power outages. * Released by the Electric Power Division and the Energy Efficiency Policy Division date2012-11-27
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Retail Sales Figures for October
The Ministry of Knowledge Economy has released its retail sales figures for the month of October. Weaker consumer sentiment due to prolonged global economic uncertainties and the higher cost of fresh produce pushed sales at the nation’s three major discount chains down 6.6 percent year on year. Spending declined in most categories, including apparel, household goods and food. date2012-11-26
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Korea Showcases IT Convergence Technologies in Silicon Valley
Korea Showcases IT Convergence Technologies in Silicon Valley In collaboration with the Korea Trade-Investment Promotion Agency (KOTRA) and the National IT Industry Promotion Agency (NIPA), the Ministry of Knowledge Economy held the `K-Tech @ Silicon Valley 2012` in Silicon Valley on November 12. The two-day conference, the first of its kind, was set up to demonstrate recent advancements in IT convergence technologies and suggest a future vision for the global IT convergence sector. Kore date2012-11-22
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MKE Releases Car Sales Figures for October
MKE Releases Car Sales Figures for October The Ministry of Knowledge Economy has released its car sales figures for October. The nation’s car production totaled 396,677 vehicles for a 4.3 percent decline from a year earlier. Vehicle exports shrank 6.3 percent year on year to 258,361 units due to the contraction in the European market and weaker demand from emerging economies. Thanks to temporary tax cuts on automobile purchases and special promotional offers by vehicle manufacturers, the date2012-11-16
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IT Trade Figures for October
date2012-11-08
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Trade Figures for October
date2012-11-02