Ministry of Trade, Industry and Energy

Energy vouchers to be given to those with low income to pay for energy bills

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that MOTIE agreed to cooperate with a total of 13 organizations and businesses including Korea Electric Power Corporation (KEPCO), Korea Gas Corporation, BC, Lotte, and Samsung for successful implementation and improvement of the Energy Voucher Program.     According to the agreement, more than 23,000 energy suppliers will form a credit card payment system for the beneficiaries of the voucher, as well as a virtual card that supplements plastic credit cards by deducting the amount from the utility bills.     The virtual card will be used by the beneficiaries living in an apartment room or those who are not used to using a credit card, and the amount will be deducted directly from their utility bills.     "Energy Vouchers" are issued to the underprivileged from the month of December to February the following year, and the voucher can be used to pay for electricity, gas, regional heating, briquettes, kerosene or propane gas.     Elderly people, minors, and disabled people with an income less than 40 percent of the minimum income qualify for this voucher, and each voucher is worth around 100,000 won ($90) per household for a period of three months.     * Short version date2015-10-27

Weizmann Institute of Science to transfer its core proprietary technologies to Korean companies

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 23 that Israel's Weizmann Institute of Science, one of the world's top five institutes for science, will transfer more than 100 of its core proprietary technologies to Korean companies as a result of the MOU signed between the Korea-Israel Industrial R&D Foundation and the Weizmann Institute of Science and Yozma Group.     According to the MOU, the Weizmann Institute of Science will transfer some of its core pr date2015-10-23

Export and Import Trends for September 2015

    □ South Korea’s exports fell 8.3 percent to $43.5 billion and imports decreased 21.8 percent to $34.6 billion in September from a year earlier, resulting in a trade surplus, for the 44 consecutive month, of $8.9 billion.   □ By product, exports of products affected by oil prices and ships declined, while those of auto parts and home appliances increased. The upward trend in shipments of solid state drives (SSDs) and cosmetics continued. By region, exports to the EU increased sharply, primarily due to the recovery of domestic consumption in Europe. - The unit price of major export items fell due to falling oil prices and excessive supply, while the volume continued to increase for the fourth consecutive month.   □ Imports ofmajor raw materials continued to decrease, but imports of capital and consumer products jumped.   □ ○ Exports continued to decline in September due to a drop in ship exports and low oil prices, but the downturn easedcompared with the trend in August.   ○ The total volume of exports will likely increase in October mainly due to year-end events that drive higher demand, such as Black Friday in North America and Boxing Day in Europe.   - The growth of exportsnext month could register negative growth from the previous year as a result of continuing low oil prices and a higher comparison base from last October, when exports reached a record high of $51.6 billion.   date2015-10-22

MOTIE holds a groundbreaking ceremony for the Industrial-Academic Convergence District in Dangjin

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 21 that it held a groundbreaking ceremony for the "Industry-University Convergence Area" on October 21 at the Seongmun National Industrial Complex with the participation of over 200 related persons.     Its plan is to build both a university campus and research institute, and launch various industry-academic cooperation programs by injecting a total of 45.5 billion won ($40 million) into the project by 2018.     The campus will be completed in 2016 and ready to provide task-oriented training for the first semester of 2017 for the 512 faculty members and students of the Materials Science and Engineering, Information and Communication Engineering, and Robotic Automation Engineering departments.     Advanced technical training courses will also be available for more than 460 professionals currently working in the respective industries.     The Convergence Institute will receive more than 50 resident SME's with a high growth potential, and these companies will enjoy the benefit of the joint R&D projects to be carried out by professors and students.     The Seongmun National Industrial Complex is expected to contribute to the economic growth of Chungcheongnam-do along with other industrial complexes in the area.     * Short version date2015-10-21

MOTIE and Samsung to commercialize robots for micro and precision assembly

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 19 that starting from the end of this year, it will invest a total of 16.75 billion won ($15 million) in the development of core robot parts and robot systems that can be used for micro and precision assembly.     In this project, Samsung Electronics will play the role of proposing robot specifications, product verification, providing technical consulting small and medium-sized suppliers of in robots and robot part date2015-10-19

MOTIE and SK Telecom to supply educational robots to Costa Rica

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 15 that MOTIE and SK Telecom will launch a pilot project with the Inter-American Development Bank (IDB) based in Washington D.C., USA to supply educational robots to 300 classes in Costa Rica.     A total of 1,500 robots named "Albert" manufactured by ROBOMATION, a Korea-based company, will be supplied over a period of 3 years starting from this month.     For this project, the IDB will invest $ 1.5 million for training teachers and developing training courses, MOTIE and SK Telecom will supply 1,500 robots as well as $ 750,000, while Costa Rica will spend $ 150,000 in training teachers on the use of these robots.     The project was first planned by the IDB, after someone at the bank read an article by "The Guardian" on how educational robots are being used in schools for disabled children in South Korea, and a visit to SK Telecom on this matter.     After their first visit to SK Telecom, they have been discussing with MOTIE and SK Telecom on the area of service, recipients of the service, and the scope of project. In the process, MOTIE decided to provide support after naming the project, "Supply and Expansion of AI Robots in 2015".     The IDB has been making a shift towards knowledge transfer from supporting infrastructure for South American countries.     It will review the results of this pilot project based on which to launch a project approximately 10 times bigger in all South American countries. This means that the Korean robot manufacturer will likely continue to participate in the upcoming projects.     MOTIE has assessed that this will have significant effects on ROBOMATION and other Korean robot manufacturers since they'll be able to establish a basis for marketing and promote their robots in South America.     * Short version date2015-10-15

South Korea’s FDI Trends in the 3Q of 2015

    □ Accumulated foreign direct investmentFDI) to South Korea for three quarters of 2015 decreased from a year earlier. The declared amount fell 10.5 percent to USD 13.27 billion and the received amount rose 9.0 percent to USD 10.82 billion from a year earlier, which means passing USD 10 billion in the shortest time ever. These numbers far exceed the average number for the past five years, mainly attributable to investments in service and construction industries.   □ - FDI to South Korea in 2015 seems to record similar amount compared to that of a year earlier based on numbers from the past and signs of investment recovery.   - South Korea plans to achieve $ 20 billion in FDI for the first time in 2015. To this end, the country will make various efforts in fourth quarter as follows: It will host “Foreign Investment Week 2015” from Oct. 13 to 15 in Seoul, inviting over 1,000 people including potential investors, those from domestic foreign investment companies, and foreign press. The activities will be mainly investment attraction activities with some forums and press conferences. It will also host events in Japan, Australia, and European countries involving investment consultation meetings and investment attraction activities for new industry of energy in preparation for “New Climate System”   date2015-10-05

Sales Trends by Major Retailers in August 2015

  □ The sales by major retailers, including those of hypermarkets, department stores and super supermarkets, fell from a year earlier, while those of convenience stores increased in Aug. 2015. □ The sales of hypermarkets and department stores increased for two consecutive months while that of convenience stores increased drastically for four consecutive months. □By product group, the sales of food, clothing, and miscellaneous goods decreased   date2015-09-30