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Korea to Hold Nationwide Blackout Drill
The Ministry of Knowledge Economy conducted its first-ever nationwide blackout drill on June 21 to test Korea’s emergency response capabilities in the event of a summer power outage. The 20-minute drill started at 2 p.m., the time of day when demand for electricity is at its peak. MKE asked citizens to participate voluntarily in the exercise to support the nation’s energy conservation efforts. The Ministry publicized guidelines on its website and social networking sites, as well as in television and radio public service announcements. Households and office buildings were encouraged to turn off unnecessary lights and unplug small appliances and office equipment. Shopping centers and retailers joined the effort by setting air conditioners to higher temperatures and by shutting off automatic doors and air curtains. Industrial complexes adjusted their hours of operation and used their emergency power generators. Schools and other public institutions turned off the power except for essential safety equipment. During the drill, 28 pre-selected buildings in seven major cities turned off the electricity for 10 minutes to check their readiness for a power outage. Emergency response exercises were carried out at another 33 locations to determine how well subway stations, hospitals and elevator emergency crews could cope with a sudden blackout. After evaluating the outcome of the exercise, the Ministry will map out a comprehensive response plan in collaboration with other government bodies. * Released by the Electric Power Division date2012-06-25
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Retail Sales Figures for May
date2012-06-20
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MKE Releases Car Sales Figures for May
MKE Releases Car Sales Figures for May The Ministry of Knowledge Economy has released its car sales figures for May. Thanks to an upswing in exports and improved domestic demand, Korea’s car production figures rose 3.8 percent year on year to 403,593 vehicles. Outbound shipments gained 3.0 percent on the back of stronger demand from the United States. However, growing uncertainties in the global economy slowed this growth. While exports to the North American market maintained positive gr date2012-06-13
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IT Trade Figures for May
While exports to advanced economies such as the United States and Japan declined, outbound shipments to other Asian partners—including China and the ASEAN countries—increased. Notably, exports to the European Union returned to the black for the first time in 19 months thanks to stronger display panel exports. date2012-06-11
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Korea, China Forge Closer Industrial, Investment and Trade Ties
Korea, China Forge Closer Industrial, Investment and Trade Ties Minister of Knowledge Economy Sukwoo HONG travelled to Beijing on May 31 to commemorate the 20th anniversary of the establishment of diplomatic relations between the two countries. During the visit the Minister met with his Chinese counterpart, Minister of Industry and Information Technology Miao Wei, to advance ties in such areas as automobiles, new materials and energy conservation. The meeting also touched on how to best coopera date2012-06-08
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Trade Figures for May
date2012-06-01
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Korea Seeks Closer Ties With the Middle East
Korea Seeks Closer Ties With the Middle East The Ministry of Knowledge Economy announced an initiative on May 22 to strengthen cooperation with Korea’s Middle Eastern partners. Korea is working with oil-producing countries in the region to establish new cooperation channels and also hopes to nurture partnerships in the renewable energy sector through technology exchanges and various human resources training programs. The scope of cooperation with countries in the region—previously l date2012-05-30
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Korea Enhancing Investment Ties with Japan
Korea Enhancing Investment Ties with Japan Vice Minister for Trade and Energy Cho Seok traveled to Tokyo on May 15 to attend a business forum co-organized by the Ministry of Knowledge Economy and the Korea Trade-Investment Promotion Agency. The forum, which drew about 180 investors and businesspeople, detailed Korea’s lucrative investment environment and the benefits of its free trade agreements with major economies around the world. MKE and KOTRA also launched the Japan Center, a compreh date2012-05-21