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Minister Pursues Closer Ties With Southeast Asian Partners
During the visit, Minister HONG and his Indonesian counterpart, Coordinating Minister for Economic Affairs Hatta Rajasa, presided over the first meeting of the Korea-Indonesia Economic Cooperation Committee. Previously, Korea had agreed to be Indonesia’s major partner in the implementation of the Master Plan for the Acceleration and Expansion of Indonesia’s Economic Development Through 2025 (MP3EI). The Joint Committee was established to facilitate that partnership, which will involve cooperation on large-scale projects concerning steel, energy, infrastructure, agriculture and the environment. At the meeting, both countries agreed to set up a consultative body to discuss financing for the projects. They also launched a Joint Secretariat—which consists of government officials from each country responsible for the different cooperation sectors—to more effectively coordinate the implementation of Indonesia’s Master Plan. Prior to the visit to Indonesia, the Minister went to Malaysia for a two-day visit to enhance bilateral cooperation on energy and trade. Minister HONG and his Malaysian counterpart, Minister of Energy, Green Technology and Water Dato Sri Peter Chin Fah Kui, discussed green technology, oil and LNG. During a separate meeting with Minister of International Trade and Industry Dato Sri Mustapa bin Mohamed, Minister HONG agreed to establish a long-term cooperation plan to reinforce trade and investment ties between the two countries. * Released by the Southeast Asia and Oceania Division; the Components and Materials Division; the Mineral Resources Development Team; and the Nuclear Power Plant Cooperation Division date2012-03-06
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Trade Figures for February
date2012-03-05
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Korea, Australia Hold Talks on Energy Cooperation
Korea and Australia shared information on energy policy and strengthened bilateral ties on energy and mineral resources last week. Oil, LNG and uranium were among the major discussion topics at the 26th annual meeting of the Joint Committee on Energy and Mineral Resources Consultations and Cooperation on February 22 in Seoul. Ms. Tania Constable, the head of the Resources Division within Australia’s Department of Resources, Energy and Tourism, led a 33-member Australian delegation that represented 19 institutions. Korea expressed its intention to import more Australian LNG and step up its efforts to help Australia develop its offshore oil fields. To promote the development of the clean and renewable energy sectors, the two countries also pledged to carry out joint research and personnel exchanges. As a country with abundant natural resources and a stable investment environment, Australia is one of Korea’s most important investment partners. Australia supplied 41.7 percent of the mineral resources Korea imported in 2010. As of June 2011 Korea had invested $2.84 billion in mineral resources in Australia, and Australia accounted for 30.4 percent of Korea’s investments in overseas mineral resources. * Released by the Southeast Asia and Oceania Division date2012-02-27
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MKE Releases Car Sales Figures for January
MKE Releases Car Sales Figures for January The Ministry of Knowledge Economy has released its car sales figures for January. Automobile production decreased 14.0 percent year on year to 333,353 due to sluggish domestic demand and fewer working days. Domestic sales fell 18.0 percent to 106,370 vehicles because of weak consumer sentiment and rising fuel prices. Although January saw fewer domestic sales of Korean cars, the introduction of new models pushed sales of imported cars up 9.0 percent. Ex date2012-02-21
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Retail Sales Figures for January
date2012-02-17
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IT Trade Figures for January
date2012-02-13
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Trade Figures for January
Meanwhile, imports gained 3.6 percent year on year to $43.49 billion. The average value of all imports per day increased 8.3 percent to $1.98 billion. Rising demand for coal and crude oil pushed inbound shipments of raw materials up 12.9 percent. While imports of capital goods increased 15.9 percent from a year earlier, inbound shipments of consumer goods declined 0.4 percent. Imports from all key trading partners showed positive growth. date2012-02-06
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Retail Sales Figures for December
date2012-01-27