Ministry of Trade, Industry and Energy

The TPP Strategy Forum to have in-depth discussions on national interests

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 13 that it organized the TPP Strategy Forum with experts from the industries, universities and research institutes have in-depth discussions on national interest.     The TPP refers to the multilateral FTA between 12 countries in the Pacific Rim including the U.S. and Japan.     Ever since showing interest in participating in the TPP in December 2013, the Korean government has been listening to the opinions of relevant parties while also conducting an in-depth analysis of the effects of the industry and area.     With other countries, Korea has entered bilateral agreements with the 12 countries participating in the TPP in order to review the feasibility of its participation in the TPP.     In principle, the TPP Strategy Forum is held twice a month with the participation of 15 experts from four different areas including economy, industry, politics, diplomacy, trade laws and the respective country. They will also organize a group of experts to be more flexible in having the best experts participate in the discussion.     * Short version date2015-01-13

MOTIE launches 13 Industrial Growth Engine Projects

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 06 that it secured a budget of 449.5 billion won ($ 404 million) to invest in 13 growth engines for the future.     The ministry will run a feasibility study to make sure it has enough budget to develop high-speed vertical takeoff and landing UAV and self-driving vehicles that require a lot of money in carrying out med- to long-term proprietary technology development.     The final results of the feasibility study on wearable smart devices and DC transmission system will be available in early this year.     MOTIE plans to launch stepping stone projects to commercialize and produce the products with market demand by using the interim results of the Industrial Growth Engine Project.     The plan is to launch plastic electric cars for children in the market in 2015 and then plastic automobiles by 2022.     MOTIE also plans to improve the system to enable faster certification process and mitigate various regulations in order to remove obstacles that stand in the way of commercializing new products early in the stage.     * Short version date2015-01-06

Small and medium-sized businesses can now get help on product design

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 29 that MOTIE and Korea Institute of Design Promotion now offer consulting and troubleshooting services for SME's having problems with their product design.     Small and medium-sized businesses can now visit www.k-design119.com or call 1899-9199 for consulting services by experts in design, law, management and marketing.     When it's deemed necessary, a team of designers from a design firm will visit the company to provide consulting services at the site.     The service also includes design innovation history management chart, which is managed by a person in charge of the company, and the company will continue to receive support according to the growth stage.     * Short version date2014-12-29

South Korea and Vietnam Hold 9th Round of FTA Talks

December 8, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) announced today that South Korea and Vietnam will hold a 9th round of negotiations towards a bilateral free trade agreement (FTA), from December 8 to December 12 in Seoul.   The Korean delegation will be led by the MOTIE’s Director General for FTA Policy, Kim Hak-do, and will include representatives from relevant ministries, including the Ministry of Strategy and Finance; the Ministry of Agriculture, Food and Rural Affairs; and the Ministry of Oceans and Fisheries.   The Vietnamese delegation will be led by Bui Huy Son, the Director General of the Vietnam Trade Promotion Agency (VIETRADE) within the Ministry of Industry and Trade.   The South Korea-Vietnam FTA negotiations began in August, 2012. At the 9th round of negotiations, the two countries will continue in-depth discussions on goods, services and investment.   If signed, the South Korea-Vietnam FTA is expected to further strengthen the economic and trade relationship between the two countries by establishing a higher degree of trade liberalization than the existing FTA between South Korea and ASEAN.   Vietnam was South Korea's 9th largest trading partner and 4th largest investment destination as of the end of 2013.   ㆍExports _ 2008:7,805(35.5), 2009:7,149(△8.4), 2010:9,652(35.0), 2011:13,465(39.5), 2012:15,946(18.4), 2013:21,088(32.2), 2014(Jan.-Aug.):14,291(6.0) ㆍImports _ 2008:2,037(46.4), 2009:2,370(16.3), 2010:3,331(40.5), 2011:5,084(52.6), 2012:5,719(12.5), 2013:7,175(25.4), 2014(Jan.-Aug.):4,847(9.9) ㆍTrade Balance _ 2008:5,768, 2009:4,780, 2010:6,321, 2011:8,381, 2012:10,227, 2013:13,912, 2014(Jan.-Aug.):9,445 ㆍTotal Trade Volume _ 2008:9,842, 2009:9,519, 2010:12,983, 2011:18,549, 2012:21,665, 2013:28,263, 2014(Jan.-Aug.):19,138 《Unit: US$ million, (%)/Source: KITA》   For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

MOTIE to Host Nano Convergence Week 2014

December 2, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) today announced the opening of a conference on nanotechnology and its convergence with other industries today at the K Seoul Hotel to promote nanotechnology, the engine of the creative economy.   This third annual conference, which will be held for three days in Seoul, Suwon and Pohang, will feature various programs including R&D presentations, a T2B (Tech to Biz) forum, the 2nd Nano Festival and an expert workshop on nanotechnology safety.   About 200 people from industry, academia, research and the government, including Director General for Industrial Innovation Policy of the MOTIE Lee In-hoo, and President of the Korea Evaluation Institute of Industrial Technology (KEIT) Lee Gi-seop participated in the opening ceremony, the ministry said in a statement.   In his remarks at the opening ceremony, Director General Lee said he hopes that the event becomes a venue for sharing ideas among people in the industry, and that the government will seek to promote the commercialization of the nano convergence industry.   For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

Energy & Mineral Resources Development Symposium 2014

– The Ministry of Trade, Industry and Energy (MOTIE) announced today that the Energy & Mineral Resources Development Symposium 2014 was held on Dec. 4 in Seoul.   Approximately 600 people from Korea and abroad participated in the symposium, which was held under the theme of ‘Technology Innovation and Strategy to Cope with the Paradigm Shift in Energy & Mineral Resources Development.’   In his keynote speech, Sonn Yang-hoon, president of Korea Energy Economics Institute (KEEI), said that South Korea should make strategic investments in low-risk and capacity building projects in this new era of low oil prices caused by factors such as an increased oil supply from non-OPEC countries and reduced geopolitical uncertainties.   At the symposium, Michael Wang, Director of Research for IHS Herold stressed that the recent sudden drop in oil prices had affected investment strategies as well as mergers and acquisitions between global oil companies and Asian national oil companies, and South Korean companies should respond aggressively to the changes.   During the opening ceremony, Ali Khalifa Al Shamsi, Strategy and Coordination Director at ADNOC, was honored for his contribution to energy cooperation between South Korea and the United Arab Emirates. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

Automobile Industry Outlook for 2015

– South Korea’s car output is expected to increase in 2015, according to an industry outlook jointly released today by the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Automobile Manufacturers Association (KAMA).   The global automobile industry is showing signs of recovery thanks to US and European economic recovery and steady economic growth in China and India. However, demand could still shrink due to economic recession in emerging markets, the MOTIE said in its statement.   In 2015, the country’s vehicle production and exports are expected to rise, thanks to continued growth in exports to North America, also a reduction in tariffs on cars, and high domestic demand for replacement of older vehicles. Under the South Korea-EU FTA, tariffs on vehicles with emissions of less than 1500cc will be additionally reduced from 3.3 percent to 1.6 percent from July 2015.   ㆍ Domestic production _ 2013:4,521[Growth:-0.9], 2014(Estimated):4,450[Growth:-1.6], 2015 Outlook:4,500[Growth:1.1] ㆍOverseas production _ 2013:4,108[Growth:13.0], 2014(Estimated):4,400[Growth:-7.1], 2015 Outlook:4,600[Growth:4.5] ㆍExports _ 2013:3,089[Growth:-2.6], 2014(Estimated):3,050[Growth:-1.3], 2015 Outlook:3,100[Growth:1.6] ㆍExports(Value) _ 2013:486[Growth:3.0], 2014(Estimated):496[Growth:2.0], 2015 Outlook:512[Growth:3.2] ㆍAuto parts(Value) _ 2013:261[Growth:6.0], 2014(Estimated):265[Growth:1.6], 2015 Outlook:270[Growth:1.9] ㆍDomestic sales _ 2013:1,540[Growth:-0.1], 2014(Estimated):1,610[Growth:4.2], 2015 Outlook:1,650[Growth:2.5] ㆍDomestic cars _ 2013:1,383[Growth:-2.7], 2014(Estimated):1,400[Growth:1.2], 2015 Outlook:1,400[Growth:0.0] ㆍImported cars _ 2013:156[Growth20.0], 2014(Estimated):210[Growth:29.7], 2015 Outlook:250[Growth:19.0] (Thousand units, US$ hundred million, %) Source: KAMA   Estimated figures show that domestic sales of finished cars increased 8.2 percent in the year to last month thanks to restyling and strong sales of imported cars.   Vehicle output and exports decreased 4.7 percent and 4.0 percent respectively in November from a year due to market uncertainty in Eastern Europe and General Motors’ withdrawal of its Chevrolet brand from Western Europe.   Auto parts sales fell 9.3 percent in November from a year earlier due to continued recession in emerging markets.   ㆍNov.2014 _ Production:406,491 / Domestic sales:144,909 / Domestic cars:124,514 / Imported cars:20,395 / Exports:274,757 / Exports(Value):43.5 / Auto parts(Value):19.5 ㆍMonth-on-month _ Production:11.5 / Domestic sales:4.5 / Domestic cars:3.1 / Imported cars:13.6 / Exports:13.9 / Exports(Value):-15.0 / Auto parts(Value):-20.4 ㆍYear-on-year _ Production:-4.7 / Domestic sales:8.2 / Domestic cars:3.8 / Imported cars:46.4 / Exports:-4.0 / Exports(Value):-5.5 / Auto parts(Value):-9.3 ㆍJan.-Nov.2014 _ Production:4,090,162 / Domestic sales:1,488,414 / Domestic cars:1,294,260 / Imported cars:194,154 / Exports:2,760,040 / Exports(Value):441.9 / Auto parts(Value):24,325 ㆍYear-on-year _ Production:-0.3 / Domestic sales:6.1 / Domestic cars:2.8 / Imported cars:34.6 / Exports:-1.4 / Exports(Value):0.6 / Auto parts(Value):2.3 (Unit: %, US$ million)   For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

Sixth Round of RCEP Talks to be Held in India

December 1, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) announced today that the sixth round of negotiations for a Regional Comprehensive Economic Partnership (RCEP) will take place in Greater Noida, India, from Dec. 1 to 5. The RCEP is a free trade agreement being negotiated between 10 ASEAN member countries and 6 of its free trading partners: namely, South Korea, India, China, Japan, Australia and New Zealand. The South Korean delegation will be led by Kim Young-moo, Director General for East Asia FTA Negotiations of MOTIE, and will include representatives from relevant ministries such as the Ministry of Strategy and Finance, the Ministry of Agriculture, Food and Rural Affairs, and the Ministry of Oceans and Fisheries. In this round of talks, the participating countries are expected to discuss the level of market liberalization for products, services and investments. There will also be discussions on issues related to small and medium-sized firms, e-trading and government procurement as the countries move to ensure the RCEP agreement will be a high-level free trade pact, MOTIE said in a statement. The participating countries aim to conclude RCEP negotiations by December 2015. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24