Ministry of Trade, Industry and Energy

Korea, Indonesia Stepping Up Energy Ties

South Korean Deputy Minister for Energy and Resources Kim Jundong led a delegation from the public and private sectors to Bail, Indonesia on April 30 to host the 6th Korea-Indonesia Energy Forum. The event was aimed at enhancing bilateral ties and exploring new business opportunities in the energy and resources sectors. Under the theme of “Collaboration in Energy Development and Technology Partnership,” the event consisted of four sessions including oil and gas, coal and minerals, electricity and renewable energy. The occasion provided a chance for 150 participants to hold in-depth discussions and share information about the two nations’ energy policies and opportunities for joint projects. On the sidelines of the forum, two separate working group-level meetings were arranged to discuss gas utilization and renewable energy and energy conservation. The meeting produced two memorandums of understanding and a memorandum of agreement at the private level on better utilizing Indonesia’s gas resources and developing promising joint projects in related industries. As the two nations have a long history of cooperating in a wide range of fields in the energy industry, Deputy Minister Kim said the forum would serve as an opportunity to strengthen their economic partnership and promote trade in the energy sector. * Released by the Asia Division; the Resources Development Strategy Division; and the New and Renewable Energy Division date2013-05-07

Trade Figures for April

date2013-05-02

Korea Introduces “Mini Foreign Investment Zones”

Under the new system, which came into effect on April 17, the minimum required area to designate an investment zone is lowered to 82,500 square meters. Previously, the requirement was 330,000 square meters. In an effort to pursue balanced regional development, the mini foreign investment zones will be designated only outside of the Seoul metropolitan area.     Companies investing in the new zones will receive the benefit of low rental fees, while businesses that invest US$ 1 million or more in the high-technology industry will be exempt from paying rent entirely.     * Released by the Foreign Investment Promotion Division date2013-04-26

Retail Sales Figures for March

date2013-04-19

Parts and Materials Industry Trade Figures for the First Quarter

Despite unfavorable economic conditions, including a weaker Japanese yen, exports in the parts and materials industry grew by a brisk 5.2 percent year on year. The recovery was led by solid performances in electronic components, electrical machine parts and transportation machine parts. Exports of nonmetallic minerals were boosted by strong demand from LCD panel manufacturers. Due to weaker demand in the global market, outbound shipments fell in basic metals, rubber and plastic materials and textiles. With most trading partners, the nation’s trade balance maintained a surplus. date2013-04-16

Foreign Investment Figures for First Quarter

date2013-04-12

IT Trade Figures for March

date2013-04-11

MOTIE Releases Car Sales Figures for March

MOTIE Releases Car Sales Figures for March The Ministry of Trade, Industry and Energy has released its car sales figures for March. Korea’s car production fell 13.1 percent year on year to 365,768 vehicles due to fewer working days and reduced working hours. Thanks to the introduction of new models and solid performances from imported cars, 131,136 vehicles were sold on the domestic market, about the same as the previous year. Despite greater brand awareness of Korean auto makers overseas date2013-04-09