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Business Sentiment Improves in Second Quarter
The Ministry of Knowledge Economy and the Korea Institute for Industrial Economics and Trade released the Business Survey Index (BSI) for the second quarter, which showed improved sentiment among Korea’s manufacturers compared with the previous quarter. The index for the second quarter stood at 101, while the corresponding figure for the first quarter was 96. The BSI is intended to measure local manufacturers’ assessment of and prospects for business conditions in Korea. A total of 500 manufacturers responded to the quarterly online survey. An index reading above 100 indicates that manufacturers consider current business conditions better than conditions in the previous quarter. The BSI reading for sales and domestic demand were higher than the 100 baseline, while exports and ordinary profits came in at 99 and 91, respectively. The automobile and precision equipment sectors performed better than in the first quarter. In contrast, readings for the semiconductor and textile sectors fell below the 100 mark. Prospects for business conditions in the third quarter reached 111, meaning optimists outnumbered pessimists. Notably, with an index reading of 162, manufacturing companies had high expectations for the semiconductor sector. * Released by the Industrial Economic Policy Division date2011-06-30
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Korea Appointed Secretariat of International Smart Grid Action Network
For the next three years Korea will serve as Secretariat of the International Smart Grid Action Network (ISGAN), a mechanism for multilateral collaboration involving 20 member countries. As interim Secretariat since November 2010, Korea took the lead in supporting ISGAN’s administrative processes and communications. Recently, representatives of member governments and the International Energy Agency gathered in Seoul to kick off the first official meeting. Italy was chosen as Chair, with the United States and Korea as Vice Chairs. The representatives also assessed ISGAN’s progress in four foundational projects: a global inventory of smart grid policies and activities; smart grid case studies; cost-benefit analyses and toolkits; and a synthesis of insights for decision makers. “Korea will take a central role in facilitating a dynamic exchange of information to ensure the achievement of the shared goal: to advance the development and deployment of smarter electric grids around the world,” Vice Minister for Trade and Energy Kim Junggwan said at a ceremony held to celebrate Korea’s new role. ISGAN was launched in July 2010 at the first Clean Energy Ministerial in Washington, D.C., and formally established under the IEA via an Implementing Agreement signed in April at the second Ministerial in Abu Dhabi. For further information, please see the press release dated April 21. * Released by the Smart Grid and Electricity Market Division date2011-06-23
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Minister Travels to Russia to Promote Investment, Technology Cooperation
Minister Travels to Russia to Promote Investment, Technology Cooperation Minister of Knowledge Economy Choi Joong-Kyung traveled to Moscow last week for a brief trip to follow up on two memorandums of understanding. One MOU addresses industrial partnerships between Korea and Russia, and the other deals with joint efforts to modernize the Russian economy. While in Moscow, Minister Choi met with business leaders and senior government officials and attended an investment forum and a forum on indus date2011-06-21
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Retail Sales Figures for May
date2011-06-17
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Korea, China Forge Stronger Industrial Ties
Korea, China Forge Stronger Industrial Ties With the 20th anniversary of the establishment of diplomatic relations coming up in 2012, Korea and China are looking to collaborate on industrial partnerships. “Korea and China need to join forces in advancing strategic partnerships, deepening investment and trade ties and adapting to changes in the industrial environment,” Minister of Knowledge Economy Choi Joong-Kyung remarked earlier this month at a meeting organized to promote investm date2011-06-16
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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. Production, exports and sales of both domestic and imported cars displayed brisk year-on-year growth, partly due to fresh demand for new models and consumer preference for efficient smaller cars. On the back of continued robust exports, Korea produced 388,666 vehicles, a 10.5 percent increase from the year before. Domestic sales posted a 4.8 percent increase to 129,315 vehicles. date2011-06-14
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Korea, UAE Investors Discuss Business Partnerships
Korea, UAE Investors Discuss Business Partnerships Ties between Korea and the United Arab Emirates have made considerable progress since 2009, when Korea won a landmark deal to build nuclear power plants in the Middle Eastern country. To expand the scope of bilateral cooperation even further, the two countries recently held a joint investment forum in Seoul. At the forum, UAE delegates had a chance to discuss promising partnerships with potential Korean investors. They explained the country&rsq date2011-06-10
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IT Trade Figures for May
IT imports went up 15.9 percent to record $6.94 billion. With inbound shipments of semiconductors and display panels rising 12.6 percent to $2.74 billion and 9.4 percent to $560 million, respectively, imports of electronic components gained 12.8 percent to reach $3.94 billion. Imports of mobile phones rose 45 percent to $470 million; while imports of computers and related devices increased 6.8 percent to $790 million. date2011-06-08