Ministry of Trade, Industry and Energy

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

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

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

Trade Figures for May

date2012-06-01

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

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

Retail Sales Figures for April

date2012-05-21

Korea, Peru Enhancing Cooperation on Industry, Energy and Trade

Minister of Knowledge Economy Sukwoo HONG and visiting Peruvian Minister of Foreign Commerce and Tourism José Luis Silva Martinot met last week to concretize the comprehensive strategic partnership the two countries announced on May 10 at the presidential Summit. The two Ministers signed a memorandum of understanding, under which Korea will support Peru in establishing a paperless trade system. They also affirmed their intention to utilize the Korea-Peru FTA (which took effect on August 1, 2011) to expand the scope of cooperation on trade and investment. Their discussion also touched on the purchase of Korean-made patrol cars for police departments in Peru; the upcoming construction of a hydroelectric power plant in Peru’s Molloco region, in which Korean companies have agreed to participate; and plans for an industrial cooperation committee to explore promising joint projects in both countries. The committee is set to launch in the second half of the year. * Released by the Americas Division date2012-05-17