Ministry of Trade, Industry and Energy

MKE Releases Car Sales Figures for April

MKE Releases Car Sales Figures for April The Ministry of Knowledge Economy has released its car sales figures for April. Thanks to robust outbound shipments, Korea produced 396,184 vehicles, up 0.2 percent from a year earlier. Exports continued to rise 3.9 percent year on year to 276,639 vehicles, but growth slowed due to the lower number of working days in April this year. High fuel prices and economic uncertainties drove sales of domestic cars down 6.8 percent to 118,377 vehicles. The lower date2012-05-10

IT Trade Figures for April

Meanwhile, IT imports dropped 5.3 percent from a year earlier to $6.31 billion. While imports of system semiconductors and household devices rose, demand fell for mobile phones and computers and related devices. Imports from Japan and the United States saw an increase; however, inbound shipments from China and Taiwan continued to decline. * Released by the Electronics and IT Policy Division date2012-05-08

Vice Minister Attends Clean Energy Ministerial, Steps Up Technology Cooperation With UK

Vice Minister for Trade and Energy Cho Seok traveled to London last week to participate in the third Clean Energy Ministerial, a high-level international forum where 23 nations share ideas to promote clean energy and energy efficiency. While he was there, the Vice Minister signed a memorandum of understanding that will enhance cooperation on energy technology with the United Kingdom. Under the intergovernmental MOU, the Korean Ministry of Knowledge Economy and the UK Department for Business, Innovation and Skills will collaborate in such areas as nuclear power and renewable energy. At the same time, the Korea Wind Energy Industry Association and Renewable UK, leading industry associations in their respective countries, affirmed their intention of nurturing partnerships in the area of wind power. At the forum, Vice Minister Cho shared Korea’s green growth strategy with the other participants: plans to increase the energy efficiency rate to 47 percent and raise the proportion of energy generated from renewable sources to 11 percent of the nation’s energy mix by 2030; initiatives such as the Greenhouse Gas and Energy Target Management System and the Renewable Portfolio Standard; and greater investment in the renewable energy sector. At a roundtable discussion for representatives of the private sector, the Vice Minister stressed the role of private investment in the development of renewable energy technology. * Released by the Energy and Resources Policy Division; the Foreign Investment Promotion Division; the Energy Technology Division; and the New and Renewable Energy Division date2012-05-02

Trade Figures for April

date2012-05-02

New Law Brings Foreign Hospitals a Step Closer

Minister of Knowledge Economy Sukwoo HONG announced last week that the Cabinet had approved the revised enforcement decree of the Special Act on Designation and Management of Free Economic Zones (FEZs). The President proclaimed the revised decree on April 20 and it takes effect June 1. The change will improve Korea’s investment environment by making it easier for foreign medical institutions to enter the Korean market. Since the passage of the Special Act in 2002, the government has been working to bring foreign medical institutions to Korea. Until now, however, gaps in the legislation were obstacles to foreign investment in this important business area and proposed regulatory changes were still on hold in the National Assembly. The ordinance sets forth specific preconditions for the establishment of a foreign medical institution in one of Korea’s six Free Economic Zones (FEZs), as well as the approval procedure. Under the new ordinance, a foreign medical institution in an FEZ must operate in collaboration with a foreign entity and at least 10 percent of doctors and dentists practicing in each institution must hold foreign licenses. A related ordinance will be drafted by the Ministry of Health and Welfare this month and take effect in June. Shortly after the ordinances take effect, the first 600-bed foreign hospital is set to open in the Incheon FEZ. It is expected to attract at least 60,000 foreign patients every year from Korea and abroad. Regarding concerns over the possible impact of foreign hospitals on the domestic healthcare industry, Minister HONG said the government would consider restricting the number of beds in the new foreign institutions. * Released by the Planning Office of the Free Economic Zones date2012-04-26

Retail Sales Figures for March

date2012-04-20

Korea Takes Action to Stabilize Domestic Oil Market

Korea announced plans yesterday to increase competition in the domestic oil market and stabilize energy prices. Four major refiners currently dominate the domestic oil market, but a fifth petroleum supplier—Samsung Total Petrochemicals—is set to gain a presence as a new supplier for Korea’s thrift gas stations. Beginning in June, Samsung Total Petrochemicals will have the opportunity to supply gasoline to Korea’s thrift gas stations; the government will also increase the number of thrift gas stations by introducing tax incentives. Korea’s gas stations are currently under pressure to purchase petroleum products from a single refiner; however, the plan will make it easier for them to do business with different suppliers. Sellers of petroleum products will also enjoy tax benefits if they participate in the new electronic spot oil trading system that the government launched in March. To invigorate trade through the system, no tariffs will be imposed on oil products imported via the system. In addition, a support center will provide one-stop administrative services including detailed information on petroleum product prices and the progress of the new measures. The government pledges to monitor oil prices closely, and to take action to alleviate the burden that high fuel costs impose on consumers. * Released by the Petroleum Division date2012-04-20

Parts and Materials Industry Trade Figures for the First Quarter

date2012-04-19