Ministry of Trade, Industry and Energy

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

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

Korea, Morocco to Step Up Renewable Energy Partnership

Deputy Minister for Industrial Economic Policy Kim Kyung-Won traveled to Casablanca last week to seek closer cooperation with Morocco in various business areas. Addressing delegates at a joint renewable energy forum, Deputy Minister Kim praised Morocco’s “forward-looking” efforts to expand the use of renewable energy. Morocco’s sun and wind conditions put the country in an ideal position to build up its photovoltaic energy and wind power industries. In recognition of these advantages, the Moroccan government intends to generate 42 percent of the country’s total electric power from renewable energy sources by 2020. Meanwhile, Korea’s own green initiatives are on the right track with active investment and impressive growth in the renewable energy sector. Deputy Minister Kim welcomed what he called “exciting opportunities for cooperation” and said Korea’s advanced technology will benefit the North African partner’s photovoltaic energy and wind power industries so that its far-reaching plans can bear fruit. Ahead of the renewable energy forum, Deputy Minister Kim and Moroccan Secretary General of Industry, Trade and New Technology Mounia Boucetta signed a memorandum of understanding on industrial partnerships. The next day, the two sides held a joint business forum.   * Released by the Middle East and Africa Division and the New and Renewable Energy Division date2011-06-02

Trade Figures for May

  Exports to key trading partners increased for the first 20 days of May, with the exception of Latin America and Oceania. Exports of ships to China shot up 222.1 percent, while outbound shipments of petroleum products to the United States and ASEAN countries went up 95.3 percent and 117.2 percent, respectively.     date2011-06-02

Minister Plans Korea’s Role in Indonesia’s Economic Development

Minister of Knowledge Economy Choi Joong-Kyung traveled to Bali last week to discuss bilateral economic ties. Indonesia is moving forward with the “Master Plan on the Acceleration and Expansion of Indonesian Economic Development,” an initiative to advance its economy with Korea as a close partner. The visit was a follow-up to a meeting between the national leaders of both countries, which took place in December. Government officials and business leaders from the two countries gathered for the first meeting of a new joint working-level task force to discuss promising areas for cooperation and plan joint projects. The meeting focused on seven sectors that feature prominently in Indonesia’s Master Plan: trade and investment, industry, energy and resources, construction and infrastructure, agriculture and fisheries, defense, and finance. The two countries signed nine memorandums of understanding in such areas as hydroelectricity, photovoltaic energy, shipbuilding, textile machinery and industrial technology transfer. An intergovernmental MOU outlines how the two sides will work together to implement Indonesia’s Master Plan. Minister Choi said the MOUs were the first step toward the realization of the two national leaders’ forward-looking vision. Minister Choi proposed what he called a “two-track approach” to the Master Plan—one for policymakers and the other for businesses. “Koreans are known for a ‘cepat cepat’ culture—it’s in our blood to do things well and fast,” the Minister said. “We will take this ‘cepat cepat’ approach to make Indonesia the economic powerhouse in this region and beyond.” In the Indonesian language, the word “cepat” means “fast.” For details on the Minister’s two-track approach, please see the full text of the speech dated May 23. Minister Choi also had a separate meeting with Coordinating Minister for Economic Affairs Hatta Rajasa. On the following day, the Minister traveled to Jakarta to visit President Susilo Bambang Yudhoyono.   * Released by the Indonesia Division date2011-05-25

Retail Sales Figures for April

The Ministry of Knowledge Economy has released its retail sales figures for the month of April. Sales at the nation's three major discount chains and its three major department store chains posted positive growth. Sales at the major discount chains increased 4.6 percent-largely because of higher spending on food, which accounted for 54.6 percent of all sales. Warmer weather drove up sales of sporting items, while discounts stimulated spending on apparel.     With more Saturdays in April, sales at the nation's three major department store chains went up 15.1 percent. Notably, spending on luxury goods jumped43.2 percent. Sales of household goods displayed double-digit growth for the fifth consecutive month as a result of home appliance promotions. Due to the increase in outdoor activities such as hiking, sales of children's goods and sporting items climbed 19.9 percent.       *Released by the Distribution and Logistics Division   date2011-05-20

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. Despite higher oil prices, the country's car production and export figureshit record levels. Sales of both domestic and imported cars showed a year-on-year increase. Korea produced 395,383 vehicles, posting a 3.5 percent increase from the same period the previous year. Production has shown positive growth for seven monthsin a row. New cars and imported vehicles performed well date2011-05-17

IT Trade Figures for April

The Ministry of Knowledge Economy has released its IT trade figures for April. The trade balance in the information technology sector posted a $6.63 billion surplus, with exports up 5.6 percent year on year to record $13.3 billion. IT exports have now shown positive growth for 19 months in a row, and have surpassed the $13 billion mark for the past two months.   Exports of mobile phones, tablet PCs and lithium-ion rechargeable batteries displayed positive growth; meanwhile, outbound shipments of display panels, semiconductors and televisions declined. An upswing in smartphone exports pushed outbound shipments of all mobile phones up 32 percent to $2.32 billion. Exports of smartphones shot up 459 percent. Exports of mobile phones to the United States showed a notable increase, posting 89.8 percent growth.   Despite robust exports of tablet PCs (up 3.3 percent), outbound shipments of computers and related devices fell 12.2 percent to $590 million. With increased demand from the United States, exports of household devices gained 4.2 percent to reach $470 million. Lithium-ion rechargeable batteries displayed double-digit growth, climbing 13.7 percent.     Exports to major trading partners increased, but shipments to the European Union were an exception. With outbound shipments of mobile phones to Japan jumping 135.5 percent, exports of display panels to China grew 8.2 percent.   IT imports rose 11.1 percent compared with the same period the previous year to record $6.67 billion. With inbound shipments of semiconductors and display panels rising 4.8 percent and 6.2 percent, respectively, imports of electronic components gained 5.1 percent to reach $3.77 billion. Notably, inbound shipments of mobile phones surged 57.2 percent.   * Released by the Electronics and IT Policy Division     date2011-05-12