Ministry of Trade, Industry and Energy

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

Retail Sales Figures for May

    date2011-06-17

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

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

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