Ministry of Trade, Industry and Energy

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

Vice Minister Greets Ghanaian Delegation

Vice Minister for Industry and Technology Yoon Sang-Jick speaks with Ghana Investment Promotion Center Chief Executive Officer George Aboagye on May 27 in the Gwacheon Government Complex, south of Seoul. The discussion touched on bilateral partnerships concerning trade, investment, energy and infrastructure. date2011-05-31

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

Minister Speaks with Indonesian Coordinating Minister for Economic Affairs

Minister of Knowledge Economy Choi Joong-Kyung meets with Indonesian Coordinating Minister for Economic Affairs Hatta Rajasa (second from right) on May 18 in Bali. The two officials discussed economic partnerships, with particular emphasis on the Master Plan on the Acceleration and Expansion of Indonesian Economic Development. date2011-05-24

Minister Visits Indonesian President

Minister of Knowledge Economy Choi Joong-Kyung speaks with Indonesian President Susilo Bambang Yudhoyono on May 19 in Jakarta. Minister Choi requested the Indonesian President’s continued interest in economic cooperation between the two countries. date2011-05-24

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

Minister Commemorates 100th Day in Office

Minister of Knowledge Economy Choi Joong-Kyung held a press conference on May 4 in the Gwacheon Government Complex to mark his 100th day in office. date2011-05-17

Minister Welcomes Vietnamese Deputy Minister

Minister Welcomes Vietnamese Deputy Minister Minister of Knowledge Economy Choi Joong-Kyung meets with Vietnamese Deputy Minister of Industry and Trade Ho Thi Kim Thoa on May 5 in Seoul. Their discussion focused on cooperation on energy, industrial technology, and the construction of nuclear power plants date2011-05-17