Ministry of Trade, Industry and Energy

Korea, Latin American Partners Pursue Closer Economic Cooperation

Vice Minister for Trade and Energy Park Young June (sixth from left, first row) stands with representatives of local companies and ambassadors from 15 Latin American countries at an economic partnership meeting held April 19 in Seoul. date2011-04-29

Delegates Seek Clean Energy Partnerships at U.S.-Korea Energy Consultations

Working-level delegates from Korea and the United States gathered in Seoul last week to discuss the transition to a cleaner economy at the fourth U.S.-Korea Energy Consultations. Representatives of U.S. research institutions traveled to Korea to explore clean energy solutions such as carbon capture and storage, electric car batteries and clean coal. Nuclear energy, gas hydrates and smart grids were also addressed. The Consultations built on progress made last year at the first Clean Energy Ministerial in Washington, D.C.   As a result of the Consultations, a number of joint projects are under consideration between Korea and the United States. The two countries have already taken an important step in the area of smart grids: The Ministry of Knowledge Economy is collaborating with the State of Illinois on a pilot project to dramatically reduce energy consumption in Chicago’s skyscrapers.   * Released by the Energy and Resources Policy Division date2011-04-28

Minister Greets Spanish Ambassador to Korea

Minister of Knowledge Economy Choi Joong-Kyung meets with Spanish Ambassador to Korea Luis Arias Romero on April 18 in Seoul. The two officials discussed bilateral economic ties and cooperation on renewable energy. date2011-04-26

Korea, Russia Strengthen Industrial Partnership

Korea, Russia Strengthen Industrial Partnership Minister of Knowledge Economy Choi Joong-Kyung and Russian Minister of Industry and Trade Viktor Khristenko shake hands after signing a memorandum of understanding on April 18 in Seoul. Under the MOU, the two countries will cooperate in key industries and work together to promote investment and research and development. date2011-04-25

Minister Addresses EU Investors Ahead of FTA Effectuation

Minister Addresses EU Investors Ahead of FTA Effectuation A luncheon meeting hosted by the European Union Chamber of Commerce in Korea (EUCCK) drew nearly 70 European business leaders on April 13. Minister of Knowledge Economy Choi Joong-Kyung delivered the keynote speech. With the Korea–EU FTA due to take effect in July, the strong ties between Korea and the European Union are about to grow even stronger, Minister Choi explained. Pointing to Korea’s progress on FTAs with major coun date2011-04-25

Clean Energy Ministerial Produces Action on Smart Grids

Minister of Knowledge Economy Choi Joong-Kyung traveled to Abu Dhabi to attend the second Clean Energy Ministerial earlier this month. Korea, Australia, Canada, France, Germany, Italy, Mexico and the United States signed an agreement that will strengthen the International Smart Grid Action Network (ISGAN). ISGAN is a mechanism for multilateral collaboration in which Korea has taken the lead. The network was launched at the first Clean Energy Ministerial in July 2010, and the new implementing agreement will ensure its operational efficiency and institutional stability. Through ISGAN, countries can actively share information about ongoing smart grid projects so as to ensure the interoperability of the technology. This will facilitate the wider adoption of renewable energy sources such as solar and wind power, which can be harnessed safely and effectively once the advanced power grids are in use. “Globally, many countries have their own smart grid projects in various stages,” Minister Choi said at the Ministerial. “Considering how complex the systems are, it is imperative that we share our knowledge and enhance cooperation.” The Clean Energy Ministerial involved government ministers from more than 20 countries, who gathered to review the progress of their efforts to disseminate clean energy and increase energy efficiency. ISGAN was one of 11 initiatives launched at last year’s meeting.   * Released by the Energy and Resources Policy Division   * For further information, please see the attached files. 1. Transcript of the Minister’s presentation 2. CEM 2011 Fact Sheet: International Smart Grid Action Network (Source: )   date2011-04-21

Retail Sales Figures for March 2011

The Ministry of Knowledge Economy has released its retail sales figures for the month of March. Sales at the nation’s three major discount chains and its three major department store chains posted positive growth. Greater spending on food, which accounted for 54.6 percent of all sales, drove up sales at the major discount chains 1.9 percent. Sales were down in some categories such as household appliances and cultural goods (-13 percent), general goods (-1.4 percent) and apparel (-0.5 percent); however, spending on food, sporting items and household goods climbed 5.8 percent, 5.3 percent and 1.4 percent, respectively. Sales at the nation’s three major department store chains displayed double-digit growth (13.1 percent), and spending was up across a wide spectrum of categories. General goods, women’s suits, women’s casual wear, men’s clothing, children’s goods and sporting items, household goods and food gained 12.4 percent, 4.5 percent, 7.5 percent, 7.6 percent, 15.7 percent, 16.2 percent and 12.0 percent, respectively. Notably, luxury goods posted a 27 percent increase in sales and accounted for 14.1 percent of all sales—up from only 13.1 percent in February. Spending on household goods increased, mainly as a result of promotions and discounts involving home appliances.   * Released by the Distribution and Logistics Division date2011-04-15

Korea, Malaysia Hold Joint Investment Seminar

Korea, Malaysia Hold Joint Investment Seminar Minister of Knowledge Economy Choi Joong-Kyung addresses Malaysian businesspeople on April 5 in Seoul. The two countries signed four memorandums of understanding concerning bilateral cooperation on commerce and investment. date2011-04-14

Vice Minister Celebrates Arbor Day

Vice Minister for Trade and Energy Park Young June (center) and energy company representatives plant a tree on April 5 to commemorate Arbor Day. The event symbolizes the government’s determination to address climate change and promote green growth. date2011-04-14

MKE Releases Car Sales Figures for March

MKE Releases Car Sales Figures for March The Ministry of Knowledge Economy has released its car sales figures for Vehicle production and exports reached record heights despite the earthquake in Japan. The crisis seems to have had minimal impact on Korean automakers, which had adequate stockpiles of Japanese components. Sales of both domestic and imported cars saw a third consecutive month of positive growth. Korea produced 395,899 vehicles, a 3.6 percent increase from 2010, on the back of robus date2011-04-14