Ministry of Trade, Industry and Energy

Korea, Europe Mark Second EUREKA Day

Korea, Europe Mark Second EUREKA Day Nearly 600 businesspeople and R&D specialists convened in Seoul for the second EUREKA Day—a collaborative event between Korea and its European partners to promote technology development and open innovation. EUREKA is a pan-European network that promotes market-oriented industrial research and development, and in 2009 Korea became the first Asian country to gain Associate Country status. Last year, Korea proclaimed every third Wednesday in March as date2011-03-23

Korea, Poland Forge Nuclear Partnership

Vice Minister for Trade and Energy Park Young June recently traveled to Warsaw to discuss a potential nuclear partnership with Polish Commissioner for Nuclear Energy Hanna Trojanowska. The Korean delegation also included representatives of Korean energy businesses. Poland is looking to nuclear energy as a practical solution to diversify its energy sources and address climate change. Vice Minister Park noted that, in the face of higher oil prices and worsening environmental challenges, having a partner with vast expertise and knowledge of the nuclear industry would be a wonderful asset. On the same day, a business forum focused on possible joint projects involving renewable energy and the establishment of energy infrastructure in Poland. As a result of the free trade agreement that Korea and the European Union signed in October, Vice Minister Park emphasized that the two countries would enjoy many exciting opportunities to strengthen the bilateral relationship. As part of his weeklong trip to Eastern Europe, the Vice Minister also visited Romania and Bulgaria to forge stronger industrial and energy ties. * Released by the Europe and Americas Division   date2011-03-21

Retail Sales Figures for February 2011

The Ministry of Knowledge Economy has released its retail sales figures for the month of February. Since the Lunar New Year holiday fell earlier in the month this year, spending on food at both the nation’s three major discount chains and its three major department store chains dropped 14.5 percent and 38.7 percent, respectively, from the same period in 2010. In 2011, the Lunar New Year holiday fell in the first week of February and largely affected January sales figures. Sales at the three major discount chains fell 10.9 percent from a year ago—this was mostly due to lower spending on food and household goods, which accounted for 53.6 percent and 18 percent of all sales, respectively. Sales were down across a wide spectrum of categories: household appliances and cultural goods (-5.9 percent), apparel (-12.3 percent), household goods (-12.2 percent), general goods (-6.3 percent) and food (-14.5 percent). Sporting items were an exception (+5.9 percent). Sales at the nation’s three major department store chains posted a 5.2 percent increase in sales, with spending up in most categories. General goods, women’s suits, women’s casual wear, men’s clothing, children’s goods and sporting items, household goods and luxury goods gained 10.5 percent, 14.4 percent, 11.3 percent, 6.1 percent, 14.1 percent, 25 percent and 29.7 percent, respectively. Food sales recorded a 30.8 percent decrease in a notable exception to this trend. * Released by the Distribution and Logistics Division   date2011-03-17

Korea, Poland Discuss Nuclear Cooperation

Vice Minister for Trade and Energy Park Young June (second from left) attended a seminar in Warsaw on March 11 to promote nuclear cooperation between the two countries. Vice Minister Park promised that Korea would help Poland establish a nuclear plant by sharing its expertise and knowledge. date2011-03-15

Vice Minister Meets With Polish Nuclear Official

Vice Minister for Trade and Energy Park Young June met with Polish Commissioner for Nuclear Energy Hanna Trojanowska in Warsaw on March 11. The discussion focused on bilateral cooperation to establish a nuclear plant in Poland. date2011-03-15

Higher Oil Prices Boost Sales of Small and Hybrid Cars

Higher Oil Prices Boost Sales of Small and Hybrid Cars The Ministry of Knowledge Economy has released its car sales figures for February. Despite a shorter working month, vehicle sales in the domestic market totaled 114,465, the highest number in nine years. Of the total, 107,695 vehicles were domestic cars, which saw a 1.1 percent year-on-year increase in sales; meanwhile, imported cars saw a 5.2 percent increase with 6,770 vehicles sold. With the recent surge in oil prices, sales of fuel-effi date2011-03-15

IT Trade Figures for February

IT Trade Figures for February The Ministry of Knowledge Economy has released its IT trade figures for February. The national trade balance in the information technology sector totaled $5.33 billion. Despite adverse overseas conditions and a shorter working month, IT exports increased for the 17th consecutive month, having climbed 4.8 percent year on year to reach $11.18 billion.   Most of Korea’s key export items displayed positive growth. With shipments to China and Japan growing 9. date2011-03-09

Korea Reaches Out to Its South Asian Partners

Korea Reaches Out to Its South Asian Partners Vice Minister for Trade and Energy Park Young June and a delegation representing nearly 20 Korean businesses traveled to India, Sri Lanka and Nepal last week to meet with high-level government officials. This visit was part of Korea’s efforts to promote industrial partnerships with emerging markets in South Asia. In India, Vice Minister Park discussed potential partnerships involving energy, biofuel and information technology. The two sides al date2011-03-04

Korea, Russia Launch Business Council

Korea, Russia Launch Business Council Vice Minister for Industry and Technology Ahn Hyunho speaks at the opening ceremony for the Korea-Russia Business Council on February 21 in Seoul. The event drew nearly 100 dignitaries from both countries. date2011-03-02

Korea, Russia Open Joint Technology Center

Korea, Russia Open Joint Technology Center Minister of Knowledge Economy Choi Joong-Kyung addresses representatives of government bodies, businesses and research institutes from Korea and Russia at the opening ceremony for a joint technology center on February 24 in Seoul. date2011-03-02