Ministry of Trade Industry and Resources

Korea Committed to Broadening Partnerships with China`s Local Governments

Minister of Knowledge Economy Sukwoo HONG travelled to the Chinese provinces of Guangdong and Shaanxi last week to strengthen economic ties with the Chinese local governments. During the visit to Guandong, Minister Hong met with the Secretary of the Guangdong Provincial Committee, Wang Yang, and reaffirmed the importance of stronger partnerships in overcoming global economic uncertainties. In order to develop a platform for sustainable growth, the two officials pledged to further advance the dialogue and agreed to widen the scope of cooperation, including in the high-tech industrial sectors. Meanwhile, the third Korea-Guangdong Economic and Trade Development Forum produced seven memorandums of understanding to enhance bilateral ties in areas such as energy conservation, the environmental industry and investment promotion. On the sidelines of the event, MKE also arranged a business forum for the first time in Guangdong to showcase Korea’s cutting-edge technologies and promising business opportunities in Korea. After the two-day visit to Guangdong, Minister Hong made his first trip to Shaanxi and met with the Governor, Zhao Zhengyong. A groundbreaking MOU signed by the two officials will establish a ministerial-level cooperation channel and develop joint partnerships in new growth industries. Under the terms of the MOU, both sides will take on various projects in the infrastructure and industrial development sectors. The deal also includes plans for working-level discussions on joint endeavors and potential cooperation opportunities in both Shaanxi and Korea. With high-profile business leaders from both sides in attendance, the Korea-Shaanxi Economic Forum was set up to serve as an important opportunity to share information on development plans and collaboration ideas. * Released by the Northeast Asia Division date2012-12-05

Trade Figures for November

While inbound shipments of capital goods rose 3.6 percent, imports of consumer goods shrank 7.1 percent. Imports from Japan and China showed negative growth. date2012-12-03

Minister Greets Head of IEA

Minister of Knowledge Economy Sukwoo HONG shakes hands with the Executive Director of the International Energy Agency, Maria van der Hoeven on November 23 in Seoul. date2012-11-29

MKE Announces Energy Conservation Measures for Winter

The Ministry of Knowledge Economy has announced plans to cope with possible power shortages this winter as the nation’s power reserves are expected to fall below the safe level of 4 million kilowatts. The new measures require government offices and commercial buildings with high electricity demand to keep indoor temperatures at or below 18 and 20 degrees Celsius, respectively. The plan also limits retailers to one neon sign each and requires them to keep doors shut when heating systems are in use. On the supply side, the nation will make efforts to maximize power generation by fully mobilizing publicly- and privately-owned generators. For the first two months of 2013, businesses whose contract demand is greater than 3,000 kilowatts will be required to reduce consumption by up to 10 percent. From the beginning of the year, MKE also plans to introduce a critical-peak pricing program, which offers discounts on off-peak days while imposing surcharges for peak days and times to encourage energy saving. The ministry will update the public on the status of power reserves via public broadcasting networks and text messaging. The second nationwide blackout drill is scheduled in January to improve the readiness of industrial complexes for possible rolling power outages. * Released by the Electric Power Division and the Energy Efficiency Policy Division date2012-11-27

Retail Sales Figures for October

The Ministry of Knowledge Economy has released its retail sales figures for the month of October. Weaker consumer sentiment due to prolonged global economic uncertainties and the higher cost of fresh produce pushed sales at the nation’s three major discount chains down 6.6 percent year on year. Spending declined in most categories, including apparel, household goods and food. date2012-11-26

Korea to Build Stronger Ties with the MENA region

Deputy Minister for International Affairs Moon Jaedo attends the MENA-Korea Economic Cooperation Forum on November 13 in Seoul. The forum drew nearly 300 business representatives and government officials from countries in the Middle East and North Africa. date2012-11-23

Korea Showcases IT Convergence Technologies in Silicon Valley

Korea Showcases IT Convergence Technologies in Silicon Valley In collaboration with the Korea Trade-Investment Promotion Agency (KOTRA) and the National IT Industry Promotion Agency (NIPA), the Ministry of Knowledge Economy held the `K-Tech @ Silicon Valley 2012` in Silicon Valley on November 12. The two-day conference, the first of its kind, was set up to demonstrate recent advancements in IT convergence technologies and suggest a future vision for the global IT convergence sector.   Kore date2012-11-22

Korea, Bolivia Discuss Energy Cooperation

date2012-11-22

Korea, Hong Kong Pursue Closer Investment Ties

Deputy Minister for International Affairs Moon Jaedo addresses representatives of government bodies, financial institutions and investors from Korea and Hong Kong at the opening of the Korea Investment Forum on November 8 in Hong Kong. date2012-11-20

Vice Minister Encourages More Participation of Foreign Companies

Vice Minister for Trade and Energy Cho Seok attends the 2012 Foreign Company Day on November 1 in Seoul. The event drew nearly 400 participants including members of the diplomatic corps and representatives of foreign companies operating in Korea. date2012-11-16