Ministry of Trade Industry and Resources

Korea, 13 African Nations Promote Friendship

Vice Minister for Trade and Energy Park Young June (sixth from left) stands with African diplomats at a meeting held December 29 in Seoul. The purpose of the meeting, which involved ambassadors and officials from diplomatic missions representing 13 African countries, was to establish business networks to facilitate joint projects. date2011-01-05

Foreign Investment Figures for 2010

Foreign direct investment (FDI) pledges rose 13.8 percent year on year to record $13.07 billion, the highest level seen in a decade. Throughout the previous six years, the figure had hovered near the $10 billion to $11 billion range.     Although global FDI flows remained stagnant in 2010, the inflow of foreign capital increased, possibly due to greater trust in the country’s sound economic fundamentals. Notably, investments from the United States and Japan shot up drastically in the second half of the year—2.2 percent and 93.4 percent, respectively—fter a marked downturn in the first half. FDI in the manufacturing sector rose dramatically to $6.54 billion, representing a 75.6 percent year-on-year increase, while service-related investments dropped 18 percent to $6.23 billion. New growth engine sectors accounted for 23.6 percent of all investments; in contrast, the corresponding figure for 2009 was 18.8 percent. FDI through mergers and acquisitions fell 40.4 percent to $2.01 billion.   Percentage of All Investment Amid rising FDI from emerging countries, investments from China jumped 159.2 percent to record $414 million. Ninety percent of this amount came in after the launch of a “China Desk” in May, which assists Chinese investors. Investments from the United States and Japan increased 28.3 percent and 7.7 percent, respectively.   * Released by the Foreign Investment Policy Division   date2011-01-05

Trade Figures for 2010

The Ministry of Knowledge Economy has released its trade figures for 2010. Thanks to robust exports and lower-than-expected international oil prices, Korea’s trade balance hit an all-time high, posting a $41.7 billion surplus. Exports gained 28.6 percent year on year to reach $467.4 billion, the highest level on record. With the exception of September, exports consistently showed more than 20 percent growth throughout the year. Exports to most key trading partners increased during the period between January 1 and December 20; Oceania was a notable exception.     Among 70 major exporters in the World Trade Organization, Korea ranked seventh for the first 10 months of 2010—head of Italy, Belgium and the United Kingdom. (China topped the list, followed by the United States and Germany.) Korea is expected to retain seventh place for all of 2010.     Meanwhile, imports increased 31.8 percent to record $425.7 billion. Inbound shipments of equipment and parts related to key export items increased, consumer confidence improved, and raw material prices rose. All these factors contributed to high import growth rates. Inbound shipments of raw materials went up 34.5 percent, while imports of capital goods and consumer goods rose 28.8 percent and 29.4 percent, respectively. For the month of December, the trade surplus totaled $3.74 billion. Exports climbed 23.1 percent to $44.34 billion, while imports went up 23.3 percent to $40.6 billion. Exports of most of Korea’s 13 major export items showed an upward trend. Notably, outbound shipments of petroleum products and automobile parts grew 34.2 percent and 35.3 percent, respectively, year on year.   * Released by the Export and Import Division date2011-01-04

Minister Plays Santa at Children’s Home

Minister of Knowledge Economy Choi Kyunghwan visited a children’s welfare center in Seoul on December 16 as part of a clothing drive for people in need. date2010-12-21

Korea Strengthens Investment Ties with Central Asian Partners

Deputy Director for International Trade and Investment Kim Kyungsik addresses representatives of five Central Asian countries—Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan and Kyrgyzstan—at a joint investment forum held December 2 in Seoul. This was the third event of its kind. date2010-12-03

Vice Minister Celebrates Smart Grid Technology Event

date2010-11-18

Korea, China, Japan Ink IT Agreement

Director General for Emerging Industries Kim Jun Dong (center) and his Japanese and Chinese counterparts display the IT agreement they signed November 3 in Seoul. The agreement establishes a tripartite partnership for the sharing of information on e-government systems and cooperation on harmonized standards, human resources training, and the development of an open-source software community. date2010-11-08

Vice Minister Discusses Investment Cooperation With African Partners

Vice Minister Discusses Investment Cooperation With African Partners Vice Minister for Trade and Energy Park Young June attends the Pan-Africa Investment Forum in Maputo, the capital city of Mozambique. The meeting ran November 4 to 5 and involved senior African government officials, representatives of international agencies, and businesspeople from Asia and the Middle East. date2010-11-08

Vice Minister Speaks with Mayor of Maputo

date2010-11-08

Vice Minister Visits Prime Minister of Zimbabwe

Vice Minister for Trade and Energy Park Young June sits with Zimbabwean Prime Minister Morgan Tsvangirai during a meeting in Harare on November 1. Vice Minister Park is traveling to different African countries to facilitate economic partnerships, and Zimbabwe was the first leg of his trip. date2010-11-03