Ministry of Trade Industry and Resources

Korea Pledges Better Environment for Foreign Direct Investment

The Ministry of Trade, Industry and Energy held this year’s third Foreign Investment Committee meeting and finalized a set of measures to improve Korea’s business environment and infrastructure for foreign investment. With the aim of creating quality jobs and leading the transition to the creative economy, the Ministry mapped out top priority tasks in collaboration with related agencies and local governments. As part of efforts to promote foreign investment, Korea will introduce an ‘Asia Regional Headquarter Program’ later this year. Under the new program, companies that set up a regional headquarters in Korea may apply for a comprehensive package including cash grants from the government. The Ministry will also work with competitive materials and parts suppliers based in the United States and Germany to explore and develop investment opportunities in Korea. To better lure high quality investment, Korea plans to reorganize its foreign investment support system to focus on job creation and innovation. Under the new system, foreign companies who have contributed to the local economy will enjoy further support from the government. In addition, the Ministry will take a two-track approach – setting up task force teams tailored to meet investors’ needs while actively developing large-scale overseas investment promotion activities. In an effort to improve investment conditions and remove obstacles to foreign investment, steps under consideration include lowering the minimum share required for a third generation subsidiary of a joint investment company to establish its subsidiaries to 50 percent. In order to enhance living conditions for expatriate employees in Korea, MOTIE plans to attract more foreign schools, provide better medical services and create a more English-friendly environment. The Ministry is also committed to assisting foreign businesses in their efforts to recruit skilled personnel. * Released by the Foreign Investment Policy Division date2013-06-13

IT Trade Figures for May

date2013-06-11

Trade Figures for May

Exports of wireless communications devices surged thanks to brisk sales of smartphones and a low base effect from a year earlier. Semiconductor exports showed positive growth as rising demand for smart devices boosted outbound shipments of memory semiconductors. Thanks to strong demand for LED lighting from advanced nations and robust sales of premium TVs, exports of household appliances also performed strongly. Textile exports also increased as an effect of the Korea-Turkey FTA. Exports of steel, on the other hand, declined sharply, mainly due to sluggish recovery of the steel market. Outbound shipments of ships also continued to fall. An oversupply of ships, financial crisis in the European Union and contraction of shipping finance were contributing factors in this decline. date2013-06-04

Korea, Europe Mark 4th “EUREKA Day”

The Ministry of Trade, Industry and Energy held the 4th Korea EUREKA Day event for three days in Istanbul, Turkey starting May 28. EUREKA is a pan-European network that promotes international, market-oriented research and innovation. In 2009, Korea became the first non-European nation to join the network as an Associate Country. Korea holds the EUREKA day event every year to widen the scope of technological ties with EUREKA members. On the first day, participants learned about Korea’s in date2013-05-31

Retail Sales Figures for April

date2013-05-23

MOTIE Releases Car Sales Figures for April

MOTIE Releases Car Sales Figures for April The Ministry of Trade, Industry and Energy has released its car sales figures for April. Despite more working days last month, the nation’s car production declined 2.5 percent year on year to 386,446 vehicles due to reduced working hours and sluggish export growth. The introduction of new models by domestic car producers and rising demand for imported cars, however, boosted vehicle sales on the domestic market up 3.0 percent to 132,938 units. Exp date2013-05-13

IT Trade Figures for April

Exports rose 17.5 percent year on year to $14.13 billion to record the highest monthly amount so far this year. Mobile phones and memory semiconductors showed strong growth, while exports of display panels, digital TVs and computers also grew at a moderate but healthy pace. Mobile phones saw an upswing on the back of strong performances in smartphones and related devices. While exports of computers grew by double-digits, exports of related devices such as printers and monitors declined sharply. Thanks to solid sales of premium products such as smart TVs, exports of televisions rose overall for the ninth month in a row. IT imports, meanwhile, gained 7.3 percent from a year earlier to $6.77 billion. While imports of electronic components such as semiconductors and printed circuit boards rose 15.4 percent, computers and related devices and mobile phones posted negative growth. Although imports from China and the United States declined, inbound shipments from Japan, Singapore, Taiwan and the European Union increased. date2013-05-10

Korea, Indonesia Stepping Up Energy Ties

South Korean Deputy Minister for Energy and Resources Kim Jundong led a delegation from the public and private sectors to Bail, Indonesia on April 30 to host the 6th Korea-Indonesia Energy Forum. The event was aimed at enhancing bilateral ties and exploring new business opportunities in the energy and resources sectors. Under the theme of “Collaboration in Energy Development and Technology Partnership,” the event consisted of four sessions including oil and gas, coal and minerals, electricity and renewable energy. The occasion provided a chance for 150 participants to hold in-depth discussions and share information about the two nations’ energy policies and opportunities for joint projects. On the sidelines of the forum, two separate working group-level meetings were arranged to discuss gas utilization and renewable energy and energy conservation. The meeting produced two memorandums of understanding and a memorandum of agreement at the private level on better utilizing Indonesia’s gas resources and developing promising joint projects in related industries. As the two nations have a long history of cooperating in a wide range of fields in the energy industry, Deputy Minister Kim said the forum would serve as an opportunity to strengthen their economic partnership and promote trade in the energy sector. * Released by the Asia Division; the Resources Development Strategy Division; and the New and Renewable Energy Division date2013-05-07