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Trade Figures for April
date2013-05-02
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Korea Introduces “Mini Foreign Investment Zones”
Under the new system, which came into effect on April 17, the minimum required area to designate an investment zone is lowered to 82,500 square meters. Previously, the requirement was 330,000 square meters. In an effort to pursue balanced regional development, the mini foreign investment zones will be designated only outside of the Seoul metropolitan area. Companies investing in the new zones will receive the benefit of low rental fees, while businesses that invest US$ 1 million or more in the high-technology industry will be exempt from paying rent entirely. * Released by the Foreign Investment Promotion Division date2013-04-26
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Retail Sales Figures for March
date2013-04-19
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Parts and Materials Industry Trade Figures for the First Quarter
Despite unfavorable economic conditions, including a weaker Japanese yen, exports in the parts and materials industry grew by a brisk 5.2 percent year on year. The recovery was led by solid performances in electronic components, electrical machine parts and transportation machine parts. Exports of nonmetallic minerals were boosted by strong demand from LCD panel manufacturers. Due to weaker demand in the global market, outbound shipments fell in basic metals, rubber and plastic materials and textiles. With most trading partners, the nation’s trade balance maintained a surplus. date2013-04-16
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Foreign Investment Figures for First Quarter
date2013-04-12
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IT Trade Figures for March
date2013-04-11
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MOTIE Releases Car Sales Figures for March
MOTIE Releases Car Sales Figures for March The Ministry of Trade, Industry and Energy has released its car sales figures for March. Korea’s car production fell 13.1 percent year on year to 365,768 vehicles due to fewer working days and reduced working hours. Thanks to the introduction of new models and solid performances from imported cars, 131,136 vehicles were sold on the domestic market, about the same as the previous year. Despite greater brand awareness of Korean auto makers overseas date2013-04-09
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Korea-Turkey FTA to Take Effect on May 1
The Ministry of Trade, Industry and Energy has announced that the Framework Agreement Establishing a Free Trade Area between the Republic of Korea and the Republic of Turkey and their Agreement on Trade in Goods will be brought into force on May 1, 2013. The trade deal was officially signed in August 2012, but domestic procedures for implementation in both countries were completed at the end of March 2013. With the deal in effect, tariffs on almost all trading items will be eliminated within ten years. For industrial products, in particular, all tariffs will be phased out over a seven-year period. The Turkish economy shows great potential, with strong recent growth and the second largest population in Europe. Given the nation’s geographically strategic importance as a bridge between Europe, the Middle East and Africa, the trade pact is expected to serve as an important catalyst for the two economies to expand and develop bilateral economic and trade relations and widen the scope of their cooperation. In order to pursue a comprehensive agreement, the two sides have also agreed to conclude negotiations on services and investment within one year of the entry into force of the Agreement. The Korea-Turkey FTA is the ninth such trade deal for Korea and makes Turkey the country’s 46th FTA partner. * Released by the FTA Negotiation Coordination Division date2013-04-05