Ministry of Trade Industry and Resources

Korea Outlines New Trade Policy Direction

The Ministry of Trade, Industry and Energy announced a “New Trade Policy Roadmap” to improve the effectiveness of the nation’s trade policy and promptly respond to rapidly changing trade conditions. As part of its new trade agenda, Korea will continue to expand its global network of free trade agreements (FTAs). While concentrating on the completion of additional trade pacts, particularly with emerging economies, Korea is poised to serve as a linchpin of accelerated economic integration in the East Asian market with the promotion of regional trade agreements. The nation is also committed to further cooperating on multilateral trade negotiations, such as the Information Technology Agreement (ITA) and the Trade in Service Agreement (TISA). Korea will push for trade ties tailored to its trading partners’ needs, promoting FTAs with economic powerhouses as well as sharing its development experiences with emerging economies. For example, to better assist developing countries’ development efforts, Korea will set up an Emerging Nations Co-development Program (ECP), provide project financing in collaboration with development banks and offer comprehensive technological assistance. With the new the initiatives in place, MOTIE aims to create more jobs and provide greater access to overseas markets for small and medium-sized enterprises (SMEs). As part of these efforts, the Ministry plans to form a headquarters to help address non-tariff barriers in foreign markets. To improve trade infrastructure and strengthen links between trade and industry, MOTIE has also launched a “trade industry forum”, inviting representatives from a wide range of industries including manufacturing, services, agriculture and fisheries. A comprehensive one-stop trade information system will be set up to support Korean companies doing business overseas. * Released by the Trade Policy Division date2013-06-25

Vice Minister Seeks Deeper Ties with Myanmar

date2013-06-24

Korea, Ecuador Talk on Trade and Energy

date2013-06-21

Retail Sales Figures for May

date2013-06-20

Minister Greets Chairman of U.S. International Trade Commission

Minister Greets Chairman of U.S. International Trade Commission Minister of Trade, Industry and Energy Yoon Sang-jick met with the Chairman of the U.S. International Trade Commission Irving A. Williamson on June 17 in Seoul. The discussion focused on the current status of bilateral ties in trade and investment and issues related to trade disputes and intellectual property rights. date2013-06-20

MOTIE Releases Car Sales Figures for May

The Ministry of Trade, Industry and Energy has released its car sales figures for May. The nation’s car production fell 0.9 percent year on year to 385,371 vehicles due to reduced working hours. The number of vehicles sold on the domestic market continued to grow thanks to the introduction of new models by domestic auto makers. Sales of imported cars posted the highest-ever monthly performance on the back of healthy sales growth for German and Japanese brands. With domestic cars’ i date2013-06-13

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

Minister Praises Strong Economic Ties with the U.S.

date2013-06-12

IT Trade Figures for May

date2013-06-11

Korea, Mozambique Discuss Mineral Resources

Korea, Mozambique Discuss Mineral Resources Minister of Trade, Industry and Energy Yoon Sang-jick greets his Mozambican counterpart Minister of Mineral Resources Esperança Bias on June 3 at the Gwacheon Government Complex. The two officials discussed how to expand bilateral ties in the gas and mineral resources sector. date2013-06-11