Ministry of Knowledge Economy

SEOUL − “This is a symbolic event that means Korea enters the center of the world economy and trade after 50 years of economic development with enterprising spiri

SEOUL, KOREA --- The trade volume of Korea surpassed USD1 trillion. The country began from nothing at all due to the Japanese colonial rule and the Korean War. In January 1962, the country mapped out a five-year economic plan. 50 years later, Korea entered an era of USD500 billion in exports and USD1 trillion in trade.  

SEOUL, KOREA --- The new minister of Knowledge Economy, Hong Suk-woo announced at a press conference on the 24^th that Korea’s trading

Korea aims to occupy 20 percent of the global RFID/USN market share by 2018, the Ministry of Knowledge Economy commented.

"To this end, the government will actively foster 50 RFID/USN-specialized companies, which will create a total of 12,000 jobs by 2018," a ministry spokesman said.

Korean parts and material recorded the trade surplus in 2009 despite of a global economic downturn. The Ministry of Knowledge Economy (MKE) announced that the country's trade balance last year posted US$51.3 billion with US$171 billion exports and US$119.7 billion imports.

Most of the credit goes to semiconductors, LCDs, electronic components, and optical fibers. It was a record-breaking 2009 for electronic components, for example, it increased by 2.6 percent to set the record at US$63.2 billion.

On Monday, December 14th, at 12:30 Choi Kyung-hwan, the minister of knowledge economy, held the "Seoul Japan Club luncheon meeting" at the Mapo Garden Hotel Mugunghwa Hall. There, he listened to suggestions made in relation to corporate activities of Japanese companies residing in Korea, and encouraged Japanese companies with word about an increase in investment funds.

Despite the global economic crisis, major industries including IT, shipbuilding, and automobiles remained successful in overseas markets. For the first time Korea is expected to be ranked among the top 10 global exporting countries. On Nov. 24, the Ministry of Knowledge Economy analyzed the export record and the results showed that Korea exported US$260 billion worth of goods from January to September, remaining at ninth place.