APEC Investment Opportunities (APECIO) 2005 to liberalize cross-border investment The following is an interview with Lee Hee-Beom, Minister of Commerce, Industry & Energy, regarding MOCIE dimension's agendas on the occasion of the APEC Summit Meeting in Busan. -Ed. Q: First of all, please touch upon MOCIE's planned activities during the APEC Summit Meeting in Busan A: The Ministry of Commerce, Industry and Energy (MOCIE) will participate in various meetings and events scheduled to take place on the sidelines of the APEC Economic Leaders' Meeting in Busan. They include the Senior Officials Meeting, Summit meeting, Commerce Ministers' Meeting, and the Korea-China Investment Cooperation Committee meeting. The Ministry will also be in charge of organizing APEC Investment Opportunities (APECIO) 2005, CEO Roundtable, and a robot and electronics exhibition, among others. As part of efforts to facilitate trade and liberalization among APEC member economies, APECIO 2005 will offer an overview of Korea's progress in fostering better investment environments. APECIO is scheduled to kick off at the Busan City Hall on November 14~17. In addition, MOCIE is planning on holding the CEO Roundtable and one-onone meetings between domestic and global businesses, which will allow global business leaders visiting Korea to see firsthand Korea's enhanced economic status and improved investment environment. Meanwhile, an information technology (IT) industry exhibition will take place at the Busan Exhibition and Convention Center (BEXCO) between November 11 and 21. The exhibition is expected to feature some of the nation's most advanced robots and various technologies and products related to e-trade, telemedicine, and distance learning. As such, the exhibition is expected to showcase Korea's prowess in various IT fields. Q: What are the highlights of APEC 2005 Korea for the Ministry A: MOCIE hosted the 7th APEC Energy Ministers' Meeting (EMM7) and the 2nd APEC Meeting of Ministers Responsible for Mining (MRM2) which were held in Gyeongju, 350 kilometers southeast of Seoul between October 18~21. Chaired by the Minister of Commerce, Industry and Energy, the meetings discussed ways to further regional cooperation in energy and mining. In particular, Secretary-General of the Organization of the Petroleum Exporting Counties (OPEC) attended this year's energy ministers meeting, which marked the first time the leading oil producers' group took part in the APEC Energy Ministers' Meeting. In all, EMM7 helped open a line of communication between the OPEC producers and APEC consumers, thus setting the stage for increased regional consultation among the member economies on energy and mining. On the sidelines of the upcoming Economic Leaders' Meeting, the Ministry is planning to host APEC Investment Opportunities (APECIO) 2005, which will be held at Busan City Hall between November 14~17. APECIO, which will help promote Korea an investment destination, is expected to enhance Korea's image as an open economy contributing to the facilitation of trade and trade liberalization in the region. APECIO is expected to bring together some of the most influential and respected leaders from international organizations, industries and academia. The VIP list includes Donald Johnston, Secretary-General of the Organization of Economic Cooperation and Development (OECD), Robert Mundell, the 1999 winner of Nobel Prize in economics, President Meg Whitman of eBay, President Paul Jacobs of QUALCOMM, and Bill Rhodes, President and CEO of Citigroup. In addition, 800 delegates including 300 international investors, experts from international organizations such as OECD, the United Nations Conference on Trade and Development (UNCTAD), the World Association of Investment Promotion Agencies (WAIPA), and senior government officials will be present at the event to explore ways for increased cross-border investment within the region and attract more investment in Korea. MOCIE will be in charge of running four smaller-scale exhibitions in robotics, telemedicine, distance learning and e-trade at an IT exhibition jointly hosted by MOCIE and the Ministry of Information and Communication (MIC). In particular, a new platform will be introduced at the etrade exhibition. The new platform is as part of a larger effort to build a unified etrade system by 2007, which will enable exporting businesses to use "seamless trade services" in everything from marketing to Q: What progress has been made by the APEC member economies in terms of cross-border cooperation in electronics, IT, resources, and energy A: In efforts to boost regional coordination in the electronics and IT sectors, our ministry initiated the Korea-Global Innovation Network (G-KIN) project aimed at establishing a network among the APEC members in the areas of R&D, information, and human resources. The goal of the MOCIE-led project was originally to build an international network to promote technical cooperation between all different parts of the world, including Asia, the Americas, Europe and Africa. In conjunction with the above-mentioned e-trade Platform, "B2B Integrated Platform" incorporating 48 sectors including the steel, textiles, watch industry is under way as part of bigger efforts to build "Global B2B E-Biz-based System." In line with this, efforts are under way to help businesses in Korea, Japan, and China to work together more closely, and this will be done by building a single, unified system, which would enable e-business companies in the three countries to share useful information on-line. In the meantime, the APEC Women's e- Biz Center was established to help women entrepreneurs in the region to take part in the digital economy. To boost e-business activities of women-owned businesses, the center will initiate various fora and public education projects. APEC makes up 38 percent of total global oil output while accounting for 60 percent of oil consumption worldwide. In a region that is one of the largest producers and consumers of energy, it is fitting that much progress have been made to get the member economies to work closely in the energy sector. For instance, Business Dialogue and various fora between the public and private sectors have been initiated to expand regional cooperation in joint exploration of energy and resources and boost R&D capabilities among the members. Also APEC as a major energy consumer will strengthen coordination with international agencies such as OPEC and International Energy Agency (IEA). Q: Please comment on the Korean Government's activities to attract more foreign direct investment (FDI) during the APEC Summit. A: One of the highlights of our efforts to facilitate and liberalize cross-border investment is the APEC Investment Opportunities (APECIO) 2005 which is scheduled to take place during November 14 to 17. The APEC Investment Mart, the predecessor of the APECIO, was first conceived in 1999 as a result of Korea's proposal during the sixth APEC Economic Leaders' Meeting in Malaysia in 1998. From the following year, the Investment Mart continued to serve as a stage as an investment exhibition of APEC countries until 2003. Starting this year, the Investment Mart was re-tooled as Investment Opportunities to better showcase investment frameworks of individual member economies. Overall, the APECIO took on new identity to allow each member to hold IRs and better organize various events to draw attention of potential investors. All in all, this year's APECIO offers a great overview at investment environments of 16 member economies including the United States, Japan, China, Chile, Australia, and Russia for potential investors and let them compare different investment environments and policies of the member economies. The Ministry is planning on various other programs that would allow potential investors to see firsthand Korea's enhanced status in the global arena and improved investment climate. At CEO Roundtable which is scheduled for November 16, CEOs of leading global companies such as e-Bay, QUALCOMM Merck, Citigroup and the Minister of Commerce, Industry, and Energy will exchange views on Korea's strengths as an investment destination and its investment environment and discuss the country's strategies to facilitate high-tech industries. In addition, we plan to set up one-onone investment consultations between foreign investors looking for business opportunities in the country and Korean companies seeking capital between November 16 and 17. Q: Would you elaborate on the APEC 2005 Korea: MOCIE minister's activities A: During the APEC meetings, MOCIE minister Lee Hee-Beom will participate in various events to deliver congratulatory and keynote speeches, promote Korea's investment environment, and conclude investment MOUs. On November 15, Minister Lee will attend the APEC Business Advisory Council to address the importance of global networking and the future direction of Corporate Korea. On November 16th, the minister will accompany the Prime Minister to the opening ceremony of the APEC Investment Opportunities 2005 and explain Korea's investment environment, highlighting the overall economic performance, strength as an investment destination, and incentives for foreign investment. On November 18th, the minister and China's Commerce Minister Bo Xilai will hold Korea-China Investment Cooperation Committee to discuss ways to promote investment cooperation between the two countries and conclude a bilateral MOU. On the sidelines of the APEC Summit, Minister Lee will meet with foreign CEOs visiting Korea to share views on Korea's FDI promotion drive and hold extensive discussions on growth strategies for Korean high-tech industries. Q: What is MOCIE-related agenda A: High on agenda at the two-day Summit are "economy and trade" and "human security and anti-corruption." MOCIE is concerned with energy security, agenda for the second day. Energy security will be discussed based on the outcome of the 7th Energy Ministers' Meeting and the 2nd Meeting of MinistersÆ Responsible for Mining in October. The main topic is how APEC member economies will respond to the rising oil prices. APEC leaders are expected to focus their discussion on concrete measures such as to open lines of communication between oil producing and consuming countries, promote investment in the energy sector, facilitate LNG trade, increase energy efficiency and develop new and renewable energy technologies. Q: What is MOCIE's role in promoting cooperation between Korea and APEC member economies A: MOCIE has cooperated with its counterparts of APEC member economies in various areas such as electronic communications, energy and resources, international movement towards standardization and environmental regulations. For trade and investment facilitation in the IT industry, efforts are being made through the APEC Committee on Trade and Investment to eliminate tariffs on IT products and conclude mutual recognition arrangements (MRA) for communication equipment. Also, cross-border technological cooperation tasks are being identified in emerging industries such as content, electronic devices, digital convergence, IT, robotics, automotive, chemical and materials, aerospace, and industrial convergence. For energy and resources cooperation, Korea will take the initiative in establishing a communication channel between APEC and OPEC, developing on the discussions made during the 7th Energy Ministers Meeting. In response to high oil dependence and environment issues, MOCIE has introduced a program in 2004 to exchange personnel in the nuclear energy sector among APEC member economies. The exchange program is expected to promote the importance of nuclear energy and Korea's outstanding nuclear generation technologies. Moreover, Korea has established cooperative channels with other APEC member economies on areas of intellectual property rights, standardization, and environmental regulations. For example, the China-Korea Industrial Cooperation Committee established between the Korea Electronics Association and its Chinese counterpart in September 2005 will be expanded to APEC CEO Forum and reorganized as, tentatively titled, IT Electronic Industry Business Cooperation Committee. The committee will help devise joint responses to increased IPR claims from the advanced countries and promote fair competition by preventing trademark infringement and technology theft. In addition, information exchange and cooperation will be further enhanced in IT standardization and environmental regulations . issues that are drawing more attention from the international community.