President Park Geun-hye delivers a speech before the Ministry of Trade, 

Industry and Energy, the Ministry of Agriculture, Food and Rural 

Affairs and the Small and Medium Business Administration each make 

their 2014 business report to the president at the Siheung Business 

Center in Siheung, Gyeonggi-do, on Feb. 24. (photo: courtesy of Cheong Wa Dae)

The Ministry of Trade, Industry and Energy has set as its 2014 business goal to offer bigger markets to companies and better jobs to people. To this end, the ministry has come up with the top four policy tasks it will implement during this year — establishment of a virtuous cycle of export, investment, and domestic demand; creation of creative and innovative new growth engines; expediting firms’ and manpower’s overseas exploration; and normalization of abnormalities in the industrial and energy sectors.

In its report to President Park Geun-hye on Feb. 24, the ministry said it will seek to enact the tentatively-named Act on Management and Supervision of Nuclear Operators to establish surveillance systems to uproot wrongdoings and attach top priority to ensuring safety.

MOTIE plans to secure proper power reserves during the summer and winter seasons through the timely dedication of power units and the minimizing of interruptions caused by glitches. In the latter half, the ministry plans to finalize the mid- and long-term power supply and demand outlook and power facility expansion plans for up to 2029. 

President Park Geun-hye delivers a speech before the Ministry of Trade, 

Industry and Energy, the Ministry of Agriculture, Food and Rural 

Affairs and the Small and Medium Business Administration each make 

their 2014 business report to the president at the Siheung Business 

Center in Siheung, Gyeonggi-do, on Feb. 24. (photo: courtesy of Cheong Wa Dae)

The ministry plans to take proactive steps to cope with conflicts through communication and institutional means. It will operate a systematic regime to manage conflicts, particularly minimizing conflicts in the energy sector by enhancing communication and perception with neighborhood residents. Ways of managing spent nuclear fuel will be worked out through public discussions, while neighborhood residents will participate in a committee for selecting sites for building power transmission and transformation facilities.

As part of its efforts to continue its high-powered innovation of public entities, the ministry has set a goal of reducing the combined debt ratio of 11 energy public enterprises by 19.5 percentage points by 2017 over this year. Sixteen public entities subject to priority surveillance have had their welfare and benefit payments per person curtailed by 38.6 percent over 2013.

A real-time surveillance system will be applied to all R&D tasks MOTIE will implement to nip the appropriation of R&D funds in the bud.

MOTIE will strengthen safety management of major energy supply and city gas facilities to provide “happy” public services to people. To this end, an advisory corps composed of retired military personnel specializing in vigilance and operation will be operated, and a diagnostic check-up will be conducted into city gas pipelines aged more than 20 years.

The ministry will revamp a progressive electricity charge pricing system for households and expand energy welfare benefits for low income resident by giving them discounts and establishing a legal foundation for energy vouchers. 

MOTIE plans to raise the economic boundary of free trade agreement (FTAs) markets from the current 55 percent to 71 percent. 

In this regard, the ministry plans to seek to conclude FTAs with China, Indonesia, Vietnam, and three countries of the Briti-sh Commonwealth. 

  The ministry plans to confirm an official stand on Korea’s participation in the Trans-Pacific Partnership by analyzing preparatory bilateral negotiations and its domestic implications as well as holding public hearings.