Elected with a national mandate to invigorate the Korean economy, President Lee Myung-bak merged the Ministry of Commerce Industries and Energy (MOCIE) with parts of the Ministry of Information and Communications the Ministry of Science and Technology, and the Ministry of Finance and Economy to create the current Ministry of Knowledge Economy.
Today the Ministry has considerable jurisdiction in creating a more business-friendly environment. It pushes for development of new growth engines by supporting Information and Communications Technologies (ICT) and high-end manufacturing.
It also promotes foreign trade, pursues Foreign Direct Investment (FDI), and champions efficient markets. Furthermore, the Ministry is mandated to engage in energy cooperation projects, expand renewable resources and...