KOREA TRADE-INVESTMENT PROMOTION AGENCY ACT
Wholly Amended by Act No. 3830, May 12, 1986
Amended by Act No. 4541, Mar. 6, 1993
Act No. 4968, Aug. 4, 1995
Act No. 5982, May 24, 1999
Act No. 6978, Sep. 29, 2003
Act No. 8600, Aug. 3, 2007
Act No. 8852, Feb. 29, 2008
Act No. 9332, Jan. 7, 2009
Act No. 10488, Mar. 30, 2011
Act No. 11435, May 23, 2012
Act No. 11690, Mar. 23, 2013
Act No. 12286, Jan. 21, 2014
Act No. 14665, Mar. 21, 2017
Act No. 15572, Apr. 17, 2018
Act No. 16794, Dec. 10, 2019
Act No. 16929, Feb. 4, 2020
The purpose of this Act is to contribute to the development of the national economy by establishing the Korea Trade-Investment Promotion Agency and having it conduct business concerning the promotion of trade, support for intercorporate investments and industrial and technical cooperation between domestic and foreign enterprises, assistance in attracting overseas experts, assistance to small and medium enterprises in making forays into overseas markets , and export contracts between governments, etc. <Amended on Jan. 21, 2014; Dec. 10, 2019>
[This Article Wholly Amended on Jan. 7, 2009]
| Article 2 (Legal Personality) |
The Korea Trade-Investment Promotion Agency (hereinafter referred to as "KOTRA") shall be a corporation engaging in nonprofit activities.
[This Article Wholly Amended on Jan. 7, 2009]
| (1) | The place where the principal office of KOTRA is to be located shall be prescribed by the articles of association. |
| (2) | Where necessary to conduct its business, KOTRA may establish branch offices, trade pavilions, offices, or assign resident employees to necessary places at home or abroad, following a resolution by the board of directors. |
[This Article Wholly Amended on Jan. 7, 2009]
| (1) | KOTRA’s capital shall be 300 billion won. <Amended on Mar. 21, 2017> |
| (2) | KOTRA’s capital shall be comprised of the money invested by the Government and the reserves transferred to capital pursuant to Article 12 (3). |
[This Article Wholly Amended on Jan. 7, 2009]
| (1) | KOTRA shall be established upon registration for its incorporation at the location of its principal office. |
| (2) | Matters necessary for registration for incorporation of KOTRA pursuant to paragraph (1), registration for the establishment, transfer and change of its branch office or office, and other matters necessary for registration of KOTRA shall be prescribed by Presidential Decree. |
| (3) | Matters requiring registration shall not be asserted by KOTRA against any third person unless they are registered. |
[This Article Wholly Amended on Jan. 7, 2009]
| Article 6 (Prohibition of Use of Similar Title) |
No person other than KOTRA under this Act shall not use the name "Korea Trade-Investment Promotion Agency" or any other name similar thereto.
[This Article Wholly Amended on Jan. 7, 2009]
| Article 7 (Restrictions on Power of Representation of President) |
With respect to matters in which the interests of KOTRA conflict with those of its president, the president shall not represent KOTRA, but the auditor shall represent KOTRA.
[This Article Wholly Amended on Jan. 7, 2009]
| Article 8 (Appointment of Proxy) |
The president may appoint, from among the staff, a proxy to perform all judicial or extrajudicial acts as to the business affairs of KOTRA, as prescribed by the articles of association.
[This Article Wholly Amended on Jan. 7, 2009]
| Article 9 (Prohibition against Divulgence of Confidential Information) |
No person who is or was an executive officer or employee of KOTRA shall divulge to others any confidential information he/she has learned in the course of performing his/her duties, or steal such confidential information.
[This Article Wholly Amended on Jan. 7, 2009]
| (1) | In order to achieve the purposes referred to in Article 1, KOTRA shall conduct the following projects: <Amended on Mar. 30, 2011; Mar. 23, 2013; Jan. 21, 2014; Apr. 17, 2018; Feb. 4, 2020> |
| 1. | Surveying and tapping into, and collecting information on, overseas markets for the promotion of trade and attraction of foreign investment, and dissemination of findings thereof; |
| 2. | Overseas marketing of domestic industries, commodities, and the investment climate for foreigners, and providing support with regard to the enhancement of the national brand; |
| 4. | Holding or participating in or intermediation of participation in expositions or exhibitions related to trade and investment; |
| 5. | Exportation or importation prescribed by the Minister of Trade, Industry and Energy; |
| 6. | Attraction of foreign investment (including exploitation of overseas resources and energy) and support for overseas investment by domestic enterprises; |
| 7. | Assistance in attracting overseas experts to enhance the country’s international competitiveness and assistance to domestic experts with respect to starting a business overseas and landing an overseas job; |
| (a) | Assumption of the status of the party on behalf of a domestic enterprise when concluding a contract concerning the export of defense materials, etc. with the government of purchasing state; |
| (b) | Preparation of a draft packaged negotiation associating defense materials, etc. with industry, resources and investment cooperation, and establishment of a financial support scheme; |
| (c) | Other projects which the Minister of Trade, Industry and Energy and the Administrator of the Defense Acquisition Program Administration deem necessary to support the trading of defense materials, etc.; |
| 9-2. | Providing support for organization, management, and utilization of a network of Korean business entrepreneurs overseas; |
| 10. | Projects incidental to those referred to in subparagraphs 1 through 9 and 9-2, such as operation of facilities and education, training and fostering of experts; |
| 11. | Projects that KOTRA is allowed to perform as prescribed by any other statute. |
| (2) | For effective implementation of the projects referred to in paragraph 1 (8), Korea Defense Industry Trade Support Center shall be established under KOTRA. <Newly Inserted on Mar. 30, 2011> |
[This Article Wholly Amended on Jan. 7, 2009]
| Article 11 (Liability for Expenses and Fees) |
KOTRA may have beneficiaries bear the expenses and fees incurred in conducting the activities referred to in the subparagraphs of Article 10 (1). <Amended on Mar. 30, 2011> [This Article Wholly Amended on Jan. 7, 2009]
| Article 12 (Disposal of Profit and Loss) |
| (1) | When KOTRA has realized a profit as a result of settling the accounts for a business year, it shall dispose of the profit in the following order: <Amended on May 23, 2012> |
| 1. | Making up any deficit brought forward; |
| 2. | Accumulation of an earned surplus reserve of at least 2/10 of the profit, until it reaches an amount equal to capital; |
| 3. | Accumulation of a reserve, other than an earned surplus reserve, pursuant to subparagraph 2; |
| 4. | Payment to the national treasury. |
| (2) | When KOTRA has sustained a loss after settlement of its accounts for a business year, it shall make up the loss with a reserve pursuant to paragraph (1) 3, and if the reserve is insufficient to make up the loss, it shall make up the loss with earned surplus reserve pursuant to paragraph (1) 2, and the Government may make up a shortage which occurs despite KOTRA having made up the loss. |
| (3) | Reserves pursuant to paragraph (1) 2 and 3 may be transferred to capital, as prescribed by Presidential Decree. |
[This Article Wholly Amended on Jan. 7, 2009]
| Article 12-2 (Maintenance of Financial Soundness) |
KOTRA shall endeavor to maintain its financial soundness.
[This Article Newly Inserted on Dec. 10, 2019]
The Government may grant subsidies to projects pushed by KOTRA within the budget.
[This Article Wholly Amended on Jan. 7, 2009]
| (1) | The Minister of Trade, Industry and Energy shall guide and supervise matters referred to in the following subparagraphs among the business affairs of KOTRA and affairs related to such matters: <Amended on Mar. 23, 2013> |
| 1. | Projects implemented by KOTRA pursuant to Article 10; |
| 2. | Projects entrusted by the Minister of Trade, Industry and Energy. |
| (2) | The Minister of Trade, Industry and Energy may have KOTRA submit reports and materials to the minimum extent necessary for the formulation of trading policies. <Amended on Mar. 23, 2013> |
[This Article Wholly Amended on Jan. 7, 2009]
| Article 15 (Relationship to Other Statutes) |
[This Article Wholly Amended on Jan. 7, 2009]
| Article 16 (Penalty Provisions) |
Any person who divulges confidential information or steals such confidential information in violation of Article 9 shall be punished by imprisonment with labor for not more than two years or by a fine not exceeding 20 million won. [This Article Wholly Amended on Mar. 30, 2011]
| Article 17 (Administrative Fines) |
| (1) | Any person who uses the name "Korea Trade-Investment Promotion Agency" or any other name similar thereto in violation of Article 6 shall be subject to an administrative fine not exceeding 10 million won. |
| (2) | Administrative fines under paragraph (1) shall be imposed and collected by the Minister of Trade, Industry and Energy. <Amended on Mar. 23, 2013> |
[This Article Newly Inserted on Mar. 30, 2011]
ADDENDUM <Act No. 3830, May 12, 1986>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 4541, Mar. 6, 1993>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Act No. 4968, Aug. 4, 1995>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Change of Name)
| (1) | The Korea Trade Promotion Agency, as at the time this Act enters into force, shall be deemed the Korea Trade-Investment Promotion Agency. |
| (2) | With respect to any act and other legal relation by the Korea Trade Promotion Agency, as at the time this Act enters into force, the Korea Trade Promotion Agency shall be deemed the Korea Trade-Investment Promotion Agency. |
| (3) | The name "Korea Trade Promotion Agency" entered on any registers and other official books, as at the time this Act enters into force, shall be deemed the name "Korea Trade-Investment Promotion Agency". |
| (4) | Where other statutes or regulations cite the Korea Trade Promotion Agency Act or the Korea Trade Promotion Agency, as at the time this Act enters into force, the Korea Trade-Investment Promotion Agency Act or the Korea Trade-Investment Promotion Agency shall be deemed to be cited in lieu of the former. |
Article 3 (Modification of Articles of Association)
The Korea Trade-Investment Promotion Agency shall promptly modify the articles of association so as to conform to this Act, with the authorization from the Minister of Trade and Industry, and apply for registration of change incidental to such modification of name, etc.
ADDENDA <Act No. 5982, May 24, 1999>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
Article 6 (Relationship to Other Statutes or Regulations after Abolition and Establishment of Organization)
The Commission for Planning and Budget or the National Budget Administration quoted in other statutes or regulations, as at the time this Act enters into force, shall be deemed the Ministry of Planning and Budget, the head of the Commission for Planning and Budget or the head of National Budget Administration shall be deemed the Minister of Planning and Budget, a public official under the Commission for Planning and Budget or the National Budget Administration shall be deemed a public official under the Ministry of Planning and Budget, the Press Office or the Ministry of Culture and Tourism for overseas promotion shall be deemed the Government Information Agency, the head of the Press Office or the Minister of Culture and Tourism quoted in other statutes or regulations shall be deemed the head of the Government Information Agency, a public official under the Press Office or the Ministry of Culture and Tourism shall be deemed a public official under the Government Information Agency, the Ministry of Culture and Tourism or the Cultural Heritage Management Agency for cultural heritage shall be deemed the Cultural Heritage Administration, the Minister of Culture and Tourism or the head of Cultural Heritage Management Agency quoted in other statutes or regulations shall be deemed the head of Cultural Heritage Administration, and a public official of the Ministry of Culture and Tourism or the Cultural Heritage Management Agency shall be deemed a public official of the Cultural Heritage Administration.
ADDENDUM <Act No. 6978, Sep. 29, 2003>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 8600, Aug. 3, 2007>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That ... <omitted> ... among the Acts amended pursuant to Article 6 of the Addenda, the amendments to the Acts promulgated before this Act enters into force, but the enforcement dates of which have yet to arrive, shall enter into force on the dates on which the respective Acts take effect. Articles 2 through 7 Omitted.
ADDENDUM <Act No. 9332, Jan. 7, 2009>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 10488, Mar. 30, 2011>
| (1) | (Enforcement Date) This Act shall enter into force three months after the date of its promulgation. |
| (2) | (Transitional Measures concerning Penalty Provisions) Any act committed before this Act enters into force shall be governed by the previous provisions. |
ADDENDA <Act No. 11435, May 23, 2012>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Applicability concerning Disposal of Profit and Loss)
The amended provisions of Article 12 (1) 2 shall apply, beginning with the first settlement of accounts for a business year in which the enforcement date of this Act falls.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
| (1) | This Act shall enter into force on the date of its promulgation. |
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 12286, Jan. 21, 2014>
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 1 and 10 (1) 9 through 11 shall enter into force six months after the date of its promulgation.
ADDENDUM <Act No. 14665, Mar. 21, 2017>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 15572, Apr. 17, 2018>
This Act shall enter into force on the date of its promulgation.
ADDENDUM <Act No. 16794, Dec. 10, 2019>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 16929, Feb. 4, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation.
Articles 2 through 6 Omitted.