Visit to Gastron, a Leading Gas Detector Export Company
Sung Yoon-mo: "Export Expected to Turn Positive in 7 Months
Total Amount Reaches $40 Billion and Daily Average Hits $2 Billion"
"Digital Export Transformation Plan to be Established in October
Entire Export Process and Support Methods to Shift to Contactless and Online"
[Asia Economy Reporter Moon Chaeseok] "Korea's exports in September are expected to turn positive for the first time since the outbreak of the novel coronavirus disease (COVID-19). If September exports turn 'positive,' it will be the first time in seven months since February. It is anticipated that total exports will simultaneously enter the $40 billion range and the daily average export amount will reach the $2 billion range for the first time since COVID-19."
Seong Yun-mo, Minister of Trade, Industry and Energy, visited Gastron, the leading domestic gas detector company, on the 29th and stated that Korea's exports are expected to turn positive for the first time in seven months this month. He also announced that a 'Digital Export Transformation Plan' will be prepared next month to convert the entire export process and support methods to non-face-to-face and online formats.
Minister Seong said, "With the expansion of the non-face-to-face economy due to COVID-19, semiconductors, home appliances, and computers continue to show strong performance, and biohealth and secondary batteries are steadily growing as new export engines. Automobiles, which recorded a decline rate of over 50% in May, are expected to turn positive this month for the first time in six months, which can be seen as a positive sign for the recovery of our export vitality."
On the day, he inspected the development, manufacturing process, and installation of the gas detection system and listened to export difficulties. Gastron, which developed the world's first multi-gas detector, holds a 73% domestic market share. Last year, it recorded exports of $10.2 million and received the 'Ten Million Dollar Export Tower' and the 'Gold Tower Industrial Medal.' It is actively expanding into Southeast Asia, the Middle East, and other regions.
Minister Seong said, "Despite difficult situations such as the resurgence of COVID-19, the relatively rapid pace of export recovery compared to major countries is thanks to small and medium-sized enterprises like Gastron struggling hard," and added, "I hope companies overcome the current crisis by joining forces with the government and work to make Korea's export ecosystem even stronger."
Minister Seong promised that the government will fully support Korean companies' exports to prepare for an uncertain future.
He stated, "The government will actively respond to unstable factors such as the resurgence of COVID-19 and the conflict between the U.S. and China, represented by Huawei sanctions, and will prepare a 'Digital Export Transformation Plan' next month to support our companies' exports."
He added, "We plan to actively support not only export companies but also domestic companies without export experience by promoting a large-scale innovation so that KOTRA can become a genuine export platform of Korea."
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