Gu Ja-yeol-led Trade Association Launches... "Will Do Our Best for Korea's Trade Leap"

First Private Sector Chairman Appointed in 15 Years

Koo Ja-yeol, Chairman of LS Group, inaugurated as the 31st President of the Korea International Trade Association (Photo by LS Group)

[Asia Economy Reporter Kim Heung-soon] Koo Ja-yeol, chairman of LS Group, has been inaugurated as the new chairman of the Korea International Trade Association (KITA). The business community expects that, with a business leader heading the trade association for the first time in 15 years, the interests of export companies will be actively represented.

On the morning of the 24th, KITA held its 2021 regular general meeting at COEX in Samseong-dong, Gangnam-gu, Seoul, and elected Chairman Koo as the 31st chairman. Earlier, on the 19th, the KITA chairman group held a meeting and unanimously decided to nominate Chairman Koo as the next chairman.

This is the first time in 15 years that a private sector businessperson has taken office as KITA chairman since Honorary Chairman Kim Jae-chul of Dongwon Group served from 1999 to 2006. Since Honorary Chairman Kim, retired government officials have held the position. Chairman Koo’s appointment reflects the business community’s view that, amid the difficulties export companies face due to the COVID-19 pandemic, a seasoned business leader is better suited than a former government official.

Chairman Koo joined Lucky-Goldstar Trading (now LG International) as a regular employee in 1978 and spent 15 years working at trade sites worldwide, including the United States, Singapore, and Japan. Since 2013, as chairman of LS, he has led LS Group to grow into a global company with local production and sales subsidiaries in over 100 locations across 25 countries.

Chairman Koo said, "It is a great honor to serve as chairman of KITA, an organization with a proud history and tradition. Based on my lifelong experience in the business field, I will do my utmost to help the 70,000 member companies overcome the COVID-19 crisis and enhance global competitiveness so that our trade can take a leap forward." He added, "I will listen humbly to voices from the field and actively represent the industry’s opinions."