Gu Ja-yeol's Trade Association Launches... "We Will Work Stylishly for 'Trade Patriotism'" (Update)

First Private Sector Chairman Appointed in 15 Years

Koo Ja-yeol, the newly appointed chairman of the Korea International Trade Association, is delivering his inaugural address. [Photo by Korea International Trade Association]

[Asia Economy Reporters Kim Heung-soon and Jung Hyun-jin] 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 board 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 Kim Jae-cheol, honorary chairman of Dongwon Group (served 1999?2006). Since then, retired government officials have led the association. 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 more suitable 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.

On a personal note, Chairman Koo follows in the footsteps of his late father, Koo Pyung-hoe, honorary chairman of LS Group, making them the first father and son to both serve as KITA chairmen. His father led the trade association from 1994 to 1999. Chairman Koo stated, "It is an honor for my family to take on the important role of chairman of the Korea International Trade Association, which has a long history and tradition. As a private businessperson assuming the chairmanship for the first time in 15 years, I feel a greater responsibility to work splendidly for the nation’s trade."

In his inaugural speech, he also pledged, "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. I will listen humbly to voices from the field and actively represent the industry’s concerns."