Korea International Trade Association Comments on President Yoon's New Year's Address
[Asia Economy Reporter Kim Pyeonghwa] The Korea International Trade Association (KITA) expressed support for President Yoon Seok-yeol's New Year's address, which emphasized placing diplomacy at the center of the economy and directly managing exports.
On the 1st, KITA stated in a commentary on President Yoon's New Year's address, "We actively welcome President Yoon's declaration in his New Year's speech to overcome the complex crisis of global economic recession, high inflation, and supply chain disruptions by promoting export activation, fostering entrepreneurial spirit, and investing in future strategic technologies."
KITA emphasized, "In particular, the economic policy direction this year, which places all diplomacy at the center of the economy and directly manages exports as the foundation of our economy and the source of jobs, is very appropriate as a breakthrough to resolve the current crisis."
They added, "In response to deglobalization trends such as nationalism and protectionism, as well as industrial paradigm shifts like climate change and digital innovation, we expect the government to remove economic inefficiencies through bold regulatory reforms and create new export growth engines by improving productivity and fostering an innovation ecosystem."
Regarding labor reform, which was identified as the most urgent issue, they demanded, "We hope the government will breathe new life into our economy by drastically increasing labor market flexibility related to working hours and wage systems to ensure companies' free business and production activities."
KITA plans to focus on resolving difficulties faced by export companies in manpower, capital, and regulations during this period of global economic and geopolitical uncertainty. They will also work on strengthening the domestic export base in line with green and digital transitions and supply chain restructuring. Supporting startups and nurturing new growth companies will also be key tasks.
KITA stated, "We will make our best efforts to enhance export dynamism and turn the trade balance into a surplus."
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