Expo Shock Six Days Later, Yoon Focuses on Economy: "Will Establish Preferential Export Package Guarantees" (Comprehensive)

President Yoon Attends '60th Trade Day Ceremony'
Promises Export Package Guarantee and Expansion of Youth Trade Workforce
Urges "Once Again Demonstrate Strength to Overcome Crisis"
Mentions 60 Years of Trade History as "Economic Development Itself"

President Yoon Suk-yeol promised on the 5th to establish a 'Preferential Export Package Guarantee' for small and medium-sized export enterprises. This financial support measure, jointly undertaken by the five major banks and the Korea Trade Insurance Corporation, aims to ease the financial burden on companies whose basic strength has weakened due to prolonged high interest rates. It is an economic message delivered by President Yoon six days after his national address following the Expo defeat on the 29th of last month, pledging to diversify export items and foster small and venture businesses, and stating his commitment to fulfilling his responsibility as 'Korea's No. 1 Salesperson.'

On the morning of the same day, President Yoon attended the '60th Trade Day Commemoration Ceremony' held at COEX in Gangnam-gu, Seoul, and remarked, "The 60-year history of our trade is the history of Korea's economic development itself." The event was organized to encourage traders who achieved record-high export performance despite global adversities such as supply chain disruptions and rising raw material prices. President Yoon took care of the businesspeople who contributed to the turnaround in exports and said he would put more effort into sales diplomacy.

President Yoon Suk-yeol is delivering a congratulatory speech at the 60th Trade Day ceremony held at COEX in Gangnam-gu, Seoul on the 5th.
[Photo by Yonhap News]

Diagnosing the global economic situation, President Yoon said, "We are facing a global security crisis amid an unprecedented complex crisis including high interest rates, economic recession, protectionism, and supply chain fragmentation." He emphasized, "To overcome this crisis, our exports must once again demonstrate their resilience." This judgment was based on the fact that the negative export trend ended after about a year thanks to the efforts of businesspeople, and exports have been positive for two consecutive months, so the current export recovery momentum must be maintained.

He also promised government support measures. President Yoon said, "We will continue to expand and grow export routes through FTAs (Free Trade Agreements) with the UK, India, the Middle East, and others," adding, "We will also significantly expand overseas marketing support such as overseas exhibitions and export support vouchers, and establish a 'Preferential Export Package Guarantee' so that small and medium-sized export enterprises can focus on exports without worrying about funds."

He also brought up diversification of key export items. President Yoon said, "Our exports have been dominated by five items?semiconductors, automobiles, petrochemicals, etc.?accounting for half of exports for over ten years," and added, "To cultivate new key export items, we will provide maximum support for world-class ultra-gap technology development and commercialization R&D (Research and Development)." Through this, the government aims to enter the top 10 in global service exports by 2027.

He also presented plans to expand young trade personnel. President Yoon stated, "We will train more than 6,000 young trade personnel who can be immediately deployed to export sites by 2027 and establish a dedicated support system to strengthen the export capabilities of promising startups in AI (Artificial Intelligence), digital, bio, and other fields." He did not forget export regulation easing. President Yoon said, "We will boldly reform regulations that hinder exports to align with global standards," and "We will carefully address field difficulties through one-stop export and order support teams."

President Yoon's economic message attracted attention as it came six days after adjusting internal and external schedules following the failure to host the Expo. During those six days, President Yoon only visited the memorial altar for former Jogye Order Supreme Patriarch Ja-seung at Jogyesa Temple in Jongno-gu, Seoul, and focused on political planning, carrying out a presidential office reorganization and a first cabinet reshuffle for his candidacy to find a breakthrough.

On this day, President Yoon reported to the public on the necessity and outcomes of government support measures for exports. He said, "Automobiles achieved the highest-ever exports this year, focusing on high value-added vehicles such as eco-friendly cars and SUVs," and "Nuclear power plants secured orders for the El Dabaa nuclear power plant in Egypt last year and the nuclear power plant equipment construction project in Romania this year, and K-defense has also joined as a key export unit." He added, "Ramen, first launched in 1963, surpassed the 1 trillion won export barrier after 60 years, and Korea has become a country that exports not only K-food but also smart farms."

Attention was also drawn to the part where he mentioned major businesspeople while referring to the 60-year trade history. President Yoon mentioned Chairman Jeon Byung-jik, a wig company CEO who was so dedicated to work that he entered his wedding ceremony with guests, Hyundai Motor Company President Lee Chung-gu, who developed 35 types of cars including the first export vehicle 'Pony,' and Samsung C&T Group Leader Kang Se-wook, who has been exporting steel for over 30 years, saying, "It was a drama full of emotion at every moment."

In line with this, President Yoon presented government awards such as the Gold Tower Order of Industrial Service Merit to 10 people including Son Bo-ik, CEO of Lx Semicon, and handed over the Export Tower to 10 people including Hyundai Motor Company CEO Jang Jae-hoon. Before attending the Trade Day ceremony, President Yoon also toured the exhibition hall next to the venue, which showcased the 60-year history of trade. The exhibition displayed major export items by era such as the first TV produced in Korea, the Pony car, and 64K DRAM wafers, as well as the first comprehensive export promotion policies of the 1960s and industrial promotion plans by sector including automobiles, shipbuilding, and electronics.

President Yoon Suk-yeol is delivering a congratulatory speech at the 60th Trade Day ceremony held at COEX in Gangnam-gu, Seoul on the 5th.
[Photo by Yonhap News]