Yoon: "Rapid Changes in Trade Environment... Government Will Support Businesses" (Update)

Yoon Attends the 60th Trade Day Ceremony
Promises New Preferential Export Package Guarantees
Aims to Enter Top 10 in Service Exports by 2027

President Yoon Suk-yeol stated on the 5th, "The government will actively support companies so that they do not struggle alone in the rapidly changing trade environment."

President Yoon made these remarks during his congratulatory speech at the 60th Trade Day ceremony held at COEX in Samseong-dong, Seoul, that morning. Trade Day is a commemorative day established in 1964 to celebrate Korea's first achievement of $100 million in exports and to reinforce the balanced development of trade and the commitment to becoming a trading nation.

President Yoon first encouraged the efforts of trade professionals who contributed to the return to a trade surplus in just over a year despite difficult conditions, and paid tribute to the spirit of challenge and passion of companies that have been at the forefront of Korea's economic development over the past 60 years.

[Image source=Yonhap News]

President Yoon said, "The history of our trade over the past 60 years has been the history of Korea's economic development itself," mentioning in order the milestones of achieving $100 million in exports through light industry in the 1960s; $10 billion through heavy and chemical industries in the 1970s; $100 billion through home appliances and automobiles in the 1980s; $1 trillion through the semiconductor industry in the 1990s; and advancing to become the world's sixth-largest export power in the 2000s with electric vehicles, secondary batteries, and biotechnology.

He then named individuals who have played key roles as export pioneers, evaluating that "the challenges faced by our companies at every moment on the path to becoming a strong export nation have been a 'moving drama.'"

President Yoon particularly noted, "Thanks to your dedicated efforts, last month ended the negative export streak of over a year, and exports have been positive for two consecutive months, showing the fastest export recovery among major countries," mentioning recent achievements such as record-high exports of eco-friendly vehicles and sports utility vehicles (SUVs), strong exports in nuclear power and defense industries, and the vitality of K-Food and smart farm exports this year.

As Korea's first sales representative, President Yoon pledged to actively support businesspeople so they can freely compete in the global market, promising ▲expansion of export bases through free trade agreements (FTAs) with the UK, India, and the Middle East ▲increased support for overseas marketing such as international exhibitions and export vouchers ▲establishment of preferential export package guarantees ▲active support for diversification of main export items and service exports ▲nurturing youth, small and venture businesses ▲and reforming export regulations.

Regarding this, President Yoon emphasized, "Currently, five items including semiconductors, automobiles, and petrochemicals account for half of our exports over the past decade," adding, "To cultivate new main export items, we will provide maximum support for world-class ultra-gap technology development and commercialization research and development (R&D), and aim to enter the top 10 in global service exports by 2027 by strengthening support for service sectors such as content, tourism, finance, healthcare, and information and communication technology (ICT) to the level of manufacturing."

President Yoon reiterated, "Exports have always been the driving force of economic growth and the source of good jobs. Promoting exports is directly linked to people's livelihoods," and said, "The government will firmly support businesspeople so they can challenge and thrive on a broader playing field."

Furthermore, he urged, "With your outstanding capabilities and spirit of challenge, it is entirely possible to leap from the world's sixth-largest export power to the fifth," and called, "Let us together overcome the crisis once again and continue the proud history of Korea's trade."