MB "Companies Must Actively Secure Talent, Technology, and Investment"

Mu-hyup Hosts '176th KITA CEO Breakfast Meeting'
Special Speech by Former President Lee Myung-bak...Encouragement for Entrepreneurs
Chairman Koo Ja-yeol: "Need Upward Momentum for Exports"

"In the new year of 2024, business leaders should actively secure talent and technology and invest to prepare for a sustainable future."

Former President Lee Myung-bak emphasized this to the business leaders driving South Korea's exports on the 23rd. He made these remarks at the '176th KITA CEO Breakfast Meeting' held by the Korea International Trade Association at the InterContinental COEX in Samseong-dong, Gangnam-gu, Seoul. The breakfast meeting was attended by former President Lee, KITA Chairman Koo Ja-yeol, the KITA board, trade association chairpersons, directors, and 360 representatives from the trade industry.

Former President Lee was invited as a special speaker and delivered the keynote speech. He encouraged business leaders who maintained South Korea’s status as the world’s 8th largest export powerhouse by achieving $1 trillion in trade for three consecutive years last year. Despite difficult external conditions such as a complex economic crisis and prolonged demand slump, business leaders achieved valuable results. He also shared his experiences working for Korea’s development as a business leader, Seoul mayor, and president.

Former President Lee Myung-bak is greeting acquaintances at the opening ceremony of the 'Former President Lee Myung-bak Calligraphy Exhibition' held on the 13th at the KEPCO Art Center in Seocho-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Chairman Koo, in his opening remarks, said, "Last month, Korea’s total exports, semiconductor exports?a key item?and trade balance all recorded their highest levels of the year, showing a strong export trend recently." He added, "Since advanced economies are expected to slow down and geopolitical risks will persist this year, it is necessary to maintain an upward momentum in exports."

Vice Chairman Chung Man-ki of KITA stated in his keynote lecture that exports to China decreased from $162.1 billion (about 217 trillion won) in 2018 to $124.8 billion (about 167 trillion won) last year, while the market share of exports to the U.S. expanded from 12% in 2018 to 18.3% last year.

Vice Chairman Chung said, "While investments in key Korean industries such as semiconductors and secondary batteries to the U.S. are expanding, investments to China are shrinking, and some companies have relocated their industrial bases within China to Southeast Asia." He emphasized, "It is important for companies to enhance competitiveness regardless of political choices." He added, "In particular, it is necessary to improve labor flexibility, reform regulations, increase birth rates, invest in research and development (R&D), and establish a strategic industrial trade cooperation system."