178th Trade Association CEO Breakfast Meeting... Special Lecture by Minister Andeokgeun
Yoon Jinsik, Chairman of KITA, "Strengthening Cooperation to Achieve $700 Billion Export"
Anduk Geun, Minister of Trade, Industry and Energy, said on the 29th, "Among the three main engines of our economy?exports, investment, and consumption?we will fully activate the export and investment engines to lead this year’s economic growth with an all-out effort."
Minister Ahn made these remarks as a special speaker at the '178th KITA CEO Breakfast Meeting' hosted by the Korea International Trade Association at the InterContinental Seoul COEX in Samseong-dong, Gangnam-gu, Seoul, on the morning of the same day. About 200 representatives from KITA member companies, including Chairman Yoon Jin-sik of KITA, attended the breakfast meeting.
This was Minister Ahn’s first invitation as a speaker at an economic organization lecture since his inauguration in January. He delivered a lecture on the theme of "Achieving $700 billion in exports (approximately 945 trillion KRW) and New Industrial Policy 2.0."
He said, "Despite difficult external conditions such as prolonged global high interest rates, US-China conflicts, and the Ukraine war last year, Korean exports turned positive in October, leading economic growth with an 'early low, late high' export pattern." He added, "This year, with the recovery of the semiconductor and IT industries and strong exports of key items such as ships, exports are expected to show positive growth in the first quarter and an upward trend in the second quarter."
On the 29th of last month, Yoon Jin-sik, Chairman of the Korea International Trade Association (right), had a meeting with Ahn Duk-geun, Minister of Trade, Industry and Energy, as his first official activity after taking office. The two agreed to cooperate to achieve $700 billion in exports this year. [Photo by Yonhap News]
Minister Ahn emphasized, "Along with the clear rebound in exports, expanding investment centered on the top 10 manufacturing industries is necessary to inject new vitality into economic growth." He added, "To this end, we have set ambitious goals of achieving a record-high $700 billion in exports, 110 trillion KRW in facility investment in the top 10 manufacturing industries, and attracting $35 billion (approximately 47 trillion KRW) in foreign investment."
He also stated that the Ministry of Trade, Industry and Energy will launch an all-out effort for exports and investment by ▲selecting the top 20 export items ▲building cooperation belts with global South countries (Middle East, Latin America, ASEAN, India, Africa, etc.) ▲providing record-high support for export companies with 360 trillion KRW in trade finance and 1 trillion KRW in export marketing ▲activating regulatory sandboxes ▲improving regulations on mandatory closure days for large supermarkets.
He said, "Korea’s rise to become the world’s sixth-largest exporting country is thanks to the relentless challenges and innovations of entrepreneurs like Chung Ju-yung and Lee Byung-chul, and we must continue this entrepreneurial spirit." He urged, "Going forward, please actively participate in ESG (environment, social, governance) management, job creation, solving low birthrate issues, and balanced regional development to fulfill corporate social responsibility."
Chairman Yoon said, "Despite the delayed global economic recovery last year, we achieved the third-highest annual export amount ever at $632.7 billion (approximately 854 trillion KRW)." He added, "Since the government has set the ambitious goal of a record-high $700 billion in exports this year, the trade industry will work together with the government with one heart and one mind."
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