100th Day Press Conference Held in Jongno-gu, Seoul
Blueprint to Diversify Exports and Surpass 100,000 SMEs
Plans to Expand Markets in Global South Regions
Overseas Trade Centers to Increase to 140 During Term
"China's Rapid Growth Requires Preparation for Global Competition"
"Dedicated Task Force to Launch Once Ukraine's Reconstruction Projects Begin in Earnest"
Kang Kyung-sung, President of the Korea Trade-Investment Promotion Agency (KOTRA), on the 27th defined KOTRA's role as an 'economic security agency' and announced plans to open an era of 'Top 5 Global Export Powers' through diversification of export markets such as the Global South.
On the same day, Kang held a luncheon meeting with the press at Gwanghwamun, Jongno-gu, Seoul, to commemorate his 100th day in office, stating, "KOTRA is South Korea's global business platform and a bona fide economic security agency," adding, "We will surpass 100,000 exporting small and medium enterprises through diversification of export markets and items, and open the era of 'Top 5 Global Export Powers'."
Kang Kyung-sung, President of KOTRA, is speaking about future tasks and plans at a luncheon meeting with the press corps commemorating his 100th day in office on the 27th in Gwanghwamun, Jongno-gu, Seoul. Photo by KOTRA
He also mentioned that a revision of the 'Korea Trade-Investment Promotion Agency Act,' which reflects KOTRA's role as an economic security agency, will be proposed to the government.
Amid the turbulent export-import policies of the Trump administration's second term, which emphasized protectionism, KOTRA relocated its North America regional headquarters from New York to Washington DC earlier this year. In accordance with the government's announced pan-ministerial emergency export measures, KOTRA is operating 'Customs Response 119,' where export specialists respond exclusively to companies' customs inquiries, running help desks at 20 trade centers, and introducing customs response vouchers.
President Kang stated that KOTRA will leverage its regional information and network strengths to expand export markets and diversify items in Global South regions such as ASEAN and India.
He also revealed plans to open new trade centers within the year in two regions: Monterrey, Mexico, and Tbilisi, Georgia, and to select base trade centers in seven key sectors including semiconductors, artificial intelligence (AI), bio, aerospace and defense, shipbuilding, and marine industries.
Kang Kyung-sung, President of KOTRA, is speaking about future tasks and plans at a luncheon meeting with the press on the 100th day of his inauguration on the 27th in Gwanghwamun, Jongno-gu, Seoul. Photo by KOTRA
Next month, KOTRA plans to discover 30 major export projects. The number of overseas trade centers, which stood at 129 last year, will be increased to 140 by 2027 during his term, and the annual budget will be raised from 664.9 billion KRW to 750 billion KRW.
Regarding South Korea's trade strategy toward China amid the expected intensification of US-China conflicts during the Trump administration's second term, Kang said, "After recently visiting China, I felt a frightening realization that China has closely caught up with or even surpassed our country," adding, "China is now more of a competitor than a market, so we must prepare for global competition with China."
He continued, "Exports to China of South Korea's high-quality consumer goods and intermediate goods containing advanced technology are promising," and added, "Even under the US-China hegemony struggle, South Korea must pursue practical benefits and wisely respond by considering both sides."
He also announced plans to support Ukraine's reconstruction projects after the end of the Russia-Ukraine war. KOTRA did not withdraw its local trade center in Ukraine even during the war.
Kang said, "Currently, an emergency task force for Ukraine is operating within the Commonwealth of Independent States (CIS) regional headquarters, and we will strive to understand the contents of the forthcoming reconstruction projects and resolve difficulties," adding, "Once reconstruction projects become full-scale, we will establish a dedicated task force within KOTRA and work diligently."
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