By Kim Hyun-bin
The Korea International Trade Association (KITA) will help businesses overcome trade difficulties in the New Year as external problems are expected to continue in 2023, KITA Chairman Koo Ja-yeol emphasized.
In 2023, global economic and geopolitical uncertainties are expected to remain high. Difficulties surrounding trade include strict protectionist measures in major countries, sluggish growth in China and the prolonged war between Russia and Ukraine.
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| KITA Chairman Koo Ja-yeol |
The chairman emphasized that some businesses have reached record-high exports despite the uncertainties.
"Despite deteriorating external conditions, Korea has achieved some major milestones, reaching $600 billion in exports for two consecutive years, a record-breaking level of export performance, and is ranked sixth in the world in exports and trade for the first time," he said.
"We also achieved qualitative growth in exports of new industries such as electric vehicles (EV) and batteries. Exports of semiconductors and vehicles, which are key products and we have increased steadily despite the global economic slowdown, raising Korea's status as a manufacturing powerhouse."
The chairman says the global competitive landscape is also changing rapidly because of the digital transformation and carbon neutrality. New trade barriers are also emerging as each country is strengthening policies for its high-tech industries.
"These changes can pose a major threat, but if we respond one step ahead it can advance technological and industrial innovation and open up a new future for the Korean economy," the chairman said.
In 2023, the KITA will focus on three things: resolving the difficulties of export companies, strengthening the foundation for future exports and expanding the scope of exports.
"First, we will focus our efforts on resolving difficulties faced by exporting companies. Second, we will actively strengthen our export base in response to the changed trade structure and green and digital transitions. Third, we will strive to expand the scope of trade. We will closely support startups and promising companies in new growth sectors so that they can grow into global export companies," Koo said.
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