KITA vows full-scale support as tough year for export looms

Korea International Trade Association Chairman Koo Ja-yeol (KITA)

Korea International Trade Association Chairman Koo Ja-yeol on Thursday vowed to make all-out efforts to support export companies in finding new growth opportunities next year, as industries seek to transition toward a digital and carbon-neutral economy.

“We will actively strengthen our export foothold in response to the changed trade structure and green and digital transitions that have been accelerated since the COVID-19 pandemic,” Koo said in his New Year's message.

Difficulties surrounding the country’s trade condition are “scattered everywhere” and global economic and geopolitical uncertainty is expected to “remain high” in 2023, according to the chairman of the organization, which comprises some 75,000 member companies.

He picked the intensive austerity measures of major countries, sluggish growth in China and the protracted war between Russia and Ukraine as the headwinds that could hinder export activities of Korea's trade-reliant economy.

Three goals set by the association for 2023 are resolving such stumbling blocks for export companies through active engagement and communication with related parties, strengthening the foundation for future exports, and expanding the scope and scale of exports.

“The association will further listen to the voices of export companies by bolstering our digital-based consultation platform and expanding on-site consulting and one-on-one customized communication channels,” Koo said.

It will come up with measures on improving regulations that weaken Korean firms' global competitiveness and propose them to the government.

KITA will also work on addressing the rapidly changing trade environment induced by the pandemic and conflicts between the US and China.

“By harnessing its overseas network, the association will provide trade information, such as supply chain restructuring and conflicts between the US and China, to companies in need in a timely manner,” he said.

By Park Han-na(hnpark@heraldcorp.com)