KITA chief commits to visiting export companies weekly

[Courtesy of Korea International Trade Association]

Korea International Trade Association (KITA) Chairman Yoon Jin-sik has embarked on a series of visits to export companies to listen to their concerns and provide support since his inauguration in February 2024, the association said on Thursday.

Yoon’s initiative began in March with a visit to Exicon, a semiconductor equipment exporter based in Seongnam, Gyeonggi, and marked the start of his commitment to conduct weekly field communications. During his Exicon visit, Yoon heard about the difficulties Korean companies operating in the United States face in obtaining visas for Korean professionals.

Yoon visited toy company, Aurora World during the previous week, where he heard about the financial strains caused by high borrowing costs. According to KITA, the ratio of companies where interest expenses exceed operating profits was 57.3 percent in the first quarter of 2024, and the figure has been increasing for three consecutive quarters since the second quarter of 2023, underscoring the urgent need for solutions.

Yoon also visited Vessel Aerospace, a small aircraft manufacturer, to understand the needs of small and medium-sized enterprises (SMEs) in advanced industries such as Urban Air Mobility (UAM). He also plans to visit business sites related to strategic export industries such as automotive parts, medical devices, and secondary battery materials to gather industry insights and propose policy suggestions to boost exports, while expressing his determination to enhance close communication with the industry via the weekly field visits.