KOTRA CEO Yu Jeong-yeol speaks during a ceremony celebrating the state-run agency’s 60th anniversary at its head office in Seoul on June 20. Photo courtesy of KOTRA

State-backed agency celebrates 60th anniversary

South Korea has chalked up a fast economic growth based on exports, as demonstrated by such global corporations as Samsung Electronics and Hyundai Motor.

However, exports have been regarded as tall tasks for mid- and small-sized enterprises, which tend to worry about bothersome procedures and financial risks.

Korea Trade-Investment Promotion Agency (KOTRA) vowed on June 20 that the state-backed outfit would change this in a ceremony timed with its 60th anniversary.

Toward that end, its CEO Yu Jeoung-yeol said that KOTRA would set up a platform for connecting the country with the world and the future.

“In time with our 60th anniversary, we vie to set 2022 as the year when everybody can export,” Yu said in a commemorative speech at the KOTRA head office in Seoul.

“We will help digital trading corporations, which can overcome the limitation of traditional exporters and expand the horizon of our outbound shipments.”

To deal with the recent bottleneck in the global supply chain and the logistics chaos, the KOTRA CEO said that the country is required to diversify its import partners and attract more foreign investments.

“The inflationary pressure and slow growth across the world lead to uncertainties,” he said.

“Yet, we can see opportunities and hopes in the new paradigm of transformation to digital/low-carbon economy and restructuring of the global supply chain.”

Over the past six decades, KOTRA has become one of the country’s crucial outfits to support trades and investments. For example, it currently operates almost 130 overseas offices across the world.