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2017 is the year of the ‘Fire Rooster’, an animal known to cast out darkness and evil spirits, while inviting in light and happiness. Like the Fire Rooster, KOTRA will do its best to assist our customers and support the country so that we can take another step forward this year.
Korea is expected to see 3 percent growth due to rising oil prices and the resultant increase in exports this year. However, a number of challenges are likely to emerge, including the possible hard landing of the Chinese economy, China’s countermeasures in response to THADD deployment, the emergence of nationalistic trade policies, the spread of protectionism with the incoming Trump administration and an additional interest rate hike.
In dealing with such uncertainties, the most critical task will be to tackle the export slump.
To this end, KOTRA promises to accomplish the following goals first, KOTRA will do its best to restore export volume. We will not only expand support for promising export-oriented businesses, but also provide business consultations to produce other tangible benefits. With the soon-to-be launched export voucher business, we plan on lowering the barriers for SMEs and corporations of middle standing so that they can more actively participate in KOTRA’s businesses. KOTRA will resolve export-related grievances by providing the latest information on overseas markets.
Second, KOTRA will look for new growth engines to overcome structural challenges. On that note, the ‘Exporter Competitiveness Improvement Project’aims to enhance the competitiveness of small and medium-sized export companies. To diversify export items, we will create a new export market in areas such as consumer goods, biotechnology and services. KOTRA also aims to strengthen cooperation with global corporations to help Korea’s innovative parts and components companies enter the high-end market. In order to secure a stable export structure, we will focus on exporting luxurious goods and high technologies to advanced economies, while exporting low and medium-priced goods to emerging markets.
Third, we will lay the firm groundwork for the Korean export industry so that it can grow despite unstable external factors. For example, we will support both the youth and emerging startups so that they can become new leaders of the global market. We will pioneer new sectors dealing with IoT and drones, in response to the fourth industrial revolution.
Last but not least, through Korea’s FTA network, we will double our efforts to promote foreign investment which will contribute to the advancement of domestic industries. Not only that, we will promote foreign investment for sindustries with high growth potential, such as artificial intelligence and future cars. We will also make efforts to improve the FDI system to attract foreign investment in quantity and quality.
Carrying on with its role as the national investment promotion agency, KOTRA will continue to make policy suggestions and truly serve as a global business platform for exporters in 2017. By doing so, KOTRA will stay at the forefront of overcoming the national economic crisis and take the Korean economy to the next level. We very much appreciate your steadfast support and guidance on this journey.