Korea’s exports have suffered a heavy blow over the last year, most notably due to the global economic recession and steep drop in oil prices. Challenges continue to remain in 2016, especially as the country faces the so called “G2 Risk” , which includes the U.S. interest rate hike and China’s economic slowdown. Difficulties are also expected to emerge from the decline in economic development of emerging countries due to the stronger value of the dollar. Despite these issues, however, we at KOTRA are more determined than ever to breathe new life in the export market and revitalize Korea’s economy in 2016.
In this regard, KOTRA will help our small and medium enterprises to transform into important export hubs. By helping domestic companies focus on strengthening exports, we will not only widen their contribution to the nation, but we will ultimately elevate Korea’s global competitiveness by creating customized business opportunities that cater to the strengths of each SME.
Secondly, we will carry out a strategy that creates more opportunities for different markets to flourish. In advanced markets, we will promote the exportation of innovative products such as high-end consumer goods, while in emerging markets, we will implement the global labor division system with countries like Vietnam and India in order to diversify the China-based export of intermediary goods.
Next, KOTRA will make it possible for companies to fully reap the benefits in the ever-expanding scope of economic cooperation. On that note, we will help companies actively utilize various free trade agreements (FTAs) with countries such as China, Vietnam and New Zealand. In addition, we will do our best to provide opportunities for more companies to participate in one-on-one business meetings on the back of summit diplomacy talks to maximize results.
Furthermore, we will devote our efforts to obtaining a new source of momentum in exports. By combining Korea’s celebrity brand power with SME products, we seek to widen the impact of the Korean Wave. In addition, we will focus on marketing future fields of export, including those in the areas of services, medical treatment and IT. Also, we plan on expanding cooperation with global online marketplaces to target B2C consumer goods markets.
Lastly, we will strengthen our efforts to attract foreign companies helpful to our economy. Breaking away from the traditional approach of capital attraction, we hope to attract the manufacturing, R&D centers and regional headquarters of global companies that wish to use Korea as a springboard to enter China’s domestic market. By doing so, Korea’s exports will also see an inevitable rise.
Last year, KOTRA has been at the forefront of bolstering exports by openly cooperating with organizations. In order for our SMEs to enter into overseas markets, they not only need the help of KOTRA, but they also need support that can only be obtained through open cooperation with other related organizations in the areas of R&D and finance.
A new year means new hope and endless possibilities. Fueled by passion and innovation, we at KOTRA are thus committed to elevating Korea’s economy to new heights, and we kindly ask for your continued interest and support in 2016. Thank you.