The Korea Trade-Investment Promotion Agency (KOTRA) announced on the 10th that it has launched the 'Trade Structure Innovation Task Force (TF)' and held its first meeting to support Lee Jae-myung's administration's pledge to prepare for the 'era of $1 trillion in exports.'
Earlier, President Lee Jae-myung emphasized the need to strategically respond to the rapidly changing trade environment and innovate trade structures to prepare for the era of $1 trillion in exports. Last year, Korea's export volume reached a record high of $683.8 billion.
KOTRA President Kang Kyung-seong, who leads the TF, identified key strategic tasks that need to be focused on, including ▲diversification of export markets and items ▲transforming small and medium-sized corporations into export companies ▲responding to environmental trade barriers ▲stabilizing supply chains. He also called for the mobilization of KOTRA's domestic and overseas organizations and capabilities, including its 131 overseas trade offices.
The diversification of export markets and items will focus on industrializing K-culture, digital services, defense, shipbuilding, and artificial intelligence (AI) as core export sectors, while concentrating on developing new markets such as the Global South. In particular, support will be intensively provided to expand cultural and service exports, which are less affected by tariff wars.
President Kang said, "The rapid changes in the global trade environment are both a crisis and an opportunity, and there is an urgent need for prompt trade structure innovation," adding, "KOTRA will do its utmost to achieve the new government's trade investment pledges, including $1 trillion in exports."