- Develop 100,000 export SMEs and 400 specialized global companies by 2017
- Establish four FTA support centers in China and an economic & diplomatic support team

KOTRA CEO Kim Jae-hong, who took office on January 2, held a press conference at KOTRA headquarters on January 28 and emphasized open collaboration. He pointed out that KOTRA alone cannot support small- and medium-sized enterprises (SME) as they work to become global companies. Therefore, KOTRA will strengthen cooperation with various support institutions and its competitors to create synergy and expand open collaboration in which parties can share about their performances and achievements.

Acknowledging that Korea cannot achieve a trade volume of USD 2 trillion by 2020 without nurturing sound and stable SMEs, Kim has established four business directions for Korea to become a strong trading country: Prepare a strong growth foundation for nurturing export companies; create new export sectors; strategically maximize Korea’s expanded economic cooperation with countries around the world; and attract more foreign-invested companies that can contribute to Korea’s economy.

▲ Prepare a strong growth foundation for nurturing export companies

“Korea, which is highly dependent on external factors, has made breakthroughs in overcoming crises with help from outside,” said Kim. The CEO plans to nurture promising local companies and export start-ups to develop 100,000 export companies and 400 specialized global companies with exports of more than USD 100 million by 2017.

▲ ▲ Create new export sectors

“The manufacturing-centered trade structure cannot help Korea reach the KRW 2 trillion trade level. Therefore, we have to pioneer new export sectors, including cultural contents, medical care, agricultural and fisheries products and defense. We will change the functions and organization of KOTRA to respond to new trade methods, including transit and processing trade, electronic transactions and G2G,” said Kim.

▲ Maximize Korea’s expanded economic cooperation following the outcomes of free trade agreements (FTAs)

“Despite all the difficulties, Korea managed to reach FTAs with China, Canada, Australia, New Zealand and Vietnam in 2014. KOTRA will help local companies effectively enter economic territory following the outcomes of FTAs,” said Kim. As the FTA between Korea and China is not only an opportunity but also a challenge to local companies and buyers, he mentioned that four FTA support centers will be established in cities including Beijing and Chengdu.

▲ Attract more foreign-invested companies to reach USD 20 bn in foreign direct investment (FDI)

“Having reached FTAs with the EU, United States and China, Korea has become the business platform of Northeast Asia. Therefore, KOTRA will make the best use of our FTA network to achieve USD 20 billion in FDI. We will focus not only on the country’s outstanding manufacturing industry, but also on promoting investment in logistics and support service industries and attracting the headquarters and research and development centers of advanced industries,” said Kim.

Concentrate on customers and “management by wandering around”; cooperation and communication; internal stability and outcomes; and family-oriented work environment

As the Vice Minister of Trade, Industry & Energy, Kim visited SMEs twice a month to listen to their opinions. As the new CEO of KOTRA, Kim is ready to promote “management by wandering around.” He visited Daegu on January 27 to tour the production plants of SMEs and listen to their grievances. He plans to visit some of the major cities of Korea, including Gwangju, Busan, Daejeon and Wonju, in February to identify the difficulties and grievances of regional SMEs.

“I will become a CEO who is understanding and considerate of employees before asking them to show results,” said Kim in his inaugural speech. He also promised to change the work environment of KOTRA so that work and family can stand side-by-side,”