KOTRA President Kang: ‘Korea Makes Utmost Efforts to Maintain Export Momentum amid Severe Outside Conditions’

President Kang Kyung-sung of Korea Trade-Investment Promotion Agency (KOTRA).

President Kang Kyung-sung of Kore Trade-Investment Promotion Agency (KOTRA) said, “Korea is faced with severe outside conditions, such as an export structure focusing on the United States and China, geopolitical uncertainties and global technology competition.”

KOTRA President Kang made the remarks while delivering a speech at a parliamentary audit of the National Assembly Trade, Industry, Energy, SMEs and Startups Committee on Oct. 16.

“Korea saw exports for the first nine months of this year rise 2.2 percent year-on-year, but Korean companies were hit by hardships caused by U.S. tariffs,” President Kang said.

“An export and investment emergency taskforce has been inaugurated and a tariff response office has been initiated to serve as the government’s windows to cope with the tariffs, and we are making our utmost efforts to diversify items using Hallyu (Korean Wave) and markets focusing on the ‘Global South’ in order to maintain export momentum,” he said.

KOTRA has implemented a tariff grievance and complaint consultation center, in the wake of rising uncertainties caused by the imposition of tariffs during President Donal Trump’s second term.

The center has handled about 8,000 corporate consultation cases.

KOTRA Holds ‘Career Connect in AI Wave’ in Silicon Valley to Attract Overseas Advanced Industry Gifted Manpower

Kore Trade-Investment Promotion Agency (KOTRA) held “Career Connect in AI Wave” in cooperation with the Korean Consulate General in San Francisco on Oct. 14.

They offered opportunities for Korean advanced industry companies to hold consultations with local gifted manpower and provided related institutional systems and information.

The event was designed to promote the Korean government’s policies of attracting overseas gifted manpower to local global company officials.

Kore Trade-Investment Promotion Agency held “Career Connect in AI Wave” in cooperation with the Korean Consulate General in San Francisco on Oct. 14. A view of a round table session in which Korean companies have a networking with local manpower. (Photos: KOTRA)

Of late, the U.S. administration has raised H-1B visa fees for specialized job seekers from $1,000 to $100,000, which is a major barrier for foreign manpower to land jobs in the United States.

As a result, the global gifted manpower market is undergoing tremendous changes. As foreign talents dreaming of landing jobs in the United States ponder alternative options, Korea has an advantage in attracting them in advanced industries, such as AI and semiconductors.

The Korean government’s support policies for attracting overseas manpower was introduced, including gifted manpower awards.

In particular, “K-tech Pass” has been highlighted. K-tech Pass is the Ministry of Trade, Industry and Energy’s project to offer the top-tier visa F-2 and settlement benefits to overseas workers in Korea in eight advanced industry sectors, such as semiconductors, displays, secondary batteries, bio, robotics, defense industry, AI and advanced mobility. KOTRA is in charge of the visa issuance.

The top-tier visa is a specialized visa for hiring foreign manpower in advanced industry areas and offering preferential immigration treatment.

Promising Korean companies in the AI and semiconductor sector, such as Furiosa AI, MangoBoost and Saltlux, participated in corporate publicity and job employment sessions.

Some participants were seen presenting their resume for employment on the spot.

A roundtable meeting session took place to encourage networking among Korea companies and local gifted manpower.

A roundtable session for three areas – AI/software, semiconductor and bio/health care – was attended by 173 people. A couple of big tech company officials in Silicon Valley participated in the session and met with Korean companies.

In February, KOTRA inaugurated the overseas gifted manpower attraction center.

The agency is now in charge of offering support to explore, attract and settle global gifted manpower. KOTRA is focusing on advanced industry sectors, such as AI and semiconductor known in global major cities in which core gifted manpower is converging.

Kwon Oh-hyung, head of KOTRA’s trade office in Silicon Valley, said, “The event is a significant opportunity for Korean companies in the advanced industries and global gifted manpower to converge for employment and networking, and we will continue to host events tailored to meet needs for global gifted manpower in Silicon Valley to challenge in Korean advanced industry companies and Korean companies to secure global manpower.”

KPTA and KOTRA Hold GBPP to Boost ‘K-Pharmaceutical and Bio Exports’

Korea Pharmaceutical Traders Association (KPTA) and KOTRA jointly hosted “Global Bio & Pharma Plaza” (GBPP) at Westin Seoul Parnas from Oct. 15 to Oct. 16.

GBPP was the nation’s largest global pharmaceutical export consultation event.

According to KPTA, as the U.S. administration announced a 100 percent tariff against pharmaceutical imports, effective Oct. 1, the event was designed to diversify export markets and advance an era of exporting pharmaceutical exports worth $10 billion.

A consultation session was attended by 100 foreign pharmaceutical companies and research institutes and 120 Korean companies.