In his inaugural ceremony on Feb. 26, new Korea International Trade Association (KITA) Chairman Kim In-ho said everything has to be changed to break through the current impasse in international trade, including government policies and the international trade industry itself.
Retiring chairman Han Duck-soo and his successor attended the ceremony to mark the retirement and inauguration of the KITA chairman at the request of the outgoing chairman, which was the first such event since the KITA’s establishment in 1946.
New Chairman Kim said he feels a great responsibility as he takes over as the chairman of KITA at a critical juncture of Korea’s international trade, which needs to overcome many obstacles and challenges for its 70,000 member firms in Korea.
Korea has made a great achievement in the past 60 years, so great that it is called the “Miracle on the Han,” which refers to Korea’s explosive economic growth from 1950 to 1990. The new KITA chairman reminded everyone that Korea signed FTAs with 52 countries, including five last year, and their combined GDP is around 73.5 percent of the total world’s GDP.
KITA will come up with various ideas to help Korean firms further expand overseas, especially SMEs, so that their share of total exports expands from the current 34 percent.
Kim will also try to help Korean firms cope preemptively with changes in trade and industrial structure and boost the Creative Economy Drive by the government. KITA will work to have ICT mix with cultural contents, education, medicine and finance to the extent that they will take root as new growth engines. He will suggest various ideas and directions for industrial and regulatory reform.
Kim also said he will also work hard to create a market friendly business environment as he feels that every major global economy is in an age of structural reform, with uncertainty and the structures of crises ever present. In order for the Korean economy take another step upward, structural reform must be implemented to secure new growth momentum, the new KITA chairman said.
Kim also said he will try to expand public trade infrastructure, such as training manpower to handle international trade, getting jobs for them, and paperless electronic trade deals, which are all intended to cut the costs. Nurturing the MICE industry is also a priority to enhance competitiveness of the Korean exporters.
Kim said he will also work to broaden communication inside the export industry so that they know what others in the industry are up to and help each other to solve the problems. He knows how difficult it is to adjust to changing market trends for firms and products as he has been watching the market for his private firm since leaving the government 18 years ago. Kim will try to help the KITA member firms adjust to the developing market trends by providing them with right information before those changes take place.
Once one of the world’s most isolated and impoverished countries, Korea achieved surprising economic success through trade. Starting in the 1950’s as a marginal economy with only $50 million in trade, Korea's chief exports were squid, tungsten and iron ore. Today, Korea is one of the world’s leading exporters of semiconductors, cell phones, automobiles and ships, with trade volume of over $1 trillion. Trade has been the driving force behind Korea's transformation from poverty to prosperity, and has propelled it to leadership in global organizations like the G20 that are directing the financial future of the world.
The Korea International Trade Association (KITA) has been a critical part of this transformation. Established in 1946, KITA is Korea's largest and most influential business association. With 71,000 members all engaged in trade with the wider world, KITA works to grow trade for all of its members. KITA provides two major services. At the micro level, KITA works to reduce or eliminate trade barriers by providing on-site support for our members.
At the macro level, KITA practices advocacy for free trade throughout the world, and supports the conclusion of FTAs with Korea's trading partners.
Today KITA continues to strive for the further development of trade networks between Korea and the world. As always, we pledge to do our best to serve both our members and trading partners in the global community.
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