MOTIE Minister Yoon presides over a government-civilian joint meeting to discuss ways of helping exporters cope with the difficulties they experience at the K-Sure building on Aug. 12. (Photo:MOTIE)

The Ministry of Trade, Industry and Energy convened a government-civilian joint meeting to discuss ways of helping exporters cope with the difficulties they experience these days. 

On hand at the meeting, presided over by MOTIE Minister Yoon Sang-jick, were some 20 representatives from several trade and business organizations, including KOTRA President Kim Jae-hong; Chairman and President Kim Young-hak of Korea Trade Insurance Corp. (K-sure); Executive Vice Chairman Kim Jung-kwan of the Korea International Trade Association; as well as industry associations, including the Korea Semiconductor Industry Association; Korea Association of Machinery Industry; and Korea Automobile Manufacturers Association. 

While delivering his opening speech, MOTIE Minister Yoon said exports declined for the seventh straight month, and export conditions would not be getting better, given a plunge in crude oil prices and the low-growth trend of the global economy.  

In order to overcome the hard situation, Minister Yoon said MOTIE will implement steps to ramp up exporting competitiveness, announced during the 8th Trade and Investment Promotion Committee Meeting on July 9, without interruption. He also said he will make sure Free Trade Agreements that Korea has signed with China, Vietnam and New Zealand will be ratified by the National Assembly as soon as possible to boost exports.

The ministry decided to strengthen cooperation with Iran and Cuba, both countries which are expected to see their economies turn around in the wake of the lifting of economic sanctions. MOTIE plans to convene a minister-level Korean-Iranian economic cooperation committee meeting for the first time in eight years. A center for providing support to companies entering the Iranian market will be set up at KOTRA next month to ease the difficulties the companies experience. The KOTRA president will lead a delegation that will participate in the Havana International Fair 2015, slated for November in Cuba, which is emerging as one of Korea’s biggest export centers in the Central and South America region. Korea will likely see its home appliance and automobile exports get a boost in the months or years to come. 

Korean exports to Russia with a focus on consumption products like automobiles nosedived 67.5 percent in the first half of this year over the same period last year, but the ministry decided to ramp up market management activities as chances are high that the Russian market has a potential of growth in capital goods following Russia’s moves to build infrastructure in the Far East and nurture manufacturing industries. A forum will take place from Sept. 3-5 to discuss ways of promoting the development of the Far Eastern region and cooperation, responding to an expected rise in industrial machinery and installation demand in the wake of Russia’s bid to nurture manufacturing industries. The KITA chairman will head a civilian economic cooperation delegation to hold negotiations on the exporting of construction and materials and equipment during the Eurasian Machinery/Equipment Consultation Session salted for November. A cumulative number of 108 Korean exhibitors will participate in seven exhibitions, including Moscow Auto Parts Fair.