KOTRA President Kim Jae-hong said, “KOTRA will provide its utmost support to help Korean companies aggressively explore the Chinese consumer market by making the most of the effectuation of the Korea-China Free Trade Agreement.”
The KOTRA president made the remarks at a trade and investment strategy meeting in Xian, Shanxi Province, with the body’s 19 regional trade chiefs in China in attendance. The participants discussed how to expand trade with China.
“Korea’s trade with China declined last year, but as the Korea-China Free Trade Agreement goes into effect this year, KOTRA will have to take the initiative in boosting trade with Chia,” KOTRA President Kim said.
In particular, President Kim said KOTRA will have to aggressively explore any untapped markets which Korean companies have not yet entered.
KOTRA President Kim convened the regional trade chiefs in Xian, which is the center of China’s inland area, and the starting point of Chinese President Xi Jinping’s initiative to develop the so-called "overland and sea Silk Road Economic Sphere, a KOTRA official said.
Kim suggested such strategies as expanded cooperation with Chinese global players and the exploration of new Chinese markets by capitalizing on changes in China's government policies.
KOTRA has decided to increase the number of e-commerce logistics support centers in China from the current one to five to cope with a rise in Chinese’s online purchases. Agencies shipping items will likely be established in Weihai and Shanghai in the first half of the year.
Fifteen “mobile trade offices” will be opened in such areas as Xian and Chongging. They plan to hold 10 rounds of export consultation meetings with Chinese representative companies like Huawei and Haier.
KOTRA plans to expand projects to attract investments combining China’s capital and Korea’s technology. KOTRA is seeking to hold a series of IR sessions by visiting 15 major cities in cooperation with the Chinese Commerce Ministry and local governments, as well as publish books guiding investments into Korea.
KOTRA plans to host the Korea-China FTA Exhibition with some 200 Chinese nationwide distribution networks and venders in attendance at COEX next month. KOTRA is seeking to hold a Hallyu (Korean Wave) exhibition in Shenyang, China.
KOTRA to Spearhead Economic Rejuvenation
KOTRA President Kim Jae-hong said Korea failed to achieve last year’s target of surpassing $1 trillion in trade, a feat the nation had achieved from 2011 to 2014.
In his New Year’s message, Kim’s analysis noted that external and internal business environments are unlikely to improve this year.
KOTRA put forward two major policies to boost exports in 2016. First, he said KOTRA plans to provide support to nurture SMEs and mid-size “superstar” companies as a major axis of exports. KOTRA has a target of increasing the portion of SMEs’ exports, which account for some 2.7 percent of the nation’s total exports by lending a helping hand to Korean domestic demand companies and startups. KOTRA plans to expand support to help mid-size superstar companies ramp up their competitiveness by expanding specific projects suiting their capacities.
KOTRA President Kim stressed differential approaches designed to make the most of opportunities in global markets. “KOTRA will expand cooperation with global companies to boost innovative exports, including high-end consumer products, in advanced markets and diversify the nation’s export markets, now focusing on exports of intermediary goods, to such emerging markets as India and Vietnam by utilizing the global division of labor structure.
Kim also emphasized the importance of such activities as transferring Korea’s development experiences and programs creating social values in such strategic markets as Myanmar, Cuba and Iran, returning to the global economic regimes in the wake of the relaxation of economic sanctions to seize up market leadership there.
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