KOTRA President Kim Jae-hong.

Korea Trade-Investment Promotion Agency (KOTRA) will spearhead a goal to help the nation see international trade recover to more than $1 trillion and attract $22 billion in foreign direct investment in 2017.

KOTRA said the agency will redouble efforts to secure lost momentum to boost exports with the goal of turning around the country’s international trade to more than $1 trillion next year. 

To this end, KOTRA plans to expand support to promising SME exporters and overhaul the support system in 2017. The agency will increase to 5,050 the number of SME beneficiaries from a program in which KOTRA’s overseas offices host them at their branches abroad. The number of beneficiaries from a program that aims to nurture “World champions” will rise to 200, while 6,300 SMEs will be given support for their participation in overseas exhibitions.

KOTRA will provide expert counseling services on solving exporting barriers and grievances to SMEs on a combined 33,000 occasions. Mobile teams will visit a total of 2,600 SMEs next year.

The number of centers that support the utilization of FTAs will rise from six in 2016 to nine in 2017, while the number of intellectual property desks from protecting theIP rights of Korean companies will increase to 12 in six countries. 

KOTRA will diversity exporters, items and markets to expand export momentum. The agency will increase the number of councilors form 165 in 2016 to 200 in 2017 to help 5,000 new exporters take root in overseas markets. 

Such exhibitions as the Korea Consumer Showcase, to be held in June, will be held to nurture Korean “Power sellers” and global “Hit” products, while the Korea Service and Content Market Exhibition will take place in next second half to foster 100 service industry leaders and boost exports of the industry.  

KOTRA will strive to explore new market opportunities and niche markets giving access to the premium consumer and high-tech markets in major countries and consumer and intermediary markets in emerging economies. 

KOTRA will lead efforts to create export growth infrastructure on a continual basis. The agency will give a helping hand to startups in foreign countries, those that want to land jobs and SMEs and mid-size superstars wanting to enter foreign markets.

KOTRA will come up with steps to cope with new protectionist moves and expand economic cooperation platforms. Korean-American collaboration showcases will be held on a quarterly basis, while China’s responses to the U.S. installation of the Terminal High Altitude Area Defense (THAAD) system against North Korea’s ballistic missiles in South Korea will be monitored closely. 

KOTRA will strengthen the analysis and marketing of market trends to brace for the advent of the 4th Industrial Revolution. 

Reviewing the 2016 achievements, KOTRA said despite sagging exports, the Korean exporting industry has seen SMEs and mid-size superstars’ portion of exports rise from 33.8 percent in 2014 to 35.8 percent in 2015 and 37.5 percent in 2016, contributing to a structural export shift for their continual growth. 

A combined 4,000 companies that depend on domestic demand have been supported to tap overseas markets. 

A total of 1,787 companies have started making deliveries abroad in the first 10 months of this year, compared to the 2016 target of 2,240 new exporters. 

A program in which KOTRA’s overseas offices host them as their branches abroad has provided support to 4,000 SMEs this year, up from 2,818 in 2015. The number of beneficiaries from a program to nurture “World champions” has increased from 149 in 2015 to 170 in 2016, while contracts worth combined $4.5 billion in exports have been signed under a program tailored to meet exporters’ needs.

KOTRA President Kim has a recent meeting with reporters to explain Korea's export outlooks in 2017. (Photos: KOTRA)