Chairman Han Duck-soo of the Korea International Trade Association said the association will invest heavily in the surge in online trading in an effort to expand foreign trade for Korea.

Chairman Han made the remark at KITA’s 66th anniversary on July 30 in a ceremony held at the InterContinental Hotel in Samsung-dong, Seoul, while briefing reporters on KITA’s plans.

Han said exhibitions and channels for face-to-face talks are important, but the online system of trade has enormous potential for development, as it has not yet been fully tapped.

Currently, KITA has been operating an online trading site called “Trade Korea,” but it has not been successful since the number of annual visitors to the site only totaled 5.8 million, Han said, adding that the number is too small, so they require a better database.

“As for China’s online trading system, foreign buyers should ask for the seller’s registration before they are invited, so we have to boost the reputation of our online trade system,” the KITA chairman said.

In the meantime, KITA has launched the Trade SOS site for Korean traders including exporters to report any difficulties they are facing and to help solve them. Any individuals or companies in foreign trade can file their complaints with the site in such areas as trade, industry, finance, tax, and employment, among others, and get help from KITA.

The chairman also disclosed that he told President Lee Myung-bak that the government should help SME exporters when they hold exhibitions of their products overseas by setting up a government support system that has no regional boundaries.

KITA will also take measures to help trading companies share their know-how on foreign trade with SME exporters. Han said if expert traders use their experiences well, especially in emerging market countries, then products can be exported to those markets and SMEs can benefit from their experiences by providing them with the information they need to effectively explore the markets for their products.

KITA chairman Han supports the trading field by utilizing the FTA and resolving the troubles of Korea’s trade industry. After taking office and visiting the automotive industry at the end of last month, chairman Han visited businesses in the textile industry recently to find out what troubles the industry was experiencing with the FTA’s utilization and to hear the voices in the field.

Chairman Han said, “The Korea-US FTA, which has been in force since March, will greatly contribute to the Korean textile industry’s extended entry into the U.S. market and its elevated competitiveness.” He made these remarks at an informal gathering of member companies of Seongnam Textile Manufacturing Business Cooperative Association, including HongHan Textile Industry and 12 textile exporters expecting the benefits of the Korea-US FTA.

Han also said, “It is vital for Korean companies to set up clusters like the Textile Manufacturing Business Co-op to support domestic and overseas marketing and to exchange technical information.” He added, “We actively have to seek ways to utilize the FTA at a new level through mutual cooperation.”

Meanwhile, KITA announced that Chairman Han would personally pay an on-site visit at least once a week to check on the FTA’s utilization status and related trading problems and to put forth his best efforts to resolve them quickly. 

The Korea-U.S. Economic Council, of which Han is  also the chairman, held a welcoming ceremony for the Korea-U.S. Student Goodwill Ambassadors on July 25 at the Korea World Trade Center in Seoul.

The 17 college student goodwill ambassadors from Korea and the United States, who are selected through document screening and interviews, will take part in various activities to give people a correct understanding of the relations between Korea and the United States. For example, they will join goodwill and friendship activities related with the United States in terms of trade and with U.S. related organizations and groups. In addition, they will offer correct and useful information on the history, economy, and culture of the two nations through social network services (SNS) and hold forums for college students on the importance of the relationship between the two countries.