Korea Trade-Investment Promotion Agency (KOTRA), a major player in the promotion of Korea’s exports, celebrated its 50th anniversary on June 5 with a ceremony at the Korea Journalism Foundation building to commemorate the birth of the export agency in 1962 tasked to spearhead Korea’s external trade. President Lee Myung-bak led a slew of dignitaries who were at the ceremony including Minister Hong Suk-woo of the Ministry of Knowledge Economy, among others.

The Chief Executive in his congratulatory speech said KOTRA, in line with the nation’s key policies, helped to lead Korea’s exports in many ways for the past half century. The agency will now try its best to help find emerging markets and niche markets for exports as well as new markets for Korean products. He said that the overseas advancement of Korean companies including SMEs will act as an open platform for business globalization in order to reach the age of $2 trillion in trade.

KOTRA President Oh Young-ho said in his congratulatory speech that KOTRA, set up in 1962 with the launch of the first Five-Year Economic Development Plan, has been on the same track as the nation’s economic progress ever since and will continue to be a business globalization platform for Korean businesses, especially SMEs.

When the state-run trade agency was launched, Korea’s annual exports totaled a meager $100 million. Since then, exports have boomed, with 2011 seeing $555.2 billion in exports, ranking Korea 9th in terms of export volume. KOTRA now has offices on every continent of the world, playing the role of a locomotive for Korean exports.

President Oh Young-ho, in a meeting with reporters following the anniversary ceremony, said the nation’s export volume has surged 5,000-fold in the past half century and total trade has jumped 2,000-fold, a record unsurpassed by any other country on the planet.

“I feel very proud that KOTRA has always been involved in every stage of that astounding record,” Oh said. He said, “KOTRA’s vision for the future is to be a global platform for all SMEs, much like a train passenger needs a platform to board a train, especially the special express train called ‘Globalization.’

KOTRA’s ultimate role is to be a platform for every SME to go abroad, Oh said, recalling that the state-run trade and investment promotion agency has gone through many changes to get where it is today.

KOTRA’s men have roamed around the world with bags on their backs like peddlers exploring export markets for Korean goods and finding buyers. In 1995, KOTRA was given the extra job of attracting foreign investment, and in 2007 the state-run trade agency also got the job of helping Korean firms expand their advancement overseas, which forced the trade promotion organization to reform its function to a multipurpose one.

Oh said KOTRA lately has been occupied with helping SMEs open their export channels by strengthening their overseas marketing programs, inviting foreign buyers to its explanation sessions, and providing professional people to improve the quality of their products and develop technologies, among its diversified plans.

Oh said KOTRA has many tasks ahead, although its achievements in the past half-century have been nothing short of brilliant. 

When reviewing the seven major tasks that KOTRA has been in charge of, including the responsibilities for its branches and conducting surveys for others, it shows that although the firm has many tasks, its operations are still effective.

Oh said that a consensus has been reached as to policy direction through a survey among officers and staff on the occasion of the 50th anniversary.

He said from this year, the agency will strive to focus on not only quantitative growth, but also the quality of its achievements in order for KOTRA’s progress to move up a notch in the future.#