Samsung Electronics Honored with $110 Billion Export Tower Prize at Trade Day Anniversary Event

President Moon Jae-in presents the $110 billion export tower to Samsung Electronics President Kim Ki-nam.

As the nation saw its trade surpass $1 trillion in the shortest-ever time this year, 1,573 companies were presented with export tower awards during the 2021 Trade Day anniversary ceremony.

Samsung Electronics received the $110 billion export tower award. Samsung Electronics became the company to receive the highest export tower prize this year.

Samsung Electronics logged the highest-ever export amount in three years after the company received the $90 billion export tower prize in 2018.

Daechang and Genolution were awarded with the Order of Industrial Service Merit in recognition for their contribution to localizing raw materials, parts and equipment and offering support to the so-called “K-quarantine” against the COVID-19 pandemic with diagnosis equipment, respectively. Korea International Trade Association held a ceremony to celebrate the 58th Trade Day Anniversary at COEX in Seoul on Dec. 6.

The event was designed to celebrate the milestone of trade surpassing $1 trillion this year in the shortest-ever period, beating the previous record by 21 days, which was set on Nov. 16, 2018.

The nation posted exports worth $512.2 billion and imports worth $487.8 billion - topping $1 trillion in trade amounts - as of 1:53 p.m. on Oct. 23.

The anniversary event coincided with an event to celebrate the accomplishment of chalking up the largest-ever trade amounts.

During the anniversary event, 599 people were honored with government prizes for their contributions to boosting exports, while 1,573 companies were presented with diverse export tower awards.

President Moon Jae-in poses with prize winners, including S-OIL CEO Hussain A Al-Qahtani, who received the Order of Industrial Merit, Silver Tower at the 58th Trade Day anniversary event at COEX in Seoul on Dec. 6. (Photos on the courtesy of the Cheong Wa Dae website)

Ten prize winners, including Daechang President Lee Gil-sang, Genolution President Kim Gi-ok, S-OIL CEO Hussain A Al-Qahtani, who received the Order of Industrial Service Merit, Silver Tower, took the podium to receive their prizes on behalf of the 599 award winners.

Daechang President Lee, the winner of the Order of Industrial Service Merit, Gold Tower, was credited with localizing raw materials, parts and equipment in the plate grass sector to replace imports.

Genolution President Kim Gi-ok, also winner of the Order of Industrial Service Merit, Gold Tower, was recognized for having successfully localized nucleic acid extraction equipment to replace imports.

President Kim was honored for developing the technology to reduce nucleic acid extraction from the conventional three hours to 15 minutes, contributing to raising the standing of K-quarantine, or the nation’s prowess against the pandemic.

Among the winners of the Order of Industrial Service Merit, Gold Tower were Lee Young-taek, head of Hyundai Motor’s division, President On Yong-hyun of Kumho Mitsui Chemicals, and President Chung Yeon-taek of Dissiem.

S-OIL CEO Al-Qahtani was recognized for demonstrating his leadership by operating multi-purse refinery and petrochemical facilities by investing 5 trillion won and implementing a 7 trillion won follow-up investment project.

The nation saw trade top $1 trillion on seven occasions between 2011 and 2014 and between 2017 and 2019. But due to the global trade recession caused by the COVID-19 pandemic, the figure dropped below $1 trillion last year, to 980.1 billion, before recovering to more than $1 trillion this year.

As domestic production disruption was minimized amid the pandemic, mainstay industries, such as semiconductors, shipbuilding and smartphones have solidified their presence on the global markets.

The semiconductor sector recaptured the global No. 1 position in terms of sales while the shipbuilding industry ranked first in the value of winning orders and second in terms of order amounts and first in terms of export amounts in the world during the period between January and May. The smartphone industry rose to first this year from second in terms of market share.

New growth engines and high-value added items, such as system semiconductors, eco-friendly cars and value-added ships, secondary batteries, OLEDs and bio health products have grown into prospective new export hits by responding to market changes nimbly.