The Korea Trade-Investment Promotion Agency (KOTRA) plans to foster 1,400 small-and medium-sized enterprises (SMEs) as competent exporters in order to aid the government’s target of elevating the annual export to $2 trillion by 2020. In last year, Korea exported goods and services worth $573.1 billion
The newly appointed head of KOTRA, Kim Jae-hong, said recently that it will choose 1,400 companies focused on the domestic market and encourage them develop into exporters with global market leaderships over the next few years. Toward achieving this goal, the agency plans to help about 420 firms advance into potential markets overseas.
The new president said “It is impossible for Korea to attain its export growth to $2 trillion by 2020 without nurturing small, competitive exporters. “The nation, which has overcome a series of economic downturns by increasing export volume, has to create new growth engines abroad.”
According to KOTRA, it aims to expand the number of exporters to 100,000 by 2017 and nurture at least 400 companies that export items worth $100 million annually through closely cooperating with the Creative Economy Innovation Centers across the nation to nurture startups as exporters.
For providing more comprehensive support to exporters, the body will boost cooperation with the Korea International Trade Association, K-Sure, the Korea Export-Import Bank and other traderelated state agencies.
KOTRA carries out its mission of creating market research and other materials while offering a wider range of consulting services for export. Recognizing its insufficient support for potential export companies, it was determined to work more closely together with other related agencies in an open collaboration to offer the more upgraded comprehensive package of support, including financial assistance.
KOTRA also decided to place a larger emphasis on encouraging enterprises in the areas of entertainment, medical and other services sectors into exporters. Such decision is based on its own analysis of the reality facing the nation – that manufacturing sector-oriented moves cannot alone help Korea to accomplish the nation’s aim of attaining $2trillion in exports. “The nation now needs to help services industry companies sell their goods and services in foreign markets, the president said. We will also support exporters take advantage of booming e-Commerce and other new trade platforms. We will expand our presence in South America and Central Asia for local companies that seek ways to enter swiftly growing markets there,” he said.
KOTRA also plans to assist exporters in using free trade gagreements (FTAs) the nation has signed, focusing on helping companies capitalize on the Korea-China FTA through increasing the number of employees at its offices in China for the growing number of Korean firms operating there.
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