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KOTRA chief sets sights on $1 tril. in exports
Korea Trade-Investment Promotion Agency (KOTRA) President Kang Kyung-sung speaks during a press conference marking the first anniversary of his tenure in Seoul, Thursday. Courtesy of KOTRA
By Ko Dong-hwan
Agency outlines AI-driven strategy, expansion to diversify markets, boost SME exports
Korea Trade-Investment Promotion Agency (KOTRA) President Kang Kyung-sung on Thursday pledged to help drive the nation’s exports to a record $1 trillion, vowing to diversify export routes and utilize artificial intelligence (AI) to support outbound shipments.
Marking the first anniversary of his tenure, Kang underscored that Korea has already achieved $579 billion in exports as of last month, the highest-ever figure for the time period. He also noted that small and medium-sized enterprises (SMEs) posted a record quarterly export volume of $30.5 billion in the third quarter, highlighting their growing role in meeting the national export target.
Kang stressed that market, product and exporter diversification will be essential to reaching the $1 trillion milestone. KOTRA, he said, will further shift Korea’s global export focus toward emerging markets such as India and Southeast Asian countries.
He added that the agency will help expand the global reach of Korea’s new growth drivers — including consumer goods, defense systems and bio products — while raising the number of exporting SMEs from last year’s 96,000 to 100,000 within this year.
Kang also announced that KOTRA will concentrate its capabilities on helping Korea become one of the world’s top three AI powerhouses, noting that the Ministry of Economy and Finance last month selected KOTRA as one of 10 state-run agencies designated to lead AI adoption.
“For Korea, this year has been a year of tariff negotiations with the United States,” Kang said at the press conference in Seoul. “Next year will be the year we renew our global supply chains more fiercely than ever.”
Automobiles for export fill the Port of Pyeongtaek in Gyeonggi Province, Nov. 2. Yonhap
He added that KOTRA is seeking to increase next year’s budget for supply chain stabilization by 30 billion won ($20 million) from this year’s 4.6 billion won.
With nontariff barriers expected to intensify next year, Kang said KOTRA will continue to bolster economic security by sharing trade-related information with domestic firms and providing tailored consultations.
Since Kang took office, KOTRA has expanded its global network to 131 offices across 85 countries. Reflecting on his first-year accomplishments, he noted that the agency secured a record 96.3-billion-won budget for its countertariff corporate voucher program, which supported 2,248 exporters.
He added that SME exports reached $87 billion through September, up 5.8 percent year-on-year, while consumer goods exports — including food, beauty items, daily necessities, fashion and pharmaceuticals — increased 6.6 percent year-on-year as of August, also a record.
“KOTRA is no longer just promoting trade and investment,” Kang said. “We are now stabilizing supply chains, attracting foreign talent in future industries, and engaging in defense and economic diplomacy.”
He highlighted that Korea’s hosting of the Asia-Pacific Economic Cooperation (APEC) summit allowed KOTRA to connect 4,042 firms from 70 countries with 6,900 Korean companies, resulting in a record 40,000 business consultations last month alone.
At the Invest Korea Summit late last month, the agency also attracted $1.21 billion in foreign investment to the AI, semiconductor and future mobility sectors — its highest-ever amount for a single investment promotion event.