Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Former vice industry minister to lead KOTRA
Korea Trade-Investment Promotion Agency (KOTRA) CEO Kang Kyung-sung speaks during his appointment ceremony at the agency's headquarters in Seoul, Monday. Courtesy of KOTRA
By Park Jae-hyuk
Former Vice Industry Minister Kang Kyung-sung took office as CEO of the Korea Trade-Investment Promotion Agency (KOTRA), Monday, taking the helm of the government-funded trade and investment promotion organization for the next three years.
Kang previously served as President Yoon Suk Yeol’s secretary for industrial policy.
His appointment came as the reelection of former U.S. President Donald Trump has increased uncertainties about the international trade order.
Acknowledging the challenging economic environment, Kang emphasized KOTRA’s role in making Korea one of the world’s five largest exporters.
“In order to enhance the exports in strategic sectors, such as nuclear power, biotech, defense and service industries, we should provide Korean companies with services tailored for each industry,” he said in an inaugural address.
The new CEO urged KOTRA employees to remain vigilant about risks and opportunities in overseas markets.
In 2022, the agency was criticized for its insufficient preparedness for the U.S. Inflation Reduction Act, which eventually led to the government’s belated response regarding its countermeasures against the protectionist trade policies.
“It has been much more important for us to collect credible information and provide Korean companies with that information,” Kang said. “We should devise strategies and pursue projects to make the rise of the Global South and major countries’ investments in advanced industries become beneficial for Korean companies.”
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Additionally, he proposed the use of generative artificial intelligence to better support Korean firms.
The 59-year-old is the first government official to assume the positions of both the first and the second vice minister of trade, industry and energy. The first vice minister oversees industrial policies, while the second vice minister deals with energy policies.