KOTRA CEO Kang Gyeong-seong speaks in a press conference in Seoul, Thursday. (KOTRA)
KOTRA CEO Kang Gyeong-seong speaks in a press conference in Seoul, Thursday. (KOTRA)

Korea Trade-Investment Promotion Agency Kang Gyeong-seong on Thursday vowed all-out efforts to enhance Korea's readiness for uncertainties in the global trade environment amid US President Donald Trump's tariff threats.

“KOTRA relocated its North American headquarters from New York to Washington to establish a response system and has published and disseminated 56 trade investigation reports so far,” Kang said in a press conference marking his 100th day in office.

“Additionally, a tariff response voucher will be newly established next month. Discussions with the government are currently underway regarding support of about 10 billion won ($6.9 million). I believe that when the landscape shifts, opportunities always arise."

He also addressed trade issues with China. The CEO noted that while China is Korea's largest export market, its technological capabilities have either closely caught up with or surpassed Korea's.

"(China) is now more of a competitor. As industrial competition between Korea and China intensifies, competition will become fierce not only in the Chinese market but also in the developing world. We must prepare for this,” Kang said.

At the same time, he said that Korea should also pursue practical benefits, as high-quality Korean consumer goods could see increased exports to China's developing regions.

"Even amid the US-China power struggle, we must seek pragmatic benefits. We need to take a balanced approach and respond wisely. China is both a market and a competitor. If we can maintain an appropriate gap with China, we have a chance to succeed."

At Thursday’s event, Kang vowed to establish 140 trade offices, an annual budget of 750 billion won and a workforce of 1,900 during his term.

He also promised to promote the diversification of export markets and products, focusing on Global South regions such as ASEAN and India.

With the number of export-oriented small and medium-sized enterprises reaching 96,000 last year, he pledged to establish an era of 100,000 export-oriented SMEs during his term.


yeeun@heraldcorp.com