Discussion on Resolving Trade Industry Challenges Including Martial Arts Association Executive Restrictions and Business Travel Limitations

Kim Young-joo, Chairman of the Korea International Trade Association, is giving a greeting at the "Trade Association-Gangnam-gu Startup Open Innovation Demo Day" event held on the 23rd at COEX Startup Branch in Gangnam-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) executive board convened to discuss the difficulties faced by the trade industry due to the novel coronavirus disease (COVID-19) and to seek solutions.

Kim Young-joo, Chairman of KITA, stated at the executive board meeting held on the 27th at the Trade Tower in Samseong-dong, "We will actively communicate the difficulties faced by the trade industry due to the prolonged COVID-19 situation to the government and take the lead in finding solutions by cooperating with our government, related agencies, and overseas partner organizations." He added, "We will spare no support to help the trade industry turn this crisis into an opportunity."

Attending the meeting were 19 members including Chairman Kim, Joo Jin-woo, Chairman of Sajo Industries, Koo Ja-yong, Chairman of E1, Oh Seok-song, Chairman of Metabiomed, Bang Moon-kyu, President of the Export-Import Bank of Korea, and Lee In-ho, President of the Korea Trade Insurance Corporation. They discussed the association’s responses and additional challenges related to restrictions on businesspeople’s entry and exit due to COVID-19, difficulties in logistics transportation and export of quarantine products, and challenges in market development caused by exhibition cancellations.

The executive board evaluated that "the joint efforts by the association and the government, such as operating the Comprehensive Support Center for Businesspeople’s Entry and Exit and operating special cargo charter flights using idle passenger planes, were very timely measures to resolve difficulties caused by restrictions on the movement of human and material resources between countries." However, they also presented future challenges including the unification of quarantine screening windows and reduction of quarantine periods, expansion of countries participating in the expedited businesspeople entry system, and efforts to curb increases in logistics costs.

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