Yoo Jung-yeol Appointed as KOTRA President: "Turning the COVID-19 Crisis into an Opportunity"

Yoo Jung-yeol, New President of KOTRA [Image Source=Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Yoo Jung-yeol, the newly appointed president of KOTRA, stated on the 20th, "We will turn global business trends such as digital transformation and carbon neutrality into opportunities rather than threats for our companies."

At the inauguration ceremony held at KOTRA headquarters in Seocho-gu, Seoul, Yoo said, "We are currently experiencing a pandemic that has shaken humanity's lifestyle and business environment due to COVID-19." He added, "Global non-face-to-face interactions have now become an irreversible trend," and said, "We will focus our company-wide capabilities on digital transformation."

Yoo presented the core business directions as ▲ digital transformation of the export support system ▲ proactive response to the reorganization of the global value chain (GVC) ▲ preparation for global carbon neutrality and the digital era ▲ preemptive response to new trade policies. Through this, the goal is to contribute to the early realization of the era of '700 billion dollars in exports and 120,000 export companies' and achieve quantitative and qualitative growth in foreign investment attraction. He also stated that domestic companies will be supported to play a leading role in the fields of carbon neutrality and digital technology and to easily access the new trade environment.

Yoo said, "Although KOTRA has played a pivotal role in Korea's economic development for over 60 years, there are some negative perceptions due to high expectations from various customers," emphasizing communication with customers, strengthening cooperation with related public institutions, and establishing sustainable management.

Furthermore, Yoo stated, "We will take a leading role in establishing a close cooperation system with related public institutions and securing diverse communication channels with companies." He then urged employees, "Keep in mind that thorough ethics and integrity in public institutions are virtues strongly demanded by the public and society, and do your best to become a clean and trusted institution."

The new president Yoo graduated from Seoul National University with a degree in Aerospace Engineering and earned his master's and doctoral degrees in the same field from the same university. He entered public service in 1995 through the 18th 5th-grade career recruitment and was appointed to the Ministry of Commerce and Industry. He served as Director of the Software Policy Division at the Ministry of Knowledge Economy in 2009, worked at the Presidential Office's Economic Secretary's Office in 2010, was Director General of Policy Coordination at the Regional Development Committee in 2013, Minister-Counselor at the Embassy in Japan in 2015, and Director of the Materials and Components Industry Policy Division at the Ministry of Trade, Industry and Energy. After serving as Deputy Administrator of the Defense Acquisition Program Administration in 2017, he oversaw industrial policy as Director General of Industrial Innovation Growth and Industrial Policy at the Ministry of Trade, Industry and Energy from 2018.

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