Trade Association to Assist Companies Affected by Russia-Ukraine Conflict in Finding 'Alternative Trading Partners'

On the 31st, Online Consultation Meeting for Export and Import Companies Held

[Asia Economy Reporter Jin-ho Kim] The Korea International Trade Association announced on the 31st that it held a 'Virtual Trade Consultation for Companies Affected by the Ukraine Crisis' at the video conference room of Trade Tower in Samseong-dong, Seoul.

The consultation was organized to support the discovery of 'alternative trading partners' as damages to Korean companies engaged in export-import transactions with the affected countries have increased due to the prolonged Russian invasion of Ukraine.

The consultation was conducted by selecting applicants from 455 domestic companies that reported damage cases to the 'Emergency Task Force for the Ukraine Crisis,' which the Trade Association has been operating since the 24th of last month. Twenty-two companies participated, including exporters of pharmaceuticals, medical devices, cosmetics, and personal hygiene products, as well as importers of corn, wheat, and soybeans. One-on-one virtual consultations were also held with eight overseas companies from six countries including China, the United States, Thailand, and India.

A representative of a participating company said, "The Russian and Ukrainian markets account for more than 70% of our sales, but due to this crisis, there have been problems in collecting export payments, causing difficulties in company management." "Combined with the prolonged COVID-19 pandemic and supply chain instability, companies are experiencing the worst crisis, so government-wide support is urgently needed."

Kim Hyun-chul, Head of Global Cooperation at the Trade Association, said, “This crisis could negatively impact our overall trade transactions, so it is urgent to establish a stable trading environment for the industry.” He added, “If the situation prolongs, companies with a large proportion of trade with the affected countries could face existential threats, so we will prioritize efforts to help these companies find alternative trading partners.”

This content was produced with the assistance of AI translation services.