Koo Ja-yeol: "KITA Will Support Corporate Growth in Line with the Industrial Transformation"

‘KITA December Breakfast Special Lecture’ on the 2023 Economic Outlook Held

At the 'KITA December Breakfast Special Lecture' held by the Korea International Trade Association on the 20th, Chairman Koo Ja-yeol is delivering the opening address.

[Asia Economy Reporter Sunmi Park] On the 20th, the Korea International Trade Association (KITA) held the 'KITA December Breakfast Special Lecture' with Kang Seok-hoon, Chairman of the Korea Development Bank, at the InterContinental Seoul COEX in Samseong-dong.

In his opening remarks, Koo Ja-yeol, Chairman of the Trade Association, stated, "We will spare no effort to support companies in seeking new growth opportunities in line with the industrial transformation such as digital and carbon neutrality transitions." He added, "Although the trade environment was challenging this year due to the Russia-Ukraine war and soaring raw material prices, we achieved exports exceeding $600 billion for the second consecutive year," and emphasized, "In 2023, the association will continue to support the trade industry to wisely overcome domestic and international difficulties and to take a step forward on the global stage."

Chairman Kang of the Korea Development Bank delivered a lecture on the theme of '2023 Economic Outlook and the Role of the Korea Development Bank.' He said, "The Korean economy has already entered an era of low growth, and next year's economic growth rate is expected to be in the 1% range for the first time since 1960." The 2023 economic growth forecasts for Korea are 1.8% by the Organisation for Economic Co-operation and Development (OECD), 1.7% by the Bank of Korea, and 1.9% by the Korea Development Bank.

Chairman Kang continued, "We are at a critical juncture, standing at the crossroads between falling into the 'trap of ultra-low growth' or developing into a 'global pivotal country' through economic re-leap," and emphasized, "Active response to changes in the economic environment is necessary for economic re-leap and the development of a global pivotal country." He also promised, "The Korea Development Bank will faithfully perform its role as a policy financial institution to overcome domestic and international economic uncertainties and to lead innovative growth of the national economy by establishing new industrial policies."

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