One Year of the Yoon Administration... Jung Manki, Vice Chairman of KITA, "Thankful for Efforts to Overcome Export Difficulties"

Martial Arts, President Yoon Suk-yeol's 1st Anniversary Inauguration Commentary

Jung Manki, Executive Vice Chairman of the Korea International Trade Association, expressed gratitude for the government's efforts to expand exports on the occasion of President Yoon Suk-yeol's first anniversary in office.

In a statement on the 9th, Vice Chairman Jung said, "I would like to thank the government for its efforts to overcome export difficulties and improve the business environment amid challenging domestic and international conditions."

Jung Manki, Vice Chairman of Muhyeop.
Photo by Yonhap News

Vice Chairman Jung explained, "Looking back, the past year was a difficult one for the trade industry, as our exports slowed and imports surged due to global supply chain instability caused by COVID-19, rapid inflation, and tightening policies by various countries in response to high interest rates."

He added, "In this situation, the government held several export strategy meetings chaired directly by the President, addressing specific difficulties faced by export companies such as export financing and expanding work permits for foreign workers, while improving business conditions by expanding tax credits for future industries like semiconductors and electric vehicles. These efforts have focused on resolving current issues in the trade sector and restoring future competitiveness."

He continued, "Thanks to these efforts, our overseas direct investment (ODI), which was 6.2 times the foreign direct investment (FDI) in manufacturing in 2021, showed visible results as foreign investment inflows expanded from the fourth quarter of last year and our companies' overseas investments slowed, resulting in a slowdown to 3.6 times in 2022."

Vice Chairman Jung emphasized, "Going forward, I expect the government to continue its efforts to overcome export difficulties and improve the business environment to enhance medium- to long-term competitiveness, while actively seeking bipartisan cooperation from the National Assembly to expand our export industry base."

Finally, he stated, "The trade industry will actively respond to the current administration's private-sector-centered economic management and policy efforts based on liberal democracy and a market economy system, dedicating itself to expanding exports and technological innovation to turn the trade deficit into a surplus, while also making every effort to expand the medium- to long-term export industry base."

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