Gu Ja-yeol, Chairman of Muhyup, "Structural Transition Period Should Be Seen as an Opportunity to Secure New Growth Engines"

28th New Year's Address Announcement

Gu Ja-yeol, Chairman of the Korea International Trade Association (KITA), stated that "the structural transition period should be seen as an opportunity to secure new growth engines and be thoroughly prepared for it."

In his New Year's address on the 28th, Chairman Gu said, "Next year, the global economic downturn and geopolitical uncertainties will continue," and predicted, "With leadership changes in major countries such as the US and the EU ahead, nationalism and protectionism will intensify."

Koo Ja-yeol, Chairman of the Korea International Trade Association.
[Photo by Korea International Trade Association]

He added, "Although the trend of slowing inflation continues, the high interest rate stance will be maintained for a considerable period, causing ongoing financial burdens for companies," and said, "New trade issues such as environment, digital, labor, and human rights are emerging, intensifying competition among countries to preempt international norms in these areas."

He emphasized, "Domestically, regulatory reforms in various fields such as labor and education are urgently needed to respond to the decline in the working-age population and weakening growth potential."

Chairman Gu promised three commitments to innovate the trade structure and enhance member companies' competitiveness next year.

First, he proposed, "We will strengthen policy recommendations to the government to closely resolve difficulties in the trade field and represent the voices of the trade industry," and "We will continue to expand digital-based member services and diversify communication and support channels with local trade sectors."

He also explained, "In response to the new trade order, we will actively lead private economic cooperation to expand entry into strategic markets," and "We will strengthen customized overseas marketing support targeting resource-rich countries and large consumer markets, and provide necessary information to companies requiring global trade information amid supply chain changes and US-China conflicts."

Lastly, he mentioned, "We will strive to expand the scope of trade and build an innovation ecosystem," and "We will support startups and promising companies in new growth sectors to grow into global export companies, and develop customized training programs reflecting the demands of companies in the field."

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