"The Chairman is on an Overseas Business Trip"…Post-Corona Preparations in the Economic Sector (Comprehensive)

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[Asia Economy Reporter Park Sun-mi] With the easing of COVID-19 quarantine regulations and the reopening of overseas business trips, the business community is forming an atmosphere to catch up on postponed overseas schedules. Not only economic organizations and public institutions but also private companies are lowering the threshold for overseas business trips, which had been only limitedly allowed, and it is expected that the overseas business promotion of corporate executives will accelerate.

According to the business community on the 12th, Yoo Jung-yeol, president of KOTRA, is planning a business trip to Vietnam at the end of this month. He plans to gather trade center heads from the Southeast Asia region in Vietnam for face-to-face meetings to review this year’s Southeast Asia business strategies and discuss ways to expand Korean companies’ business in Southeast Asia.

President Yoo is actively managing overseas schedules more than ever by visiting the Middle East in January, the United States in February, and Southeast Asia in April this year. Until last year, meetings with overseas regional headquarters were held only via video calls due to COVID-19, but with the easing of quarantine regulations and more countries opening their borders, an environment where face-to-face meetings are possible has been created this year. He plans to devote more time in the second half of the year to visit overseas regions that could not be managed due to COVID-19.

Gu Ja-yeol, chairman of the Korea International Trade Association (KITA), is planning a business trip to the United States in June to strengthen trade cooperation with the U.S. The trip aims to emphasize the importance of Korea-U.S. economic cooperation and create a favorable environment for Korean companies entering the U.S. He plans to meet key figures in the U.S. Congress, administration, and local partner organizations.

At the end of this month, Lee Kwan-seop, vice chairman of KITA, will depart for the U.S. first to set specific plans and schedules. Every year, KITA organizes economic delegations consisting of dozens of private company representatives to visit the U.S. and hold meetings with U.S. trade officials, but these schedules have not been carried out in recent years due to the spread of COVID-19.

In a situation where global economic uncertainties have increased due to supply chain disruptions caused by Russia’s invasion of Ukraine, KITA plans to organize a private delegation to the U.S. to focus on resolving trade difficulties of Korean import-export companies and securing overseas expansion. In particular, it will strengthen outreach activities to the U.S. and support conveying opinions of Korean companies related to steel and semiconductors. Earlier, KITA submitted a statement reflecting the domestic trade industry's position on the U.S. administration’s ‘Indo-Pacific Economic Framework (IPEF)’ to the U.S. Department of Commerce and the Office of the U.S. Trade Representative (USTR).

Son Kyung-sik, chairman of the Korea Employers Federation (KEF), is currently on a business trip to the U.S. and is expected to return to Korea over the weekend. During his schedule, meetings with U.S. economic organizations and economic policy research institutes are planned.

In the U.S., economic organizations and policy research institutes are well connected, providing significant support to companies. In Korea, however, with anticipated policy changes due to a change in administration, strengthening the research functions of economic organizations is urgently needed, and Chairman Son is known to seek advice related to this. In addition to attending the 86th Masters Tournament, Son, who also serves as CEO and chairman of CJ, will visit CJ’s U.S. business sites.

Overseas business trips by private companies are also picking up.

Jung Eui-sun, chairman of Hyundai Motor Group, departed for a business trip to the U.S. yesterday. He is expected to visit the New York Auto Show 2022, which opens on the 13th, inspect the sales network in the U.S., and hold meetings with partner company officials. A business community official said, “Starting this week, large companies are resuming domestic and overseas business trips in line with the government’s easing of quarantine guidelines, preparing for the post-COVID era. It is expected that postponed overseas business trips by the government, economic organizations, public institutions, and private companies will pour in during the second half of the year.”

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