Catching Up on Backlogged Overseas Schedules... Business Sector Prepares for 'Post-Corona' Era

(From left) Koo Ja-yeol, Chairman of the Korea International Trade Association; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Yoo Jung-yeol, President of KOTRA.

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[Asia Economy Reporter Park Sun-mi] With the easing of COVID-19 quarantine regulations and the lifting of restrictions on overseas business trips, the business community is forming an atmosphere to catch up on overseas schedules that had been postponed. Not only economic organizations and public institutions but also private companies are lowering the threshold for overseas business trips, which had been allowed only in a limited way, and it is expected that the speed of overseas business promotion by 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 office heads from the Southeast Asia region in Vietnam for face-to-face meetings to review this year's business strategies in Southeast Asia and discuss ways to expand Korean companies' business in the region.

President Yoo is actively managing overseas schedules more than ever by covering 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 spend more time visiting overseas regions that could not be managed due to COVID-19 in the second half of the year as well.

Ku 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 with 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 an economic delegation consisting of dozens of private company representatives to visit the U.S. and hold meetings with U.S. trade-related officials, but this schedule has not been carried out in recent years due to the spread of COVID-19.

In a situation where global economic uncertainties are increasing due to supply chain disruptions caused by Russia's invasion of Ukraine, the delegation plans to focus on resolving trade difficulties of Korean import-export companies and securing overseas expansion opportunities. In particular, they will strengthen outreach activities to the U.S. and work to convey the opinions of Korean companies related to steel and semiconductors.

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 the 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, with anticipated policy changes due to a change in administration, strengthening the research functions of economic organizations is urgently needed, and Son is known to seek advice related to this. In addition to his role as KEF chairman, Son, who is also chairman and CEO of CJ, will attend the 86th Masters Tournament and 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. the day before. 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," adding, "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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