KITA Chief Advocates for Tech Startups as New Growth Engines in South Korean Trade

Seoul - Koo Ja-yeol, Chairman of the Korea International Trade Association (KITA), emphasized the need for South Korea to leverage technology startups as key drivers for export growth and economic development. Speaking at a press conference in Seoul, Koo highlighted the crucial role of startups equipped with innovative ideas and technologies in shaping the country's future growth trajectory.

According to Yonhap News Agency, Koo expressed concern over potential challenges in boosting exports due to the global economic slowdown, market fragmentation, and increasing protectionist trends in international trade. He noted a perceived cooling of South Korea's economic growth engine and urged companies to boldly explore emerging markets. Despite sluggish exports to China, Koo pointed out favorable export trends in sectors like electric vehicles, secondary batteries, and defense industry products to markets in the United States, the European Union, and the Middle East.

KITA projects a trade surplus of US$14 billion for South Korea in 2024, with exports anticipated to increase by 7.9 percent to $680 billion and imports by 3.3 percent to $666 billion.

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