The Korea Trade-Investment Promotion Agency (KOTRA) intends to explore opportunities for South Korean companies to expand trade with Japanese partners in such areas as parts, digital transformation and carbon neutrality, its chief said Tuesday.
Yu Jeoung-yeol, president and CEO of KOTRA, made the remarks as the two countries are stepping up efforts to restore their economic relationship and exchanges amid a thaw in bilateral relations after the March summit between President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida.
"I recently visited Japan. There is a mood for expanding business cooperation between the two countries, and we share many areas of mutual interest, including digital transformation, carbon neutrality and components," Yu said during a press conference.
"We can take a strategic approach and provide tailored support to our companies engaged in industries like consumer goods that have high demand in Japan," Yu said. "We can also consider tapping into a third country together, if the cooperation makes further progress."
Yu said KOTRA formed last year new teams tasked with the detailed monitoring of trade policy trends in other countries and regions, particularly the trends related to supply chains and carbon neutrality, as a way to respond to global issues.
In light of growing calls for diversifying trade partners, KOTRA is looking closely at Saudi Arabia, Indonesia, Mexico and India as countries that have high potential to expand trade with South Korea, Yu noted.
"Saudi Arabia is aggressively expanding its infrastructure investment. Indonesia and India have many opportunities, and so does Mexico in light of nearshoring or friendshoring given the various projects under way in North America," he said.
Yu said KOTRA will step up its role as a trade platform to help facilitate exports by South Korean small and medium-sized companies and startups by expediting the process for budget spending and offering tailored support for each prospective industry.
The South Korean economy, Asia's fourth-largest, has been showing signs of a slowdown with its exports on a sharp decline in the face of weak global demand and U.S. inflation.
The country logged a current account deficit for the second straight month in February, the first of its kind in about 11 years. Exports, the country's major growth engine, also shrank for the sixth consecutive month on-year in March.
"KOTRA will work hands-on in the field and support Korean companies in overseas business, with the mindset of exporting even one more dollar," Yu said.
KOTRA was established in 1962 as a state-funded trade promotion agency. It has 129 overseas offices in 84 countries worldwide.
Source: Yonhap News Agency