|
More Korean SMEs to Become Contributors in the Nation’s Becoming a $2 Trillion Trader
S. Korea has set itself an ambitious goal of accomplishing the $2 trillion mark in trade by 2020 following last year’s unprecedented achievement which amounted to far more than $1 trillion.
To succeed in attaining this large target, the nation has reached a strategic conclusion that it will cautiously select and effectively foster some small titans whose common features are small in size but strong in technological potential.
Through the Korea Trade-Investment Agency (KOTRA), Korea aims to achieve this trade goal, with the support of 500 exporters annually at their early stages to become export avenues by offering export incubators and supporting their participation in overseas trade fairs.
KOTRA Chairman Oh Young-ho emphasized the significance of fostering small-size exporters in order to attain the $2 trillion goal in trade. “The trade amount of small- and mid-size enterprises (SMEs) currently accounts for approximately 30 percent of Korea’s entire trade amount.
Attaining the goal in annual trade will be only possible if the SMEs’ trade ratio doubles to reach the 60 percent level,” Oh said.
Taking fully advantage of FTAs (free trade agreements) with the two global trade powers the United States and EU, South Korean SMEs are seeking effective ways of increasing their global presence.
They are striving to become major players contributing to the nation’s overall trade growth, in cooperation with government-related agencies particularly KOTRA, the leading promoter in this field.
Korea Buyers Guide introduces some of these small titans, based on their potential in capturing global markets with their advanced technology and innovation, as part of efforts to boost these moves.
|
Other Articles
