The new head of the Korea Trade-Investment Promotion Agency pledged on Tuesday to open the door to exports for small- and medium-sized enterprises as he laid out his company’s roadmap for the next three years.
Hong Suk-woo, an ex-chief of the Small & Medium Business Administration, took office at the state-run trade organization in June.
“I believe that SMEs are the right path to take,” Hong told a media meeting. “Entrepreneurs have a very crucial role in the dynamics of Korean economy. KOTRA will prop up their exports, new market penetration and global networks.”
According to him, around 480 Korean firms become exporters every year with KOTRA’s help. Hong aims to increase that to 600 over the next couple years by making each employee a “lifetime mentor” for five different startups and enhancing his staff’s language ability.
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Korea Trade-Investment Promotion Agency President Hong Suk-woo. (Yonhap News) |
The agency will also expand partnerships with multinational companies such as Toyota, Volkswagen and Caterpillar for SMEs. It has linked some 150 local firms with global corporations, which Hong wants to double by 2013.
A well-known expert on SME development, he has been stressing the significance of SMEs and entrepreneurship and the need to globalize those companies since his time at the SMBA and the Ministry of Commerce, Industry and Energy (currently the Ministry of Knowledge Economy).
As part of its steps to long-term growth, KOTRA plans to set up a database for market data and a social network for its clients next year, Hong said.
“We are in a leading position in terms of information gathering but lack a system with which we can keep records and provide them to businesspeople at anytime,” he said, adding the system would include not just documents but videos and images.
KOTRA runs one of the largest overseas business networks among Korean companies. It has 111 offices in 76 countries and plans to open another 17 until 2015.
To diversify its business structure, Hong said the agency plans to scale up cooperation with other agencies to support non-manufacturing sectors such as culture, service and exhibition.
By Shin Hyon-hee (
heeshin@heraldcorp.com)
