Seoul: The Korea Trade-Investment Promotion Agency (KOTRA) announced on Tuesday the establishment of an internal task force designed to revamp the country's export strategy. This initiative aims to assist South Korea in reaching an annual export target of US$1 trillion.
According to Yonhap News Agency, the trade structure innovation task force was created to strategically address the fast-evolving global trade environment. It also aims to support the new administration's trade and investment policy commitments led by President Lee Jae-myung. KOTRA intends to enhance exports in key areas such as Korean cultural content, digital services, defense, shipbuilding, and artificial intelligence.
The agency plans to transform promising domestic firms into export-oriented enterprises, aiding South Korea's ambition to become one of the world's top five export powerhouses. Additionally, KOTRA is set to strengthen its support system to tackle logistics challenges, which have been identified by many exporters as a significant obstacle.