During the Global Business Forum hosted by Seoul, First Vice Industry Minister Kang Kyung-sung highlighted the major role of exports within South Korea’s economic framework, emphasizing the teamwork between the government and the corporate sector to hit export goal of $700 billion this year.
Given the nation’s heavy dependence on exports, a robust 9.6 percent rise from January to May positions South Korea to eclipse its previous peak of $683.6 billion set in 2022.
Kang showcased the adept negotiation strategies that enabled Korean automotive leaders Hyundai Motor and Kia to sustain their U.S. market presence despite initial challenges posed by the Inflation Reduction Act’s tax credit guidelines. These moves led to a 31 percent uptick in car exports in 2023, totaling $70.9 billion.
Looking forward, Kang detailed initiatives aimed at bolstering export performance, including stabilizing supply chains, enhancing foreign investment, safeguarding national technologies, and supporting innovative research and development efforts.
Contributions to the forum also came from Kim Yang-min, a professor at Sogang Business School, who introduced ‘sensemaking’ as a serious concept for business leaders facing uncertain environments. He advocated for a leadership approach that embraces various perspectives and direct stakeholder engagement, which is essential for fostering innovation and dynamic decision-making.
Dato’ Mohd Zamruni Khalid, the Malaysian Ambassador to Korea, also articulated the robust economic ties between Malaysia and South Korea. With bilateral trade reaching $25 billion in 2023, Khalid called for expanded cooperation in investment, trade, and tourism, signaling substantial growth prospects for both countries.
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