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Yoon renews vow to turn S. Korea into top 5 exporting nation

Politics 14:08 December 05, 2022

SEOUL, Dec. 5 (Yonhap) -- President Yoon Suk-yeol pledged again Monday to turn South Korea into a top five exporting nation by 2026 by channeling the government's efforts to boosting exports.

Yoon made the remark during an event marking the 59th Trade Day amid the trade ministry's forecast exports will reach a record US$680 billion this year to make South Korea the world's sixth-largest exporter.

"We made major achievements in exports this year despite concerns of a global economic downturn caused by high prices, a high exchange rate and high interest rates," he said, listing new milestones reached in exports of semiconductors and petroleum products.

President Yoon Suk-yeol delivers a congratulatory speech during a ceremony to mark the country's Trade Day at a convention center in Seoul on Dec. 5, 2022. (Yonhap)

President Yoon Suk-yeol delivers a congratulatory speech during a ceremony to mark the country's Trade Day at a convention center in Seoul on Dec. 5, 2022. (Yonhap)

Yoon also mentioned South Korea's participation in a nuclear power project in Egypt and arms exports to Poland and relayed the interest many foreign leaders have shown in working with South Korean firms in high-tech industries.

"We overcame the oil shock crisis in the 1970s and the 2008 global financial crisis by tackling them head on with exports," he said. "Now we must find a breakthrough for this global complex crisis also in exports."

Yoon promised to dramatically increase support for trade finance, marketing, logistics and other areas that can help boost exports and to personally involve himself in export strategy meetings and other platforms to resolve difficulties faced by exporting companies.

"The government will collect all of our export assistance capabilities to make the leap to a top five exporting power by 2026," he said.

Yoon especially emphasized the need to nurture the nuclear power, arms, infrastructure and K-content industries into key export sectors, while vowing to grow the country's network of free trade agreements by pursuing new FTAs with emerging markets in the Middle East, Central and South America, and Africa.

hague@yna.co.kr
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