The Korea International Trade Association (Chairman: Christopher Koo) held “KITA December Special Breakfast Lecture” on December 20th at COEX InterContinental Hotel in Samseong-dong, Seoul. Seoghoon Kang, the CEO & Chairman of the Korea Development Bank (KDB) was invited as a lecturer, who delivered a presentation with an emphasis on the outlook of next year’s economy and the role of KDB.
The Chairman of KITA mentioned in his welcome remarks, “Although the trading sector was plagued by the war between Russia and Ukraine and skyrocketing raw material prices throughout this year, Korea managed to export more than 600 billion dollars’ worth of goods for two years in a row.” He added, “Next year will be another year for KITA to invest efforts to guide companies engaged in the trading sector to skillfully overcome internal and external difficulties and boost their presence in the global stage.”
After Chairman Koo’s remarks, Chairman Kang delivered a presentation. He anticipated, “The Korean economy has already been in a low-growth trap for quite some time and next year’s annual growth is expected to be disappointingly low - below 2% for the first time since 1960.” The Chairman of KDB highlighted, “We are at a crossroads of whether we further descend into a “trap of ultra-low growth” or rise to be a “leading nation in the global stage” through injecting new vitality to our economy” and stressed, “Aggressive actions are needed to cope with changes in the economic environment to inject energy into our economy and be a “leading nation in the global stage.” Chairman Kang mentioned, “KDB will be committed to fulfilling its responsibility as a policy financing institution” and added, “Our institution will support Korea to overcome internal and external economic uncertainties and establish fresh new industrial policies ideal for injecting innovation into our economy, which will propel growth in the end.”