On January 10 at the World Trade Center in Samsung-dong, the Korea International Trade Association (KITA, Chairman Christopher Koo) held the 2nd Emergency Response Meeting (for shipping and steel industries) to Overcome Difficulties and Exports per Industry. The meeting was presided over by Jeong Marn-Ki, Executive Vice Chairman of KITA.

This meeting was the second after the holding of the Response Meeting for the automobile/automobile parts/secondary battery industries on January 5. Representatives of the Korea Offshore and Shipbuilding Association, Korea Iron and Steel Association, Korea Industry Alliance Forum, major companies in the steel and shipbuilding industries, and Ministry of Trade, Industry and Energy personnel and working-level members attended.

Jeong Marn-Ki, Executive Vice Chairman of KITA said, “When taking into account the cases of Vietnam and India, that conducted a policy of step-by-step daily recovery after the breakout of Covid-19, the situation in China shall become more stable in March and April after the spread of Covid reaches a peak in the Lunar New Year in January.” “With the implementation of the so-called ‘With Corona’ policy, if China’s economic growth rate for this year recovers to at least 5%, Korea’s exports, which are predicted to drop 4% year-on-year, shall recover quickly after the second half of this year.”

In addition, “In the areas of shipping and steel, rather than complementing one another, Korea and China’s industries are in a competitive relationship…Korea’s exports shall not increase greatly with China’s economic recovery, which is why special measures are necessary for increase in exports,” he emphasized.