Kang Kyung-sung, former Vice Industry Minister, took on the role of CEO at the Korea Trade-Investment Promotion Agency (KOTRA), starting a three-year term leading the government-supported trade and investment body. Kang previously served as President Yoon Suk Yeol’s secretary for industrial policy.
His appointment came as the reelection of former U.S. President Donald Trump has increased uncertainties about the international trade order. Acknowledging the challenging economic environment, Kang emphasized KOTRA’s role in making Korea one of the world’s five largest exporters.
“In order to enhance the exports in strategic sectors, such as nuclear power, biotech, defense, and service industries, we should provide Korean companies with services tailored for each industry”, he said in an inaugural address.
The new CEO urged KOTRA employees to remain vigilant about risks and opportunities in overseas markets.
In 2022, the agency was criticized for its insufficient preparedness for the U.S. Inflation Reduction Act, which eventually led to the government’s belated response regarding its countermeasures against the protectionist trade policies.
“It has been much more important for us to collect credible information and provide Korean companies with that information,” Kang said. “We should devise strategies and pursue projects to make the rise of the Global South and major countries’ investments in advanced industries become beneficial for Korean companies”.
In addition, he suggested leveraging generative artificial intelligence to enhance support for Korean companies. The 59-year-old is the first government official to hold both the positions of first and second vice minister of trade, industry, and energy. The first vice minister is responsible for industrial policies, while.