Yoon vows to further support businesses’ overseas expansion

President Yoon Suk-yeol greets attendees during a ceremony to mark the 60th Trade Day in Seoul on Dec. 5, 2023./ Source: Yonhap News

AsiaToday reporter Hong Sun-mi

President Yoon Suk-yeol on Tuesday vowed to firmly support businesses so they can challenge and play in a wider playing field, saying, “The promotion of overseas expansion is the people’s livelihood.”

In a congratulatory speech at a ceremony to mark the 60th Trade Day in Seoul, Yoon said, “With your outstanding capabilities and spirit of challenge, you can be anything beyond the world’s sixth biggest exporter.”

“In order to overcome the crisis, our exports must show their potential once again,” he said. “I, the No. 1 salesperson of the Republic of Korea, will actively support South Korean companies and traders so they can play in the global playing field as much as they want.”

“We will widen your playing field, the path of export, by negotiating FTAs with the UK, India, and the Middle East countries,” the president said. “We will establish a preferential export package so that small and medium-sized export companies can focus on their exports without worrying about funds.”

Yoon also pledged to significantly expand overseas marketing support, such as providing vouchers for overseas exhibitions and exports, and to provide R&D support for developing and commercializing ultra-gap technologies.

“We will nurture service sectors such as contents, tourism, finance, health, and ICT to the level of manufacturing industry with the aim of becoming the world’s top 10 service exporter by 2027,” Yoon said. He also announced plans to nurture more than 6,000 young trade personnel by 2027 and establish a support system exclusively for promising start-ups in AI, digital and bio sectors.

Yoon also said he will boldly abolish regulations hindering exports and carefully examine the difficulties of overseas expansion by creating a support team.

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