Ex-bureaucrat takes office as KITA’s chairman
Yoon Jin-sik, the newly appointed head of the Korea International Trade Association (KITA), will focus on improving the nation’s unbalanced export structure by diversifying trade items and export destinations, as the economy is still vulnerable to external risks stemming from unpredictable geopolitical conflicts abroad, he told reporters during a media briefing, Tuesday.
“The biggest weakness of our export structure lies in its reliance on only a few regions, and on top of that, we rely on exports of certain items with huge trade volume,” Yoon said during a meeting with reporters after taking office as the chairman of the trade organization.
The remark reflects Korea’s huge export reliance on three key trade partners — such as the United States, China and Vietnam. The three countries accounted for 47.8 percent out of Korea’s total exports in 2022, according to data from KITA.
He also underscored the strategic importance of the U.S. and China on an equal footing, despite growing trade conflicts between the world’s top two economies.
“We should not make light of the Chinese market, and the Korean government is advised not to adopt any lopsided trade stance to certain countries,” he said. “We should also take a preemptive step to brace for any possible changes in our trade circumstances with the U.S. after its upcoming presidential election.”
He also pledged to garner all his overseas networking capabilities during his three-year tenure to build a more stable trade structure for the country.
Koo Ja-yeol, the outgoing chairman, will return to the top management of LS Group, after he delivered his intention not to extend his term at KITA and remain committed to serving in his role as the group’s chairperson.
“As a former trade minister, Yoon has a deep sense of understanding on diverse trade issues,” a KITA official said. “Yoon is the most qualified figure to deal with Korea’s looming trade tasks — such as the reorganization of global supply chains — and he is expected to help alleviate regulatory risks that local firms are faced with.”
Yoon started his career as a bureaucrat at the nation’s finance ministry and was promoted to ranking posts, including chief of the Korea Customs Service and vice finance minister. He also worked as a trade minister for almost a year in 2003.
His latest career accomplishments include working as a special adviser for President Yoon Suk Yeol’s policy camp in 2022.