Gov’t recognizes 1,153 companies for exports
Around 2,000 government officials, including President Moon Jae-in; Minister of Trade, Industry and Energy Paik Un-gyu; Kim Hyun-chong, Korea’s chief trade representative; and Kim Young-joo, chairman of the Korea International Trade Association, participated in the event, which highlighted Korea’s export growth this year after two straight years of decline.
In the first nine months of this year, exports grew by 18.5 percent year on year, the largest rate in six years. Thanks to the increase, Korea is expected to exceed $1 trillion in trade volume for the first time in three years.
With current projections, the Korea International Trade Association expects Korea to be the sixth-largest exporter in the world by the end of this year. Last year, it was eighth.
Posco earned the top Trade Day award for achieving more than $10 billion in exports in the 12 months between July 2016 and June 2017.
Last year, no company was recognized for exceeding $10 billion in exports for the first time in 14 years.
Yura Corporation, a manufacturer of car parts, was awarded the $1 billion award, while BASF Korea was recognized for exports worth $900 million and tobacco company KT&G for $800 million.
LG Household and Health Care earned the $400 million award and cosmetics maker AmorePacific $300 million. KD Navien, Korea’s leading manufacturer of water heaters, received the $200 million award.
Among smaller companies, Kakao Games was recognized for exceeding $30 million in exports.
Although the company was founded last year, it reached high figures by establishing operations in Europe and the United States and offering diverse games through mobile and PC platforms.
Five individuals, including SK Innovation CEO Kim Jun, received the Gold Tower Order of Industrial Service Merit, which honors individuals’ contribution to entering foreign markets and expanding exports.
“Despite political turmoil, consecutive threats from North Korea and protectionist trade policies, our nation has done well,” President Moon said during the event on Tuesday, adding that the government “will support more small and midsize companies to actively engage in exports.”
BY KIM JEE-HEE [email@example.com]
More in Industry
Buffet restaurants adapt to pandemic by nixing the buffets
Sale of Doosan Infracore stake could be opportunity for Hyundai Heavy
Volvo XC60 ranks No. 1 for residual value in Encar study
Binggrae to scoop up ice cream competitor after FTC approves merger
LG accepting orders for rollable, $85K television