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.
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.”
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.