KITA To Strengthen Cooperation With The U.S And African Countries

Christopher Koo, the Chairman of Korea International Trade Association (KITA) visited the U.S and met with key leaders from the U.S Congress including Georgia Senator Jon Ossoff and Pat Wilson, the Commissioner of the Georgia Department of Economic Development. He also delivered serious concerns over the negative impacts of the Inflation Reduction Act (IRA) on Korea’s automobile industry.

As Korea is a critical partner of the U.S, playing a pivotal role in securing supply chains, Mr. Chairman particularly asked for their robust support for Korean companies to avoid a discriminatory treatment.

Korea International Trade Association (KITA) hosted a Networking Dinner with Ambassadors of 12 African countries to solidify economic ties between Korea and African countries.

Chairman Koo said that Africa is a young and dynamic continent, full of possibilities and opportunities. Given Africa’s wealth of natural and human resources, Korea will expand its economic cooperation beyond ODA into new fields such as biotech and renewables in a more mutually-beneficial and future-oriented manner.

In addition, Mr. Chairman also sought support from African countries towards Korea’s bid to host the World Expo 2030 in Busan.

KITA launched its first kind of “Trade-Industry Forum” on October 17, 2022 at the Trade Tower Seoul in Samseong-dong. As part of its efforts to address the challenges in trade and investment, KITA proposed six objectives and 20 policy recommendations. The theme of this first forum was “Policy Directions to Invigorate the Korean Exporting Industry” and two issues primarily discussed were (a) Analysis of a sudden increase in trade deficit and further measures to curb this trend and (b) Future directions to improve domestic economic policies.

This forum is expected to serve as a breakthrough for Korea to navigate through the economic challenges that the country is faced with.