President Moon Jae-in greets award winners during a ceremony to mark the nation`s 54th Trade Day, at the COEX convention center in Samseong-dong, Gangnam-gu District, Seoul, on Dec. 5.

By Yoon Sojung

Photos = Cheong Wa Dae 

President Moon Jae-in has stated that the Korean economy will return to an era of USD 1 trillion in trade per year, and see economic growth approaching 3 percent this year. 

President Moon said, “This year, Korea has seen the highest growth among the top 10 exporters in the world," during a ceremony to mark the 54th annual Trade Day. The ceremony took place at the COEX convention center in Samseong-dong, Gangnam-gu District, Seoul. 

President Moon praised the hard work of businesspeople and workers who achieved such an outcome, despite both internal and external difficulties, including continued provocations from North Korea and protectionism.

“Exports were the driving force that helped Korea overcome its foreign exchange crisis in 1997 and the global financial crisis in 2008,” he said.

“Our government will support small- and medium-sized enterprises (SMEs) so that they can come forward an export more actively,” said the president. 

President Moon Jae-in (center) celebrates the forecast that Korea will return to an era of USD 1 trillion in trade per year, and achieve a 3 percent GDP growth rate this year, during a ceremony to mark the 54th annual Trade Day, in Samseong-dong, Gangnam-gu District, Seoul, on Dec. 5.

President Moon also said that low growth and polarization are structural problems faced by the Korean economy.

“We should work hard to achieve more inclusive growth by going beyond quantitative growth,” said the president. To solve these, he proposed the ongoing transformation of the nation`s economic paradigm, to turn it into a “people-centered economy” and to create jobs through exports. 

He emphasized the importance of developing industries that have high value-added in order to prepare for the fourth industrial revolution, and cooperation between SMEs and larger conglomerates. 

He vowed that his government would support research and development in new emerging industries and in new technological sectors, deregulation, and cooperation among large and small companies. 

President Moon also highlighted the need to diversify Korea`s markets. 

The president said that, “To achieve peace and sustainable prosperity on the Korean Peninsula, we will broaden Korea’s diplomatic and economic horizons.” 

In line with this goal, President Moon explained his administration’s visionary New Northern Policy that he presented at the Eastern Economic Forum in Vladivostok, Russia, last September, and the New Southern Policy that he unveiled at the ASEAN summit in Manila in November. 

“The successes of both our New Northern and Southern Policies are in the hands of exporters,” he said. 

***