KITA Sets Its Sights on
Posting $1 tln Worth of Trade

Unveils New KITA Plan on the occasion of the 60th anniversary

Korea International Trade Association (KITA) plans to raise its trade fund on market exploration that offers easy loans to SMEs from 105 billion won to 200 billion won.
KITA has decided to conduct reorganization, calling for expanded participation by member companies and reinforced support for smaller and provincial exporters.
KITA Chairman Lee Hee-beom declared a new management strategy, dubbed "New KITA Plan,"designed to promote its members'interests and beef up field support on the occasion of the 60th anniversary of its founding, saying that KITA is striving to reposition itself as a trade promotion institution spearheading the goal of posting $1 trillion worth of trade and developing Korea into the global top eight trade powerhouse. KITA Chairman Lee said, "KITA has contributed much to making Korea the global top 12 trading powerhouse, and the New KITA Plan has been worked out to make a new start the way member-oriented and field-oriented trade promotion services can be promoted.
"KITA said the trade fund for financing SMEs with annual exports of less than $10 million will be expanded over the five years to 200 billion won on a step-by-step basis. As a result, loan amounts, including revolving facilities, all with an annual interest rate of 4 percent, will increase from current 60 billion to 120 billion won.
In a bid to expand participation among member companies and strengthen support for smaller and provincial trading companies, the Integrated Trade Support Center and Provincial Trade Support Team will be supported at the KITA head office and provincial trading professionals will be posted at the branch level.
KITA plans to increase from current five to 11 the number of committees under the umbrella of the board of directors in order to gain opinions on its operations from member companies. The SMEs Committee and six ad hoc committees on inter-Korean trade, Free Trade Agreement, countermeasures on intellectual property infringement, promotion of natural resources development,
import and trading manpower development will be established.
The existing Electronics Data Interface (EDI) based on exclusive networks will be upgraded to the u-Trade Platform, an advanced Internet-based full-automatic trading system by the end of next year to help exporters enjoy such economic benefits as cost reductions.
Besides, KITA seeks to expand database on foreign companies and establish trade transaction network for traders of Korean ancestry and a Website for publicizing Korean exports abroad as part of its efforts to strengthen its function as a trading transaction agency. KITA plans to build up u-KITA service for helping exporters gain access at any place and at any time, while upgrading the existing Trade Academy, a trade manpower development institution, into a graduate school-class specialized educational institution.
KITA executives and staffs adopted the KITA Customer Service Chapter, pledging their resolve to give more weight on member company-oriented and field-oriented services
KITA Sets Up Trade Research Advisory Committee
KITA has inaugurated Trade Research Advisory Committee made up of outside experts in an effort to find a way to contribute to development in the 21st century by rapidly responding to changing environment at home and abroad and improving services for members and held the first meeting at Grand Intercontinental Hotel in Samsung-dong on July 21.
A KITA official said that the advisory committee meeting presided over by KITA President Lee Hee-beom briefed on pending issues including recent trend of import and export, and that it was followed by an in-depth discussion on how to improve services for KITA members and develop the organization in the mid-and-long-term and what role the KITA can play in response to Korea-U.S. Free Trade Agreement.
The Trade Research Advisory Committee consists of 6 experts from various areas including former Minister of Science and Technology Kim Jin-hyun, President and CEO of Institute for Global Economics Sakong Il, Advisor to Bae, Kim & Lee Hwang Doo-yeon, Former Ambassador to Argentina Choi Yang-bu, Professor with Suwon University Lee Jong-won and Professor with Seoul National University Jeong Young-rok, and it will advise KITA on trade policies and overall management strategy. nw

KITA Chairman Lee Hee-beom

(Below photo) KITA head office - the World Trade Center in Samseong-dong, Seoul, is a landmark of elevating Korea into the the global top 12 trading powerhouse. A signboard marking the first anniversary of Trade Day and an event celebrating the $500 billion worth of trade.