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President Park renews goal of putting Korea in top five trading nations by 2020

Updated: 2013-12-05 PM 10:47:56 (KST)
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Despite its small geographical size and relatively recent modernization, Korea is now the world's eighth largest trading nation.
The trade ministry is predicting that Korea will win a "triple crown" in trade this year, with one trillion dollars in trade volume expected for the third consecutive year, record exports and trade surplus.
Marking Korea's 50th Trade Day on Thursday,.. President Park Geun-hye put forth her goal to make Korea one of the top five trading nations and for the country to post two trillion dollars in trade by the year 2020.
With these targets in mind, President Park said she will push ahead with three tasks -- developing new export industries, boosting export capabilities of small and mid-sized firms and strengthening her "sales diplomacy" and the foundation for free trade.
New export industries will include the service sector, intermediate processing trade and the convergence of service and IT.

"A complex system, in which service and IT are put together, such as e-government systems, intelligent transportation systems, plant management and repair systems and digital hospitals, could be the new blue ocean for Korean exports."

The president also pledged to actively support SMEs seeking more export opportunities, as the future of Korean trade depends on them.

"My administration will actively support domestic companies that have competitive products but haven't had the opportunity to export them, so that they can enter markets overseas."

President Park promised to create a trading environment that is friendly to Korean companies by using diplomacy to open doors for further exchanges.

"In particular, the president said the Korean government will lay the foundation to enter the Chinese market through a Korea-China FTA and stand up for the interests of Korean firms in upcoming talks for regional trade pacts like the Trans-Pacific Partnership.
Eoh Jin-joo, Arirang News."

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