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KOTRA’s new CEO Yu Jeoung-yeol takes office...“Determined to turn threats into opportunities”

Yu Jeoung-yeol, who served as chief of the Ministry of Trade, Industry and Energy’s industrial policy office and secretary for industrial policy at Cheong Wa dae, took office as the new CEO of the Korea Trade-Investment Promotion Agency (KOTRA) on May 20. The new CEO officially began to perform his job following an inauguration ceremony, held in the trade agency’s headquarters in Seoul. .

During an inauguration speech, the new CEO emphasized that “as we are now experiencing the COVID pandemic that has shaken our lives and business environment, we have a mission of the times to turn global business trends into an opportunity factor rather than a threat to our companies.”

To achieve that goal, he suggested measures such as △digital transformation of its export support system △active response to the reorganization of the global value chain (GVC)△preparation for global carbon neutrality and digital workspace trends △and preemptive response to new trade policies.

In particular, he pointed out that “the global social-distancing has become irreversible trend,” adding that “we’re going to go all-out to achieve digital transformation, so that we can contribute to achieving an annual export value of $700 billion and increase the number of export companies to over 120,000 as soon as possible.”

Additionally, he stressed importance of cooperation with other public institutions. To this end, he said “we will build close cooperation system with relevant public institutions, and take the lead in securing various communication channels with companies, so that we can emerge as a leading agency in achieving digital transformation catalyzed by social-distancing.”

Lastly, he mentioned measures for sustainable management of KOTRA, stressing “high morality and integrity are required for public institutions.” He asked all the members of KOTRA to “keep this in mind and do utmost to become a reliable and trusted agency.”

Yu earned his bachelor’s and master’s degrees in aerospace engineering at Seoul National University and another master’s degree in public administration at Harvard University. He started his career as Deputy Director at the Ministry of Trade and Industry, followed by△ Director of Capital Goods Industries Bureau at the Ministry of Commerce Industry and Energy △ Minister-Counselor at the Korean Embassy in Japan △ Director General for Materials and Component at the Ministry of Trade △ Vice Minister of the Defense Acquisition Program Administration △ Chief of the Ministry of Trade, Industry and Energy’s Industrial Policy Office and △ Secretary for Industrial Policy at Cheong Wa dae.

Source: KOTRA (2021.05.20)