Aspirations in the $ 2 Trillion Era of Trade by 2030

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Through the digital transformation of the commercial structure, the government will increase the reach of Korean trade from $ 1 trillion to $ 2 trillion by 2030.

On the 13th, the Ministry of Trade, Industry and Energy announced “Measures for the digital transformation of trade” at the third coordination meeting of the extended trade strategy held by Prime Minister Jeong Sye-gyun.

Industry Minister Sung Yun-mo said: “We need structural innovation for our trade to leap forward into the era of 200,000 export companies and $ 2 trillion. In particular, trade digitization and diffusion of an economy not face to face thanks to COVID-19 have led to new export companies and markets.

Korea’s trade volume entered $ 1 trillion in 2011 and hasn’t changed significantly for 10 years. The number of exported SMEs was blocked at 100,000 after exceeding 90,000 in 2016. This year, the annual trading volume is expected to drop to less than $ 1 trillion following the long-running US-China trade dispute along with the crisis of the crown.

As a result, the government is determined to make a breakthrough for a new leap forward with the “full digitalization of commerce”. The government expected that if the business structure were digitally converted, it would produce a “ one seat and three trillion ” effect, such as △ the expansion of the number and base of exported SMEs, of the diversification of export items. as services and products and overcoming protectionism through online markets.

First, it aims to build an online platform, which is the heart of digital.

The three platforms are functionally integrated step by step, including “By Korea”, currently operated by KOTRA, “Gobiz Korea” of the Small and Medium Venture Business Corporation and “Trade Korea” of the Korea Trade Association, and promote enlargement by expanding the number of businesses. .

The e-contract was recently added and payments of over $ 10,000 are possible. By integrating information on the platform, it will be reorganized to allow comparison of the products of the three main platforms. Through this, the plan is to grow to become a 5th place ‘Korean B2B platform’ in the world by 2025. Until the end of next year, the ‘Joint Korean Pavilion’ will also be built on global platforms such as Amazon and Alibaba.

In the global distribution structure, platforms and e-commerce are increasingly dominated. The size of the global e-commerce market exceeds 25 trillion dollars. This represents about 30% of the world’s gross domestic product (GDP). By country, the United States, China and Japan accounted for 56%, and Korea ranked fourth.

The government also operates permanent online exhibition halls for 10 major manufacturing industries, including textiles, bio-health, electronics, smart homes and robots. The idea is to use these pavilions as a hub to promote seven major industrial exhibitions, such as the “Korea Electronics Show”, in world-class O2O (on / offline) exhibitions.

It will also cultivate exporting small and medium-sized enterprises (SMEs) responsible for the backbone of the Korean economy. The government plans to farm 200,000 small and medium-sized enterprises (SMEs) that export 200,000 by 2030 and discover 10,000 companies each year to support exports through a joint online marketing ministry and accelerated funds worth 20 billion won.

The export support system will also be digitally modified to promote the reorganization of the e-commerce system, the digitization of customs clearance and certification, and the establishment of non-face-to-face financial and legal services.