KOTRA announced on the 15th that it has launched the K-Trade initiative in support of Korean export companies amid increasing global trade uncertainties. This initiative, in partnership with the Ministry of SMEs and Startups, the Korea Intellectual Property Office, and the Korea Customs Service, will include on-site training beginning in Changwon to assist exporters in navigating shifting trade environments.

The intensified protectionist sentiment originating from the U.S. has led to greater barriers, both tariff and non-tariff, alongside increasing volatility in exchange rates. As these factors create a complex landscape for export businesses, there is a pressing need for firms to enhance their foreign exchange risk management capabilities, extending beyond mere currency loss mitigation to encompass contract structures, payment currencies, and procurement methods.

With the rising global standing of K-brands, instances of intellectual property (IP) infringement, such as trademark disputes and counterfeit goods, have also surged. Thus, exporters must proactively address these challenges. The initiative aims to empower regional companies with limited access to information to bolster their capabilities in managing trade risks while rejuvenating export activities.

Training sessions will take place sequentially across six regions until June 25th, following the first session in Changwon on May 15th. Each locality will see participation from around 50 export-related enterprises, tailoring the programs to fit regional needs and industry characteristics, thereby enhancing the effectiveness of educational efforts.

In addition to hands-on training, the program will integrate export consulting support. During the training, companies can raise specific issues pertaining to customs, exchange rates, and IP challenges, which KOTRA will address through one-on-one consultations at its overseas investment advisory centers. Furthermore, should significant changes occur in U.S. customs policies, KOTRA plans to collaborate swiftly with regional SMEs to facilitate emergency webinars, ensuring timely assistance.

An Yong-joo, Vice President of KOTRA and Head of the AI Trade and Investment Division, emphasized the importance of bringing direct education to local SMEs that could be marginalized by rapidly changing trade conditions. “We will continue to make diverse efforts to enhance the on-ground response capabilities of companies located in provincial areas,” he stated.