President Moon Jae-in said trade has been the main driving force of the local economy, and he vowed to make South Korea a global export powerhouse by 2030.
"Just as we developed our economy, with the world as our stage, we will create a new era led by trade. We will not stop until we are among the world's four largest exporting countries by 2030."
At the annual Trade Day celebration, President Moon emphasized South Korea's achievement of recording a trade value of over 1 trillion dollars for the third consecutive year despite the global economic slowdown and the on-going U.S.-China trade war.
He highlighted how Korean firms are overcoming the challenges posed by Japan's export curbs by using them as an opportunity to localize parts and materials technology.
To further boost trade, President Moon pledged to expand Korea's network of free trade agreements with other countries, including the signing of the RCEP deal.
But to maintain Korea's lead in exports, he said it's critical to find new areas of export growth, including cosmetics, alongside the major new industries of system semiconductors, bio health and future cars.
Korea is one of the world's top four exporters of cosmetics and beauty products.
To further boost the sector, the government will allocate over six million U.S. dollars next year to support small and mid-sized firms' cosmetics R&D so they can develop new basic materials and technologies.
At the same time, the government will nurture the 5G industry by increasing the government budget and tax benefits and expanding testbeds to increase 5G-related exports.
Kim Hyesung, Arirang News.