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Marking Trade Day on Tuesday, the government rewarded 1,043 companies that helped boost Korea's exports and recognized the invaluable achievements of 756 business people. Samsung Electronics, SK Energy, GS Caltex, LG Display and S Oil accomplished more than US$10 billion worth of exports. Samsung Electronics alone earned US$54.3 billion from exports this year, receiving the "$50 billion" export achievement award. Hyundai Mobis, Hanwha, Korea Line Corporation and Doosan Heavy Industries and Construction also exported between $1 billion to $5 billion.
In addition to these mighty business conglomerates, small- and mid-sized companies, whose names are far from well known, have also captured the global market through their innovative technologies and creativity. One company, Suntech, was able to achieve $30 million in exports through a single product: a heater pad that gets rid of ice and moisture on the surfaces of wing mirrors in cars. Six out of every 10 cars on the planet are equipped with this product. Another company, ITWell, earned $5 million by exporting personal digital assistants (PDAs) that handle financial transactions for duty free goods aboard passenger flights. After suffering losses selling points-of-sale products to large retailers, IT Well shifted its focus to PDAs and became the top company in the world in that field by beating out Japanese rivals.
Kim Kee-soon, head of Nokia TMC and winner of the Gold Tower Order of Industrial Service Merit award, convinced the Finnish mobile handset maker to relocate its assembly plant in Salo, Finland to Korea instead of China because Korea, with its highly skilled and experienced workers, is the ideal country to manufacture sophisticated handsets like the "Smartphone." As a result, Nokia TMC's exports rose 65 percent from the previous year to a record $3.6 billion. The Bronze Tower Order of Industrial Service Merit award went to Hanil Manpower CEO Park Jung-boo. Hanil supplies a third of Japan's 100 Yen Shop operator Daiso's global import needs and ships out 30 containers worth of products to around 1,200 buyers in 25 countries around the world.
Korea's exports are expected to surpass $400 billion this year. This marks a 4,000-fold increase compared to 44 years ago, when Korea broke the $100 million export mark in 1964. This is the result of the tireless efforts of the companies and business people who were honored with the export awards. But as the global economy sinks deeper into stagnation, dark clouds are forming over our export front. Exports in November declined 18 percent compared to the same month a year ago. Our top export destination China has shifted into negative economic growth since October this year.
There is only one way for our businesses to survive these conditions. They need to tighten their belts further and lower costs so they can export better products than our rivals at more competitive prices. We need to boost exports to the Middle East, India and Africa, which are relatively less affected by the global economic crisis, while using the strong yen to aggressively seek out niche markets in Southeast Asia to compete with our rival Japan. Through more financial assistance and hedging guarantees for exporters, the government needs to create better conditions for our businesses. As long as we have talented and dependable businesses and businesspeople, the future of our economy is far from bleak.
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