By Jane Han
Staff Reporter
President and CEO of KOTRA Cho Hwan-Eik stood in front of an audience of almost two dozen foreign correspondents Tuesday, explaining in eloquent English the limitations facing the South Korean economy and how the trade and investment agency could help overcome the challenges.
During the first meeting of its kind in several years, the new KOTRA head promised that he will meet often with the foreign press to provide updates on Asia's fourth-largest economy.
``I am aware that many of you may feel that you are lacking access to news emerging from the Korean government and related agencies,'' said Cho to the crowd, including reporters from AP, Financial Times, CNN and Newsweek.
The latest press meeting ― among other recent KOTRA initiatives ― demonstrates the different management approach Cho is taking compared to his predecessor, Hong Ki-hwa.
Unlike Hong, who has been with the government agency in charge of attracting foreign investment for more than 30 years, Cho is new to the group.
Most recently having served as president of Korea Export Insurance Corporation and vice minister of commerce, industry and energy, the 58-year-old has a vast public background.
But his appointment as head KOTRA six months ago brought him to the investment-luring agency for the first time.
Since stepping in, Cho aggressively reshuffled his staff, spread across the world, implemented tailored support for small and medium-sized enterprises and kicked off active overseas networking and large-scale investment fairs to help makeover the once-faltering image of KOTRA.
The agency has been getting scrutinized for falling foreign direct investment figures.
FDI into Korea declined for three consecutive years starting at the end of 2004. However, the Ministry of Knowledge Economy said last week that 2008's FDI inched up 11.3 percent year-on-year and marked over $11.7 billion with a total of 3,700 investments.
This is a relief to Cho, who is widely seen within the organization as someone who means business.
``The new president has KOTRA staff on their toes because it's nervous to have someone from outside,'' said Todd Sample, executive consultant of the investment public relations team.
He added that the new team seems to realize the importance of counter effort to the negative perception people have of Korea.
The knowledge economy ministry is projecting this year's FDI will reach $12.5 billion.