Experts are identifying the pharmaceuticals, aircraft, parts, and cosmetics industries as be promising export candidates by 2020.
In a report called “Year 2020 Promising Export Industries,” the Korea Eximbank Overseas Econominc Research Instiute (KERI) highlighted and announced seven promising export industries on Sept. 2.
The list included medicine, aircraft and parts, processed food, cosmetics, second batteries, light emitting diodes (LEDs), and smart grid transmission and distribution equipment. KERI said that the domestic pharmaceutical industry has recently shown a clear increasing trend in exports, and has great potential for growth based on the biosimilars sector. Also, it said that the aircraft and parts industry is now at the stage that can it produce indigenous models so that the market can be expanded when making an additional investment in technology development.
An official from KERI said, “The shipbuilding, steel, heavy, chemical, and mechanical equipment industries, which currently take up most major export items, are seeing growing competition with emerging countries, including China. It is desirable that the country should diversify its export portfolio by promoting these seven promising export industries.”