Korea Post said it will upgrade its postal and banking services to prepare for market consolidations with the coming of more free trade pacts.

Delivering a two-year plan, its president Kim Myong-ryong stressed the importance of providing better services as a state-run agency connecting supply chains and circulating money across the country.

“With less than a month left until the Korea-EU FTA takes effect, concerns are rising over the postal business facing an open market,” Kim said, addressing more than 500 branch heads gathered for the announcement.

“Facing uncertainties, it is important to focus on upgrading services by making the best use of our more than 3,650 branches and 45,000 workers.”

Kim proposed the restructuring of its supply chain network and upgrading of equipment needed to raise the efficiency of delivery and tracking. He also promised to provide an example of a well-run public agency by strengthening feedback and incentive systems.

Korea Post is one of few state-run postal service agencies in the world to have posted consecutive years in the black. It ranked first in the public service category of the Korean Customer Satisfaction Index for 12 consecutive years.

The Ministry of Knowledge Economy named Kim, 54, the president of Korea Post on April 12.

By Cynthia J. Kim (cynthiak@heraldcorp.com)