President Park Geun-hye said Wednesday that South Korea should up its efforts in pioneering new overseas markets, underlining the economic output of her recent state visits.

She also urged small and medium-sized companies to go beyond their domestic market-focused viewpoint and diversify export products to meet foreign demand.

“In order to survive in a rapidly changing global trade environment, we should tighten our efforts in exploring new markets, as was the case in the economic diplomacy of Mexico and Iran,” the president said at a meeting hosted by local economic organizations.

South Korea’s exports, despite its recent signs of recovery, is still vulnerable to external factors due to its heavy dependence on a few trade partners such as the United States and China, the president said.

The meeting -- which gathered heads of the country’s five largest business groups and some 300 business representatives -- was arranged at the last minute, amid Cheong Wa Dae’s move to capitalize on the business agreements signed during Park’s recent state visit to Iran.

The presidential office has touted that Park’s historic visit to the sanction-freed country will result in an estimated economic effect of 52 trillion won, citing some 66 memorandums of understanding signed during the three-day stay.

“Where there is no way, we should lay out a new way,” Park said, citing South Korea’s strengths such as its free trade relationships with each of the world’s top three economies.

She thereby urged companies to come up with more innovative ideas and products so as to appeal to overseas markets.

“Companies should not restrict themselves to either domestic sales or exports. ... An excellent product, service or system built on innovative ideas will attract attention everywhere, whether domestic or overseas.”

The president largely lauded the role of the government-led business consultation session held during the Iran visit and the previous state visit to Mexico early last month.

“The session proved to be a powerful export platform for SMEs that have sufficient technology but weak overseas network or brand recognition,” Park said.

The president also encouraged South Korean companies to go beyond their conventional strengths, such as semiconductors, steel, and automobile, and look into new growth sectors.

“The decades-long infrastructure capacities, combined with the newly rising energy development business, could lead to the export of a smart city management system.”

At the end of her speech, Park expressed optimism regarding the nation’s economic outlooks and current achievements.

“If we continue to see things in a negative light, we will never grasp the chance for change and growth. For instance, air pollution may be a serious problem but could also create a new market for energy development, which then may become a new growth opportunity for us.”

By Bae Hyun-jung(tellme@heraldcorp.com)