BUSAN < invest Korea

According to Pulse by Maeil Business News Korea,

A four-day 46th Jeju Forum, hosted by the Korea Chamber of Commerce and Industry (KCCI), kicked off on Wednesday at the Haevichi Hotel & Resort in Jeju.

In his opening remarks, KCCI Chairman Chey Tae-won emphasized the importance of hosting the World Expo 2030 in Busan. “The Expo and businessmen are a fateful combination,” he said. “The seven years of preparing for the Expo and hosting it is an opportunity to understand what the global market looks like and what kind of relationship each country can have with Korea.”

“The Expo is linked to the Korean export market,” Chey said. “As the global market is fragmenting, we need to find new markets through the Expo.“

With geopolitical issues fragmenting markets and global supply chains, Chey says that new markets are needed to replace China. “(Hosting an expo) can diversify the dependency on the U.S. and China,” he added. “It is another important factor for economic security.”

Chey has been traveling around the world, not only to North America and Europe, but also to Africa, Central and South America in an effort to host the World Expo 2030 in Busan. He hopes the process will serve as an opportunity to expand Korea’s economic territory. Chey concluded his opening remarks by encouraging the attendees to “zone out and enjoy the forum.”

The day’s keynote lecture was delivered by Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance. In his lecture, “The Government’s Economic Policy Direction,” he diagnosed the current situation of the Korean economy and introduced the economic policy direction for the second half of the year to find a rebound and growth path for the economy.

“Although uncertainties still persist, the light at the end of the tunnel is not far away,” Choo said, emphasizing that the economy is expected to improve as the second half of the year draws near. Economic growth is expected to increase to 1.8 percent in the second half and 2.4 percent next year from 0.9 percent in the first half of this year.

“We are not turning our back on China,” he added, emphasizing the importance of the Chinese market. “The government is also working to open up the 1.3 billion population market. The trade deficit is not a result of Korea-China relations, but of Covid-19 lockdown measures, increased production of intermediate goods in China, and a trend toward homegrown products.”

On the second day of the forum following the opening ceremony, Minister of Environment Han Wha-jin will introduce the government’s environmental policy direction to create opportunities for carbon neutrality and green growth. Korea Advanced Institute of Science and Technology (KAIST) President Lee Kwang-hyung and The Hong Kong University of Science and Technology (HKUST) Professor Kim Sung-hun will share their insights on the impact of the artificial intelligence (AI) revolution on society and the challenges companies face.

On Friday at the Management Talk Show, Chairman Chey, Park Sung-hyun, chief executive officer of Rebellions Inc., and Kim Young-hoon, CEO of University Tomorrow, will discuss how companies can prepare for the future. A lecture will be delivered by Bank of Korea Governor Rhee Chang-yong and Seoul National University Professor Emeritus Kim Tae-you.

On Saturday, Minister of Justice Han Dong-hoon will give a lecture on “The Role of Legal Administration and Business in Driving Economic Growth.” F&F Co. Chairman Kim Chang-soo, who is leading the globalization of K-fashion, will share his business story.

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Source: Pulse by Maeil Business News Korea (Jul. 13, 2023)