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| President Yoon Suk-yeol delivers a keynote speech at the B20 Summit at the Bali Nusa Dua Convention Center, Indonesia, Monday (local time). Yonhap |
By Lee Kyung-min
President Yoon Suk-yeol stressed the importance of private sector-led digitization during a keynote speech at the B20 Summit, the official G20 dialogue forum for the global business community, according to the trade ministry, Monday.
"The private sector-led supply innovation should be the answer to solving the supply shock-induced global economic crisis," he said during the summit organized by the Indonesian Chamber of Commerce at the Bali Nusa Dua Convention Center in Indonesia.
The priority of the Korean government, he said, is digital transformation, the core driver of policy directives under his leadership, adding that he will lead G20-level discussions to establish a new global digital norm.
The B20 is a private conference launched at the G20 Summit in Seoul in 2010, and has since recommended and shaped policy steps to foster global economic growth. The collective opinion is delivered to the G20. Korea attends the annual meeting, as represented by the Federation of Korean Industries (FKI), the country's largest business lobby.
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| President Yoon Suk-yeol, fifth from left, and Indonesian President Joko Widodo, sixth from left, and business executives of the two countries pose for a photo at the B20 Summit at the Bali Nusa Dua Convention Center, Indonesia, Monday (local time). Yonhap |
At the summit, a group of Korea's top business executives and trade authorities reiterated their commitment to fortifying global cooperation, a collective step critical to restore momentum for growth despite years of persisting uncertainties.
They were among 2,000 high-profile figures in attendance, including government officials, corporate CEOs, international and business organization representatives.
The theme of this year's event was the "promotion of innovative, inclusive and cooperative growth." Other than the president, Minister of Trade, Industry and Energy Lee Chang-yang, FKI Chairman Huh Chang-soo, Hyundai Motor Chairman Chung Euisun, KB Financial Group Chairman Yoon Jong-kyoo, Samsung Electronics President Rhee In-yong and LG CNS President Kim Young-shub will attend.
Keynote speeches will be delivered by leaders of major countries, including Indonesian President Joko Widodo, Canadian Prime Minister Justin Trudeau, and Australian Prime Minister Anthony Albanese.
Also in attendance will be global top business figures, including Tesla CEO Elon Musk, Amazon Chairman Jeff Bezos, Foxconn Chairman Young Liu, HSBC Chairman Mark Tucker, CATL Chairman Zeng Yuqun and Mitsubishi Heavy Industries Chairman Izumisawa Seiji.
Former British Prime Minister Tony Blair and World Economic Forum founder and Chairman Klaus Schwab will also attend as key speakers to discuss ways to bolster innovation for global economic recovery and economic growth in the decades to come.
The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union. It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
The 19 countries are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the U.K., and the U.S.
Korean and Indonesia signed 10 memorandums of understanding (MOUs), to bolster cooperation in the economic sectors, digitization, green drive, securing key minerals and infrastructure building.
Other areas of joint cooperation include anti-terrorism, rule of law as the governing principle, human rights, comprehensive security, climate change, continued and sustainable exchanges of information and knowledge sharing.
