Yoon Suk Yeol heads to Davos to meet business leaders

Diplomacy

Published: 18 Jan. 2023, 17:28 Updated: 19 Jan. 2023, 09:25

Yoon Suk Yeol heads to Davos to meet business leaders

President Yoon Suk Yeol, center, and first lady Kim Keon Hee salute the Korean national flag at a dinner with Korean residents in Switzerland at a hotel in Zurich on Tuesday evening. [JOINT PRESS CORPS]

President Yoon Suk Yeol kicked off a four-day visit to Switzerland, where he will meet with business leaders and take part in the World Economic Forum (WEF) in Davos.

Wrapping up a state visit to the United Arab Emirates (UAE), Yoon arrived in Zurich Tuesday for the second leg of his two-country trip, where he will continue his economic diplomacy and attempts to promote Korean culture.

In Zurich, Yoon met with Korean residents at a dinner Tuesday and stressed the importance of overseas compatriots' roles in working together to contribute to Korea's economic prosperity.

Noting the current economic and security challenges, Yoon told the overseas Koreans that he was confident that "joining forces with the international community based on the universal values of freedom, human rights and the rule of law is the path to protecting our national interests and achieving economic prosperity."

He said he also plans to push for cooperation in "cutting-edge science and technology with leading technological nations like Switzerland that share with us universal values."

Yoon noted that "Korea's cultural contents are helping to expand our corporations' competitiveness across the world," according to Kim Eun-hye, senior presidential secretary for press affairs, Wednesday.

Korea and Switzerland mark 60 years of bilateral relations this year, said Kim, and Yoon noted that the two countries plan to "build another 60 years of partnership based on the cooperative relationship and trust they have built so far."

In Davos Wednesday, Yoon was set to have a luncheon meeting with around 20 CEOs and executives from Korea's major conglomerates and global companies to encourage mutual cooperation between the government and the private sector to attain sustainable growth and encourage investments in Korea.

The luncheon was expected to be attended by the leaders of Korea's top six conglomerates — Samsung Electronics Executive Chairman Lee Jae-yong, SK Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin and Hanwha Vice Chairman Kim Dong-kwan. Some of the executives were part of Yoon's business delegation to the UAE.

CEOs of multinational and global companies such as Intel, IBM, Qualcomm and JP Morgan were expected to also take part, according to the presidential office. It was expected to be an opportunity to discuss global issues such as supply chain stability, digital transformation and climate change response.

Yoon was later scheduled to attend a Korean Night to support Busan's bid to host the 2030 World Expo.

On Thursday, Yoon will deliver an address at the Davos Forum, the first Korean president to do so in nine years.

In his speech, he is expected to focus on international cooperation and solidarity for the strengthening of supply chains, the transition to clean energy and the building of a digital order.

Yoon will be among over 50 world leaders expected to take part in the Davos Forum this year, which is being held in person for the first time in two years at the Swiss report town amid a backdrop of recovering from the Covid-19 pandemic, the war in Ukraine, stalled economic growth and inflation.

There will be more than 2,700 participants from 130 countries, including 600 CEOs, and representatives from 700 organizations taking part in the annual forum, which kicked off Monday and runs to Friday.

President Yoon Suk Yeol and first lady Kim Keon Hee, center, take a commemorative photo with performers at a dinner with Korean residents in Switzerland at a hotel in Zurich on Tuesday evening. [JOINT PRESS CORPS]

As he did in the UAE trip earlier this week, Yoon is expected to listen to Korean business leaders and explore further investment opportunities in Davos this week.

The UAE through a joint statement signed Monday pledged to invest $30 billion by its sovereign wealth funds in Korea's strategic sectors. This followed the bilateral summit between Yoon and UAE President Mohammed bin Zayed Al Nahya Sunday.

Yoon thanked Korean business executives for their role in the signing of a series of MOUs in the UAE in a dinner event later Monday.

"If there is any situation where you feel like there is some sort of abuse of power when dealing with government officials, you can call me directly," said Yoon told the business leaders. "Or if you inform Yongsan [presidential office], we will take action immediately."

In a meeting with UAE Vice President Mohammed bin Rashid Al Maktoum in Dubai Tuesday, Yoon discussed expanding cooperation in business, space, digital technology, green technology and other industries, according to the presidential office.

Yoon drew a parallel between Korea's so-called Miracle on the Han River and Dubai's Miracle in the Desert during this meeting.

Concluding his four-day UAE trip, Yoon emphasized that the state visit was a "stepping stone to achieve great results in the global market" and "opening a new Middle East boom," according to the presidential office.

During the trip, Yoon asked UAE leaders to provide support to Korean businesses wanting to participate in key economic projects in Dubai, such as construction and infrastructure projects, according to senior presidential secretary Kim in a press briefing Wednesday.

"If the UAE visit was an occasion to promise a future for the next 100 years based on 40 years of partnership, the Davos Forum will serve as a venue to emphasize Korea's leadership role and how it will face and respond to complex crises and challenges on the global stage," said Kim.

Such challenges include geopolitical conflicts, the weakened World Trade Organization (WTO) system and restructuring of supply chains, she added.

Later Thursday, Yoon will also visit the Swiss Federal Institute of Technology in Zurich (ETH Zurich) to meet with quantum technology scholars and discuss cooperation in science and technology.

Yoon arrives back in Seoul on Saturday, the first day of the four-day Lunar New Year holiday.