Yoon Suk Yeol seeks solutions to global challenges with business leaders in Davos

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Yoon Suk Yeol seeks solutions to global challenges with business leaders in Davos

Published: 19 Jan. 2023, 00:30 Updated: 07 Feb. 2023, 11:39

President Yoon Suk Yeol, center, speaks at the Global Business Leadership Luncheon attended by executives and CEOs of top Korean conglomerates and global companies at a hotel in Davos, Switzerland Wednesday. [JOINT PRESS CORPS]

President Yoon Suk Yeol held a luncheon for business leaders of Korean and global companies Wednesday on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland.

The luncheon was an opportunity to discuss the relationship between the government and private sector and seek solutions to global issues such as supply chain stability, digital transformation and climate change response, according to Yoon's presidential office.

Yoon met with over 20 CEOs and executives from Korea's six major conglomerates and global companies who were attending the so-called Davos Forum which kicked off in the ski resort town earlier this week.

He asked global business leaders to cooperate with Korean companies and expand investments in Korea, according to the presidential office.

President Yoon Suk Yeol, left, shakes hands with IBM CEO Arvind Krishna at the Global Business Leadership Luncheon at a hotel in Davos, Switzerland Wednesday. [JOINT PRESS CORPS]

President Yoon Suk Yeol, right, greets Qualcomm CEO Christiano Amon at the Global Business Leadership Luncheon at a hotel in Davos, Switzerland Wednesday. [JOINT PRESS CORPS]

The luncheon was attended by 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.

CEOs of 15 global and multinational companies such as Intel, IBM, Qualcomm, JP Morgan, Blackstone, Bank of America, Mubadala Investment, Vista Equity Partners, Hitachi, Nestlé, Shell and TPG also took part in the meeting.

In his opening remarks, Yoon stressed that "solidarity and cooperation between the government and businesses is more urgent than ever to resolve recent complex crises," according to his office.

Yoon added that companies will be able to solve such global challenges while pursuing sustainable growth based on "creativity, innovation and a challenging spirit" and through technological innovation. He also stressed that the government needs to support the fair and efficient operation of markets in order to pursue technological innovation in the private sector.

Addressing the global business leaders, Yoon introduced Korea's private sector-led, market-driven economic policy and its advanced free trade agreement network, competitiveness of its high-tech industries and excellent human resources. He said he plans to turn Korea into a "world-class innovation hub."

Yoon told them that he is the "No. 1 salesman" of Korea.

He also asked them to show interest in Busan's bid to host the 2030 World Expo.

Samsung Electronics Executive Chairman Lee Jae-yong, right, and SK Chairman Chey Tae-won, left, chat with global business leaders at the Global Business Leadership Luncheon in Davos, Switzerland Wednesday. [JOINT PRESS CORPS]

President Yoon Suk Yeol, center left, at the Global Business Leadership Luncheon attended by executives and CEOs of top Korean conglomerates and global companies at a hotel in Davos, Switzerland Wednesday. [JOINT PRESS CORPS]

Yoon and first lady Kim Keon-hee later attended the WEF Korea Night 2023 to further drum up support for the 2030 World Expo bid.

The event was organized by Korea Chamber of Commerce and Industry to explain the Busan Initiative to government and business leaders. Participants included Philippine President Ferdinand Marcos Jr., Serbian President Aleksandar Vucic, Cisco Systems CEO Chuck Robbins and WEF Executive Chairman Klaus Schwab, as well as the business executives of Korea's top conglomerates.

Yoon said he would take the lead in Busan's bid to host the expo to share Korea's experience and prepare strategies for sustainable growth and development for future generations.

President Yoon Suk Yeol, left, speaks at the Korea Night 2023 on the sidelines of the World Economic Forum in Davos, Switzerland, Wednesday. [JOINT PRESS CORPS]

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 in the Swiss resort town against a backdrop of recovery 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.

Yoon is on the second leg of an eight-day, two-country tour which took him to the United Arab Emirates, accompanied by a large business delegation, earlier this week.

LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin and Samsung Electronics Executive Chairman Lee Jae-yong mingle with CEOs of global companies in Davos, Switzerland Wednesday. [JOINT PRESS CORPS]

BY SARAH KIM [kim.sarah@joongang.co.kr]