[Asia Economy Reporter Changhwan Lee] “The global trade order and industrial landscape are changing due to COVID-19. The Korean economy must break away from its structure concentrated on China and manufacturing and seize new opportunities by leveraging the service and digital sectors.”
The Korea Chamber of Commerce and Industry announced that it will release the ‘16th Management Concert’ online on the 29th. In this concert, Professor Choi Byung-il of Ewha Womans University Graduate School of International Studies will deliver a video lecture titled 'After Corona New Normal, What Are Korea's Opportunities?' introducing international trends and response strategies during the COVID-19 transformation period.
Professor Choi, an authority in international trade and former president of the Korean International Economic Association, stated, “Amid the global economic crisis caused by COVID-19, conflicts between the U.S. and China over global hegemony are intensifying,” and diagnosed that “new global trade orders such as U.S.-China trade disputes and the reorganization of global supply chains are becoming the standard (New Normal) in the post-COVID-19 era.”
Professor Choi pointed out, “Korea has an economic structure concentrated on China and manufacturing, but considering recent trade environments and industrial landscapes, change is necessary,” and analyzed, “The U.S., under the Trump administration, has attempted to isolate the Chinese economy through sanctions on Chinese companies and the Economic Prosperity Network initiative. With the strengthening of protectionism and the regionalization and downsizing of global supply chains, manufacturing has also reached its limits.”
He continued, “The reason Korea has performed well in COVID-19 prevention recently is because it effectively utilized digital technology to track the movements of infected individuals in real time,” and suggested, “In this COVID-19 transformation period, if we leverage our strengths and challenge the global market with ‘contactless service industries’ dressed in digital attire, we can seize new opportunities.”
The Korea Chamber of Commerce and Industry’s Management Concert can be viewed from 10 a.m. on the 29th through the ‘Online Seminar’ section on the Korea Chamber of Commerce and Industry website, and it is free for member companies.
Meanwhile, the ‘KCCI Management Concert’ is a seminar that has been held since 2014 to address social issues affecting business activities and provide strategic insights for corporate management. Due to the impact of COVID-19, it has been conducted monthly in the form of web seminars since April this year.
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