Ministry of Industry-OECD Joint Conference on Post-COVID Response Held
Minister Sung Yun-mo Presents "Connection, Innovation, Inclusion" for Change Preparation
Strengthening International Cooperation in Industry and Trade for Post-COVID Response
[Asia Economy Reporter Moon Chae-seok] "The world is facing the most severe economic recession in a century. It is especially having a significant impact on the Global Value Chain (GVC) and corporate activities."
Angel Gurr?a, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), assessed the economic situation in the era of COVID-19 as follows.
On the 18th, the Ministry of Trade, Industry and Energy announced that Minister Sung Yun-mo held a virtual meeting with Secretary-General Gurr?a for the 'Ministry of Industry-OECD Joint Post-COVID Response Conference.'
On the 29th of last month, Minister Sung proposed holding the conference during a virtual meeting with Secretary-General Gurr?a. They discussed the reorganization of industrial and trade order and response measures in the post-COVID era.
Earlier, on the 10th of this month (local time), the OECD forecasted that the global economic growth rate would record -6% in the event of a second wave of COVID-19 this year (South Korea at -1.2%).
Secretary-General Gurr?a said, "South Korea is showing the most favorable growth rate among OECD countries through successful quarantine responses," and predicted, "South Korea will quickly recover its economy through the Digital New Deal and Green New Deal."
He added, "I hope this meeting will serve as a catalyst for spreading global cooperation to respond to the post-COVID era," and "I hope to continue cooperating with South Korea in the future."
Minister Sung presented three elements for reorganizing the order in the post-COVID era: connectivity, innovation, and inclusion.
First, he emphasized the need for global cooperation and solidarity to develop the GVC sustainably and resiliently.
He highlighted digital innovation to realize and universalize digital transformation and the Fourth Industrial Revolution, as well as sustainable low-carbon energy innovation to respond to climate change.
He also stressed that the foundation must include the value of inclusion based on employment safety nets.
Additionally, he introduced South Korea’s ongoing efforts such as multilateral and bilateral cooperation through the Group of Twenty (G20), ASEAN+3, policies responding to core materials, parts, and equipment to secure GVC stability, and key contents of the Korean-style Digital New Deal and Green New Deal.
The conference proceeded with Minister Sung’s opening remarks, Secretary-General Gurr?a’s keynote speech, and sessions on GVC reorganization (Session 1), digital and contactless economy (Session 2), and changes in the corporate environment (Session 3).
Under the moderation of Kim Seung-ho, Director of the New Trade Order Strategy Office at the Ministry of Trade, Industry and Energy, in-depth presentations and discussions were held by OECD Secretariat and domestic and international speakers in each session.
Speakers included Bernard Hoekman, Professor at the European University Institute; Christopher Findlay, Professor at the Australian National University; John Denton, Secretary-General of the International Chamber of Commerce (ICC); and Phil O’Reilly, Chair of the OECD Business and Industry Advisory Committee (BIAC).
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