[2022 Asia ESG Forum] CEO Woo Byung-hyun "Must Seize Hidden Opportunities Within Social Responsibility"

Opening Address at the '2022 Asia ESG Symposium' on the 4th

Woobyeonghyun, CEO of Asia Economy. / Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Chaeseok]

"There is an opportunity hidden to take the lead in management within social responsibility."

Woo Byung-hyun, CEO of Asia Economy, emphasized the importance of ESG management during the opening speech of the '2022 Asia ESG (Environment, Social, Governance) Symposium' hosted by Asia Economy on the 4th at the Westin Chosun Hotel in Jung-gu, Seoul, stating, "The more companies ignore social responsibility, the greater the crisis they will face."

The theme of this symposium was "ESG Opportunities in the Era of Complex Crises." CEO Woo said, "Companies are competing to introduce management evaluation indicators to ensure transparent corporate operations, employment equality, anti-corruption, and fairness enhancement, and furthermore, they are demanding strong ESG practices from their partner companies as well." He added, "The transition to renewable energy for electricity use through joining 'RE100' is continuing, and companies are proactively utilizing the changed management environment to lay the foundation for sustainable growth."

He explained, "As soon as we overcame the COVID-19 crisis, geopolitical risks emerged at the beginning of the year, and the 'three highs' phenomenon of high interest rates, high exchange rates, and high inflation is holding us back. Moreover, with the intensification of the US-China conflict, uncertainty in international affairs is increasing." He continued, "To discuss where companies should find opportunities to overcome these complex crises, this year's symposium theme was set as 'ESG Opportunities in the Era of Complex Crises.'"

CEO Woo emphasized, "In the flow of global supply chain restructuring, the market demands ethical and trustworthy products instead of cheap ones, and companies insensitive to climate change will be eliminated more quickly. There is an opportunity hidden to take the lead in management by fulfilling social responsibility."

The symposium was organized by the Ministry of Trade, Industry and Energy and supported by the Ministry of Economy and Finance, Ministry of Industry, Fair Trade Commission, Korea Chamber of Commerce and Industry, Federation of Korean Industries, Korea Employers Federation, and Korea International Trade Association. Over 60 businesspeople attended, listening attentively to seek insights on ESG management.