Lunch with Global CEOs at Davos... "We Will Keep the Market Open, Come In"
Lee Jae-yong, Choi Tae-won, Chung Eui-sun, and Global CEOs from Intel, IBM, and More Attend in Large Numbers
[Davos=Asia Economy Reporter Baek Kyunghwan] On the 18th (local time), President Yoon Suk-yeol met with global company CEOs in Davos, Switzerland, and reiterated the government's 'market-centered' policy stance by saying, "If a lot of overseas investment comes in, we can align our system with global standards." On this day, President Yoon showed high interest not only in the semiconductor and digital industries but also in the solar power industry and Environmental, Social, and Governance (ESG) fields, urging global CEOs to invest.
On the afternoon of the 18th (local time), President Yoon attended a 'Lunch with Global CEOs' held at a hotel in downtown Davos, Switzerland, where he engaged in informal conversations and exchanged hugs with CEOs of major domestic and international companies.
President Yoon Suk-yeol, who is visiting Switzerland to attend the Davos Forum, is conversing with Patrick Gelsinger, CEO of Intel, at a "Lunch with Global CEOs" held at a hotel in downtown Davos on the 18th (local time). On the left is Arvind Krishna, CEO of IBM. [Photo by Yonhap News]
Before the lunch began, President Yoon freely conversed with the attendees, exchanging greetings. He said to Jamie Dimon, Chairman of JP Morgan, "It's nice to see you like this," and greeted Patrick Gelsinger, Chairman of Intel, saying, "There aren't many semiconductor experts who have worked at Intel, right? Nice to meet you."
When Chey Tae-won, Chairman of SK Group (Chairman of the Korea Chamber of Commerce and Industry), brought Khaldoon Al Mubarak, CEO of Mubadala Investment Company, saying, "There is someone I know here," President Yoon laughed heartily and hugged CEO Khaldoon. CEO Khaldoon asked President Yoon, "Did you have a comfortable stay in the UAE?" to which President Yoon replied, "Yes, of course."
President Yoon also mentioned to Arvind Krishna, Chairman of IBM, "IBM has greatly helped Korea's early computer and digital industries." In response, Arvind Krishna said, "IBM must have been around in the 1950s as well," adding, "IBM and Samsung are collaborating extensively."
During the greetings, when Chairman Chey tried to seat the attendees for the main discussion, President Yoon shifted the mood by saying, "Already? Let's continue a bit more."
President Yoon also emphasized the autonomy of the Korean market. When James Coulter, Co-CEO of TPG, expressed strong interest in partnerships with Korean companies, President Yoon requested, "We will open and create the market, so please come in large numbers." He then shared his vision of industrializing climate change as a national policy, explaining, "We will support moving efficiently toward carbon neutrality rather than imposing regulations." He continued, "Please pay more attention to Korea in the future. If the system does not meet global standards, please let us know anytime," and added, "If a lot of overseas investment comes in, we can align our system with global standards."
The lunch was organized for major domestic and international business leaders attending the Davos Forum to discuss solutions to various global issues such as supply chain stability, digital transformation, and climate change response, as well as the relationship between the private sector and government. Domestic attendees included Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK; Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG; Shin Dong-bin, Chairman of Lotte; Kim Dong-kwan, Vice Chairman of Hanwha; along with the Deputy Prime Minister for Economy and Ministers of Industry and Foreign Affairs. Globally, CEOs from Intel, IBM, Qualcomm, JP Morgan, Mubadala, Blackstone, Bank of America, Vista Equity Partners, Hitachi, Shell, Air Liquide, Total, Nestl?, TPG, Lippo, and various other sectors were present.
In his opening remarks, President Yoon emphasized, "To resolve the recent complex crises, solidarity and cooperation between the state and companies are more urgent than ever." He particularly stated, "Companies can pursue sustainable growth based on creativity, innovation, and a spirit of challenge, and solve global problems through technological innovation," and explained, "The government also needs to support the market to operate fairly and efficiently to promote private sector technological innovation."
During the main session, President Yoon reportedly introduced the Korean government's private-led, market-centered economic policy direction, its world-class FTA network, advanced industrial competitiveness, and excellent human resources. He also requested interest and support for collaboration with Korean companies, expansion of investment in Korea, and the 2030 Busan World Expo.
President Yoon Suk-yeol, visiting Switzerland to attend the Davos Forum, is greeting Cristiano Amon, CEO of Qualcomm, at a "Lunch with Global CEOs" held at a hotel in downtown Davos on the 18th (local time). On the left is Lee Jae-yong, Chairman of Samsung Electronics, and in the center is Chey Tae-won, Chairman of SK Group. [Photo by Yonhap News]
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