[Full Text] President Yoon Delivers Special Speech at Davos

[Davos=Asia Economy Reporter Baek Kyunghwan] On the 19th (local time), President Yoon Suk-yeol emphasized "strengthening the resilience of global supply chains" at the World Economic Forum Annual Meeting (WEF, Davos Forum). President Yoon stated, "The Republic of Korea will become a key partner in the global supply chain, possessing the world's best production technology and manufacturing capabilities in semiconductors, secondary batteries, steel, and bio sectors." On the morning of the same day, President Yoon delivered a special solo speech at the Davos Forum held in Davos, Switzerland, addressing global leaders on international cooperation measures to overcome the global economic crisis. This special speech by a head of state was held face-to-face for the first time in nine years, following former President Lee Myung-bak in 2010 and former President Park Geun-hye in 2014.

President Yoon Suk-yeol is delivering a special solo speech on the theme of "For Active Solidarity" at the 2023 World Economic Forum Annual Meeting (WEF Davos Forum) held in Davos, Switzerland, on the 19th (local time).
[Photo by Yonhap News]

Below is the full text of the speech.

▲ For Solidarity in Action

Greetings, everyone. I would like to thank Chairman Schwab for preparing this occasion.

Since its inception in 1971 as the European Management Forum, the Davos Forum has spanned half a century, and I am very honored to be here with you. Over the years, the Davos Forum has greatly contributed to expanding the freedom of global citizens and the peace and prosperity of the international community by deeply discussing global agendas. Today, I am very pleased to have the opportunity to explore with you how we can cooperate to overcome the many challenges before us.

The world is currently facing economic uncertainty and a complex crisis. Due to the pandemic, geopolitical conflicts, technological hegemony competition, and the decline of the multilateral trade system,

supply chains are showing signs of fragmentation and restructuring, and the war in Ukraine has further exacerbated supply chain disruptions. Supply shocks have expanded across a wide range of fields, including vaccines and medicines, semiconductors and critical minerals that form the industrial base, as well as essential food and energy resources for humanity. In this process of supply chain restructuring, cooperation on security, economy, and advanced technology is increasingly operated as a package among countries, leading to stronger tendencies toward bloc formation.

The crises of climate change, health, and digital divides threaten the freedom of global citizens and the peace and prosperity of the international community. The way to overcome these challenges is for us to cooperate and unite more strongly. As the boundaries between security, economy, and advanced science and technology disappear, not only B2B cooperation between companies but also G2G and G2B cooperation systems?where governments and private companies of each country cooperate crosswise?have become urgently necessary.

Even amid a fragmented global economic situation, the free trade system, which has contributed to global economic growth and the expansion of human freedom, is a global public good that must never be abandoned. Building walls and strengthening protectionism can never be the right answer. Of course, in the past process of globalization, issues such as excessive financialization of the real economy and polarization were exposed. Nevertheless, efforts to improve these issues and the free trade system based on multilateralism must be respected.

Goods, capital, knowledge, and information must freely cross borders, ensuring diversity and expanding connectivity to grow small blocks into larger ones. At the UN General Assembly last September, I emphasized that at this 'watershed moment' we face, the starting point for overcoming crises and seeking solutions is to respect the international normative system and the UN system and to unite. The current challenges, represented by bloc formation, also demand restoring the international economic order to a free trade system based on universal norms and require the international community to strongly unite and cooperate. Our efforts to contribute to expanding the freedom of global citizens and the prosperity of the international community can overcome these challenges when translated into concrete actions.

Here, I would like to propose strengthening the resilience of global supply chains for sustainable economic prosperity, a low-carbon transition to respond to the climate crisis and secure energy security, strengthening global cooperation to close health gaps, and establishing a digital order that contributes to freedom and prosperity. The most urgent matter now is strengthening supply chain resilience based on reciprocal solidarity. Strengthening supply chain resilience must also be addressed based on the spirit of freedom and solidarity. Through strong solidarity among nations, we must build resilient supply chains and pursue coexistence among global citizens.

The Republic of Korea will become a key partner in the global supply chain, possessing the world's best production technology and manufacturing capabilities in semiconductors, secondary batteries, steel, and bio sectors. We will unite and cooperate with countries that comply with universal norms and can be trusted to stabilize supply chains. The Korean government's recently announced Indo-Pacific strategy embodies the will to cooperate and innovate together with countries aspiring for freedom, peace, and prosperity. We will contribute to the common prosperity of humanity by creating a cooperative and inclusive economic and technological ecosystem.

Another important task for us now is overcoming the climate crisis. Overcoming the climate crisis has become a common language worldwide. Major countries are setting net zero as a goal and striving to achieve it. Although energy security has recently emerged as an urgent issue, energy transition and energy security are not conflicting goals. We must pay attention to nuclear power and clean hydrogen as key means to reduce dependence on fossil fuels while strengthening energy security. Nuclear power enables stable power supply while reducing greenhouse gas emissions. Our government has declared that it will systematically pursue carbon neutrality by expanding nuclear power and thereby strengthen energy security. The Republic of Korea possesses world-class nuclear power technology, construction, and operational capabilities and will cooperate with countries that need nuclear technology to achieve carbon neutrality goals.

Clean hydrogen is attracting attention as a game changer for future energy. Hydrogen will play a key role in achieving carbon neutrality by providing solutions to reduce carbon emissions in hard-to-abate sectors such as steel, chemicals, and shipping. For this, cooperation is urgently needed between countries strong in green hydrogen production, such as those in the Middle East and Europe, and countries leading hydrogen utilization, such as Korea and Japan. Going forward, I hope the international community will communicate closely in designing clean hydrogen certification systems and establishing standards and incentive policies for hydrogen production, utilization, and distribution.

The Republic of Korea will reduce technological and financial gaps between countries through green ODA and assist developing countries in adapting to climate change and reducing greenhouse gas emissions. We will strive to share innovative green technologies with all humanity. Global leaders, health disparities between countries threaten not only individual freedom but also the sustainable prosperity of the international community. Korea will share its experience and achievements in responding to health crises and participate in international efforts to close gaps in pandemic response capabilities between countries. In particular, we will lead international cooperation to secure funding for pandemic prevention and response, train bio personnel to enhance vaccine production capacity, and prepare for future emerging infectious diseases. The international community must work together to develop infectious disease response tools such as vaccines, therapeutics, and diagnostic devices and unite to ensure equitable access for global citizens.

The digital divide is no different. In the era of deepening digitalization, the digital divide poses new challenges to us. To respond to these challenges, we must establish a global digital order so that digital technology can contribute to expanding the freedom of global citizens. The Republic of Korea will contribute to establishing a global digital order by preparing a Digital Bill of Rights. The Digital Bill of Rights will define the right to enjoy digital technology as a universal human right and present principles to address new issues arising in the Fourth Industrial Revolution era.

The Republic of Korea is promoting a digital platform government that combines government data and private services. Based on private creative ideas and innovative technologies such as AI, cloud, information processing, and networks, we will innovatively raise the level of administrative services and build a dense social safety net through innovative administrative services. As a leading digital technology country, Korea has shared e-government experiences with developing countries and actively promoted digital ODA. We will continue to strive to share and spread digital technology and experience.

Chairman Schwab, and global leaders present here, the structural problems the world faces today cannot be solved without cooperation and solidarity. Our modern history shows that a firm spirit of solidarity to protect and expand freedom is the strongest force to overcome crises. The responsibility to offer a better future to future generations, to expand the freedom of global citizens, and to achieve sustainable peace and prosperity demands stronger solidarity and solidarity in action from us now. I hope the wisdom we share here today will become a precious foundation to protect and expand the freedom and prosperity of global citizens.

Thank you.