Mu-hyup, '176th KITA CEO Breakfast Meeting' Held
"Thanks to Entrepreneurs, Financial Crisis a '0.2% Miracle'"
"During IMF, Mass Corporate Bankruptcies; Financial Crisis Overcome
Possible Thanks to Entrepreneurs' Efforts"
"In the new year 2024, I urge business leaders to actively secure talent and technology and invest to prepare for a sustainable future."
Former President Lee Myung-bak attended the '176th Korea International Trade Association (KITA) CEO Breakfast Meeting' held on the 23rd at the InterContinental COEX in Samseong-dong, Gangnam-gu, Seoul as a special speaker, emphasizing, "In the era of artificial intelligence (AI), our young entrepreneurs can adapt the fastest and lead the way."
Former President Lee encouraged business leaders by saying, "Last year, despite difficult external environments such as a complex economic crisis and prolonged demand slump, we achieved $1 trillion in trade (approximately 1,340 trillion won) for the third consecutive year and maintained our status as the world's 8th largest export powerhouse."
He added, "In 2009, when the global economic growth rate was -3.5%, Professor Paul Krugman of Princeton University evaluated Korea as 'one of the riskiest countries,' but our country recorded a model growth rate of 0.2%, which greatly elevated Korea's status. I consider this the '0.2% miracle.'"
He continued, "During the International Monetary Fund (IMF) foreign exchange crisis, many companies went bankrupt, but during the even larger global financial crisis, companies did not go bankrupt. I believe this was because of the hardworking entrepreneurs."
On the 23rd, former President Lee Myung-bak is giving a lecture at the 176th KITA CEO Breakfast Meeting held at the InterContinental COEX in Samseong-dong, Gangnam-gu, Seoul. [Photo by Korea International Trade Association]
Former President Lee also shared his experiences working for Korea's development as a businessman, Seoul mayor, and president. He particularly recounted his experiences implementing policies such as Cheonggyecheon Stream restoration, bus-only lanes, and transportation transfer cards.
This was the first time Former President Lee participated as a speaker at the KITA CEO Breakfast Meeting after his retirement. Although he was scheduled to speak for 10 minutes, he actually spent over 40 minutes.
Koo Ja-yeol, Chairman of the Korea International Trade Association (left), and former President Lee Myung-bak are having a conversation at the 176th KITA CEO Breakfast Meeting held on the 23rd at the InterContinental COEX in Samseong-dong, Gangnam-gu, Seoul. [Photo by Korea International Trade Association]
KITA Chairman Koo Ja-yeol said in his opening remarks, "In December last year, total exports, semiconductor exports?the main item?and trade balance all recorded their highest levels of the year. Given that the growth of advanced countries is expected to slow and geopolitical risks will continue this year, it is necessary to maintain the upward momentum of exports."
KITA Vice Chairman Jung Man-ki, in a lecture titled 'US-China Trade Conflict and Our Choices,' explained, "Due to the US-China conflict, Korea's exports to China decreased from $162.1 billion (about 217 trillion won) in 2018 to $124.8 billion (about 167 trillion won) last year, while the market share of exports to the US expanded from 12% in 2018 to 18.3% last year."
He added, "While investments in key Korean industries such as semiconductors and secondary batteries to the US are expanding, investments to China are shrinking, and some companies have relocated their industrial bases in China to Southeast Asia and other regions. It is important for companies to enhance competitiveness regardless of political choices."
Vice Chairman Jung also emphasized, "In particular, it is necessary to improve labor flexibility, reform regulations, increase birth rates, invest in research and development (R&D), and establish a strategic industrial trade cooperation system."
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