Yoon stresses international solidarity at Davos Forum

President Yoon Suk Yeol stressed the importance of international cooperation to tackle global challenges in an address to the World Economic Forum (WEF) in the Swiss resort town of Davos Thursday.

President Yoon Suk Yeol gives an address at the annual World Economic Forum in Davos, Switzerland on Thursday, the first Korean leader to do so in nine years. [JOINT PRESS CORPS]

President Yoon Suk Yeol stressed the importance of international cooperation to tackle global challenges in an address to the World Economic Forum (WEF) in the Swiss resort town of Davos Thursday.

Yoon said that cooperation is vital to strengthen supply chains, transition to clean energy and build a digital order championing freedom and prosperity.

He is the first Korean president to make an address to the Davos Forum in nine years. The theme of the speech was "Solidarity in Action," aimed at achieving sustainable peace and prosperity.

"The most urgent task of our time is to strengthen the supply chain's resilience based on reciprocal solidarity," said Yoon. "Making the global supply chain more resilient is also a task to be pursued in the spirit of freedom and solidarity."

He noted that the Covid-19 pandemic, geopolitical conflicts, rivalry for technological hegemony and the weakening multilateral trade system have led to the fragmentation of the global supply chain.

Yoon said that with the blurring of boundaries between security, economy and cutting-edge scientific technologies, cooperation between governments and private sectors needs to be seamless.

He said Korea will achieve its carbon neutrality goals through nuclear power and pointed to potential in hydrogen energy.

Yoon addressed the need to establish a global digital order and said Korea is ready to share its digital technologies with other countries.

President Yoon Suk Yeol, left, speaks at the Korea Night 2023 event attended by over 300 global political and business leaders on the sidelines of the World Economic Forum in Davos, Switzerland, Wednesday. [JOINT PRESS CORPS]

During a four-day visit to Switzerland, Yoon has been focused on business diplomacy and promoting Korean culture.

On Wednesday, Yoon stressed he is the "No. 1 salesman of the Republic of Korea" at a global business leadership luncheon on the sidelines of the forum.

The luncheon was attended by 21 CEOs and executives from Korean and global companies.

Yoon asked the global business leaders to cooperate with Korean companies and expand investments in Korea, according to the presidential office.

It was an opportunity to discuss the relationship between the government and private sector and seek solutions to global issues such as supply chain stability, digital transformation and climate change response, it added.

Leaders of Korea's six major conglomerates took part in the luncheon — Samsung Electronics Executive Chairman Lee Jae-yong, SK Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin and Hanwha Vice Chairman Kim Dong-kwan.

CEOs of 15 global and multinational companies such as Intel, IBM, Qualcomm, JP Morgan, Blackstone, Bank of America, Mubadala Investment, Vista Equity Partners, Hitachi, Nestlé, Shell and TPG also took part.

In his opening remarks, Yoon stressed that "solidarity and cooperation between the government and businesses is more urgent than ever to resolve recent complex crises."

Yoon added that companies will be able to solve such global challenges while pursuing sustainable growth based on "creativity, innovation and a challenging spirit" and through technological innovation. He stressed that the government needs to support the fair and efficient operation of markets in order to pursue technological innovation in the private sector.

Yoon described Korea's private sector-led, market-driven economic structure, its advanced free-trade agreement network, the competitiveness of its high-tech industries and excellent human resources. He said he plans to turn Korea into a "world-class innovation hub."

He pledged continued government support for businesses, stressing, "The first, second and third [priority] is the economy."

During the luncheon, Yoon chatted individually with the CEOs, discussing semiconductor expertise with Intel CEO Patrick Gelsinger and IBM's contributions to Korea's early computer and digital industries with the American corporation's CEO Arvind Krishna.

Qualcomm President Cristiano Amon praised Korean companies for their innovation, as witnessed in the over 30 years Qualcomm has operated in Korea, and said he wants to continue to cooperate with Korea over the next three decades as a long-term partner due to Korea's resilient and solid supply chain, according to Yoon's office.

Later Wednesday, Yoon and first lady Kim Keon-hee attended the WEF Korea Night 2023 to drum up support for Busan's bid to host the 2030 World Expo, highlighting Korea's ability to overcome war and poverty to become a cultural and economic powerhouse.

The event was organized by the Korea Chamber of Commerce and Industry to explain the Busan Initiative and was attended by 310 people, including the presidents of the Philippines, Serbia, Iraq and Timor-Leste and the prime ministers of Tunisia, Montenegro and Pakistan, according to the presidential office.

Business leader participants included Cisco Systems CEO Chuck Robbins, Grab CEO Anthony Tan and WEF Executive Chairman Klaus Schwab, as well as the executives of Korea's top conglomerates.

Yoon said he would take the lead in Busan's bid to host the expo.

The Davos Forum is being held in person for the first time in two years in the Swiss resort town against a backdrop of recovery from the Covid-19 pandemic, the war in Ukraine, stalled economic growth and inflation.

Yoon is scheduled to return to Korea Saturday, concluding an eight-day, two-country tour which also took him to the United Arab Emirates earlier this week.

BY SARAH KIM [kim.sarah@joongang.co.kr]