Korea Economic Forum commended for insights on financial policies, defense industry

Business leaders and diplomats who attended the 2023 KEF on Wednesday said the event updated them on Korea’s financial policies meant to tackle the global economic downturn and help it become a key player in the global defense industry.

Members of the diplomatic corps in Korea, including ambassadors, economic counsellors and defense attaches representing nearly 40 countries, Korean financial executives and defense industry insiders listen as Financial Services Commission Chairman Kim Joo-hyun gives a speech at the 2023 Korea Economic Forum at the Westin Josun Seoul on Wednesday. [PARK SANG-MOON]

Business leaders and diplomats who attended the 2023 Korea Economic Forum (KEF) on Wednesday said the event updated them on Korea’s financial policies meant to tackle the global economic downturn and help it become a key player in the global defense industry.

Around 130 ambassadors, financial leaders and executives of major companies participated in the annual forum, the 17th of its kind, hosted by the Korea JoongAng Daily at the Westin Josun Hotel in central Seoul.

Kim Joo-hyun, chairman of the Financial Services Commission, delivered a keynote speech outlining the situation Korea faces with the global economic difficulties and the Yoon Suk Yeol administration's financial policies meant to tackle these problems.

The second session delved into Korea’s competitiveness in the global defense industry, in a presentation given by the vice minister of the Defense Acquisition Program Administration, Kang Hwan-seug.

“It was good to hear about the financial authority’s policies and pending issues, and we will refer to that when establishing management strategies for the bank,” Shinhan Bank CEO Jung Sang-hyuk said. “The forum was a good chance to share domestic and foreign financial and economic issues with major companies and ambassadors.”

From left, Malaysian Ambassador Lim Juay Jin, Norwegian Ambassador Anne Kari Hansen Ovind, CEO of the Korea JoongAng Daily Cheong Chul-gun and Gangwon Gov. Kim Jin-tae listen in as the Financial Services Commission Chairman Kim Joo-hyun briefs the audience on the latest policies of the financial regulator at the 2023 Korea Economic Forum at the Westin Josun Seoul on Wednesday. [PARK SANG-MOON]

The heads and executives of Korea's major banking groups — Jung of Shinhan Bank; Hur Yin, CEO of KB Kookmin Bank; Kang Seong-muk, vice chairman of Hana Financial Group; and Jang Gwang-ik, executive vice president of Woori Financial Group — attended the forum.

“Chairman Kim’s insightful financial policies were a big help,” said Kang of Hana Financial Group.

Foreign envoys said they found the event very informative and useful for learning more about Korea's determination to overcome the economic downturn and call for deeper cooperation in the defense industry. Ambassadors and representatives from 36 countries attended this year's KEF.

“The international community is going through an economic downturn, and it is good to see that Korea is doing well, because Korea is a big economy and its influence on other economies will be plenty,” Ambassador of Pakistan to Korea Nabeel Munir said.

“Pakistan itself is, for example, interested in defense acquisition from Korea,” Munir said, referring to the second session. “So it’s good to know what exactly is on offer and how to go about it.”

Norwegian Ambassador Anne Kari Hansen Ovind and Gangwon Gov. Kim Jin-tae engage in a conversation at the forum. [PARK SANG-MOON]

Ambassador of Pakistan to Korea Nabeel Munir, left, shakes hands with Vice Minister of Defense Acquisition Program Administration Kang Hwan-seug, following Kang’s speech at the 2023 Korea Economic Forum. [PARK SANG-MOON]

Munir added that the cooperation between Pakistan and Korea on the defense front “is already ongoing,” and that they “are trying to expand as well.”

Ecuadorian Ambassador to Korea Carlos Eduardo Emanuele said he is “willing to get some knowledge” about Korea’s defense industry for the “benefits" of both Ecuador and Korea.

“The defense industry is very much concerned about relying on your expertise and your capacity and modern technology to be shared with countries around the world,” Emanuele said. “Particularly, countries like mine, in South America, we are in need of some military equipment — not to fight any war, but we have other kinds of enemies.”

“Like in the seas, for example, we have the need for coast control, and we have been working very closely with the Korean Ministry of Defense and the military heavy industry.”

Serbian Ambassador to Korea Nemanja Grbic acknowledged Korea’s competitiveness in the defense industry by sharing his personal experience.

“I recently had a chance to go to a live-fire drill at a Korean military base and had a chance to personally witness the superior quality of the Korean weaponry and also the Korean soldiers,” Grbic said.

From left, Ambassador of Ecuador Carlos Eduardo Emanuele and Ambassador-designate of Guatemala Sara Solis attend the forum. [PARK SANG-MOON]

Korea has “some new technological breakthroughs when it comes to self-propelled howitzers, K-9 and more.”

Grbic added that it was interesting to hear that the economy of Korea could be changed by the end of this year, especially in terms of the trade deficits that have been bothering Korea for about a year now.

Omar Abdallah, deputy head of mission of Egypt, echoed the view.

“I attended the forum last year, and I think this year was even better since I could hear about more diverse parts this year, like defense,” Abdallah said.

“Korea and Egypt have a cooperative relationship in defense, so it was good to have more views on the defense industry in Korea.”

Key speakers hold a brief meeting before the Korea Economic Forum. From left clockwise: KB Financial Group Vice Chairman Hur Yin; Hana Financial Group Vice Chairman Kang Seong- muk; Financial Services Commission Chairman KimJoo-hyun; Defense Acquisition Program Administration Vice Minister Kang Hwan-seug; Shinhan Bank CEO Jung Sang-hyuk; Gangwon Gov. Kim Jin-tae; Korea JoongAng Daily CEO Cheong Chul-gun and Korea JoongAng Daily Executive Editor Choi Ji-young. [PARK SANG-MOON]

Executives of Korean arms companies praised the forum especially for its role in promoting the country’s advantages in the defense industry and connecting the companies with diplomats of various countries.

“I was impressed that the vice minister could clearly articulate Korea’s policies, support measures and plans for arms exports,” said Yoon Chong-ho, executive vice president at Korea Aerospace Industries (KAI). “If I were an ambassador of a country, I think I would have felt that Korea's defense business is trustworthy because the arms products seemed to be a product of the Korean government as a whole, rather than individual manufacturers like KAI or Hanwha.”

“And I think that [the ambassadors] were able to see that the government has a much stronger drive for arms sales.”

Ahn Kyung-soo, executive vice president at Hyundai Rotem, complimented the event for offering a connection between macroeconomics and the defense industry.

“As the defense industry is expanding, it closely connects to macroeconomics, diplomacy and politics, and today’s forum explained the trends encompassing the two topics: defense and macroeconomics,” Ahn said.

“Korea’s defense industry has been growing rapidly since last year, and it was good to hear about the country’s status and influence in the global market.”

BY SARAH CHEA [chea.sarah@joongang.co.kr]