For diplomatic corps, Seoul forum a chance to learn Korean way of boosting national competitiveness

Members of the diplomatic corps expressed keen interest as a presidential official presented his analysis of Korea’s economic strategies for enhancing national competitiveness at a forum in Seoul on Thursday.

Some 200 dignitaries from the diplomatic corps and financial sector take part in the 2024 Korea Economic Forum at the Lotte Hotel in central Seoul on Thursday. [PARK SANG-MOON]

Members of the diplomatic corps expressed keen interest as a presidential official presented his analysis of Korea’s economic strategies for enhancing national competitiveness at a forum in Seoul on Thursday attended by some 200 dignitaries from embassies and major companies.

“It was good to listen to Director Sung Tae-yoon’s compelling presentation, which set out Korea’s impressive path and vision for escaping the middle-income trap,” said British Ambassador to Korea Colin Crooks at the Korea Economic Forum. "It was particularly interesting to listen to Korea’s plan to use a sensible mix of nuclear to renewable sources to meet its energy needs while also decarbonizing.”

A total of 173 participants, including ambassadors, deputy heads of mission and representatives from 42 countries, together with business leaders and executives from Korea’s major companies, attended the 18th annual forum hosted by the Korea JoongAng Daily at Lotte Hotel in central Seoul.

Sung Tae-yoon, the director of national policy at the presidential office, delivered a keynote speech during the forum on Korea’s economic prospects, while Yoon Young-bin, the inaugural chief of the Korea AeroSpace Administration (KASA), gave a special presentation on the grand vision of the newly established space administration launched in May.

During his speech, Sung referenced this year’s World Development Report by the World Bank, which introduced Korea as a successful case of overcoming the middle-income trap many developing countries fall into during their transition from middle-income to high-income status.

“I thought that today’s session provided a very informative broad overview of Korea’s economic evolution,” said Luxembourgish Ambassador to Korea Jacques Flies.

“It imparted good lessons on how middle-income and developing countries can avoid the middle-income trap while also signaling how Korea positions itself in the future by targeting future technologies and maintaining growth.”

"I found the forum very informative in terms of presenting the roadmap for Korea’s economic strategy," Philippine Ambassador to Seoul Theresa Dizon-De Vega said.

Echoing these sentiments, Michelle Winthrop, the Irish Ambassador to Korea, noted the similarities between the two nations’ economic landscapes.

"Ireland and Korea are both very open economies that are prone to outside shocks," the ambassador said.

"It was remarkable to see in actual numbers how Korea is doing very well."

Diplomats applaud during the 2024 Korea Economic Forum at the Lotte Hotel in central Seoul on Thursday. [PARK SANG-MOON]

Ambassadors at Thursday’s event also expressed hopes of strengthening ties between their countries and Korea.

“Korea needs critical minerals for its semiconductor industry, and the Dominican Republic has some of the key critical minerals,” said Federico Alberto Cuello Camilo, ambassador of the Dominican Republic to Korea.

“We have zinc, copper, oxide and rare earth materials. We are ready to work with Korea to extract and industrialize these minerals,” he added, emphasizing his country’s strategic importance to Korea.

He also noted that the KASA administrator’s speech on Korea’s aerospace vision was timely, as the country will cooperate with Korea on satellite development and airplanes.

Emmy Jerono Kipsoi, Kenya's ambassador in Seoul, highlighted the potential for further cooperation between the two countries, noting the first Korea-Africa summit held in June.

“Korea has been a very good partner in terms of technology transfer, and we are looking forward to expanding trade, such as imports of coffee.”

Costa Rican Ambassador to Korea Jorge Enrique Valerio Hernandez expressed a desire to expand cooperation with Korea, particularly in the semiconductor sector. He noted that the forum also provided him with a broader understanding of Korea's economic strategies.

The ambassadors during the forum also showed considerable interest in Korea's demographics, especially the low birthrate. They mentioned that they would have liked to discuss the topic further if time had permitted.

"I wanted to ask more questions, particularly about the birthrate, as it is a significant issue for Italy as well," said Italian Ambassador to Korea Emilia Gatto, adding that she was eager to learn about Korea's transformative approaches to addressing this issue.

On Wednesday, Statistics Korea reported a rise in the number of newborns in the country in the second quarter this year, marking the first increase in eight years. The number was up 1.2 percent in the second quarter compared to the previous year.

Sung, who also addressed this trend in his speech, gathered feedback from the ambassadors.

"I would like to see more long-term trends to be sure whether the birthrate trend has changed," said the Irish Ambassador to Korea.

Attendees also highlighted Korea's significant role in the international community, making Thursday’s forum a crucial and informative session for monitoring the country’s progress and future pathways.

“The Korean economy is a driving force of the international economy today, and so understanding where it is, where it is going is important for us to orient our countries as to how to keep the connection,” said Honduras Ambassador to Korea Rodolfo Roberto Pastor Fasquelle.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]