Koreans well equipped to overcome global economic turmoil, says ex

A former chief of the Financial Services Commission expressed optimism that the Korean people, who have achieved unprecedented economic growth over the past several decades, possess inherent qualities that will enable them to surmount the global economic crisis.

Speaking at the Global Business Forum held at Grand Hyatt Seoul on Wednesday, Kim Seok-dong, chairman of the Jipyong Institute of Humanities and Society, an affiliate of Jipyong LLC, gave a historical overview of the factors that led up to the current economic turmoil and the complex interplay of nations in every part of the world.

South Korea is not exempt from the challenges posed by these global factors as they exert a significant impact on its economy, he noted.

“Burdened by low birth rates, high unemployment rates, mounting household and corporate debt and asset bubbles, our economic situation is quite worrisome,” Kim said. “However, Koreans possess the tenacity, adventurous spirit, competitiveness and leadership required to navigate these challenges.”

He underlined the shared qualities and determination of the Korean people in achieving collective goals and suggested that the business leaders attending the forum are key agents in elevating Korea's position on the global stage.

During the opening remarks, Alisher Abdusalomov, counsellor at the Embassy of Uzbekistan, expressed hopes for stronger bilateral relations with South Korea and the attraction of foreign investment to Uzbekistan, a nation with economic potential.

Abdusalomov highlighted Uzbekistan's burgeoning economy, abundant natural resources and strong manufacturing, presenting various economic opportunities.

“South Korea and Uzbekistan are historically linked through Koryoin -- ethnic Koreans from Central Asia,” he said. “With Koryoin acting as firm bridges between the two nations, I hope this would not be the last time meeting this group of business leaders.”

The GBF, organized by The Korea Herald, is an association of experts in a wide range of fields, including business leaders, scholars, diplomats and celebrities, aiming at providing comprehensive views on industrial changes.