Marcus Wallenberg, CEO of SEB, a leader of the largest corporation in Sweden, CEO of Nestlé, the best food product company in the world, Gopalakrishnan, CEO of Infosys, the largest software corporation in India...
120 global CEO's from 34 countries meet in Seoul. For the G20 conference, they are participating in the Seoul G20 Business Summit in Sheraton Grand Walkerhill hotel in Gwangjang-dong, Seoul on the 10th and 11th. The CEOs who are leading the global corporations are scheduled to discuss the topic of "the roles of corporations for the continuous and balanced growth" with the representatives for G20.
Seeking the economic growth through a Private and public cooperation
The reason the Business Summit is getting a lot of attention is because the participation of the private sector has become crucial in the process to overcome the global economic recession as well as the economic policies of the government. After the economic crisis in the U.S. in 2008, the global economy could avoid the third Great Recession through a global cooperation of the G20 countries.
The G20 countries successfully revived the frozen economy through the budget execution to increase the demands, but there were many side effects. As the economic revival policies of the countries became long-term, the budget deficit became a problem and the exchange rate war to decrease the values of the currency to increase exports occurred. In this situation, to put the global economy on the actual growth path and to develop it in a balanced way, many agree that we need not only the governmental economic revival policies but also the roles of the private companies.
The Execution Director of the Business Summit, Oh, Young-ho explained that "the previous economic recessions have been overcome by the governmental policies but the new businesses, such as the electricity, railroads, textile, or machinery led the global economy and created the growth" and "the continuous growth is only possible with not only the governments but also the independent recovery of the private sector."
"Korean" Business Summit 'Standardization
The Business Summit with a larger scope and meaning per Korea's suggestion is projected to become an axis of the G20 conference through the Seoul conference. The G20 Minister of Finance and the president of JoongAhng Bank Conference realized that "it is important to increase the public and private partnerships" in the joint announcement (Communique) on the 24th and also included "a welcome to the 12 Seoul G20 Business Summit Working Group (WG) projects." This is the first time that G20 communique has mentioned Business Summit officially. A related personnel of the Business Summit Organization Committee said, "finding a new economic path and growing power for the government and the private sector through the Business Summit will become a new solution to the worldwide economic crises" and emphasized that "this Seoul Business Summit is very meaningful because it is the first testing place to extract the solution."
The Korean Business Summit that strengthened the cooperative channel with the G20 representatives and the worldwide important corporation CEOs has a high likelihood to become a standard procedure in the future G20 conferences. Next year's G20 host, France and 2012 host, Mexico already decided to standardize the Korean Business Summit.
Successful example of Korea Initiative
About 120 CEOs are gathering in the Seoul G20 Business Summit. The G20 member countries and 30 CEOs from the non-member countries are also planned to participate. Starting from the welcoming reception hosted by the Business Summit Organization Committee on the evening of the 10th, they will start their official activities. After the opening conference on the 11th, they will discuss the 4 topics of trade and investment utilization, financial stability review, green growth and the social responsibilities of the corporations. The 4 topics are also subdivided into 12 small topics, 3 subtopics per category.
Each subtopic committees with 7-8 CEOs finished the midterm report through two preliminary conferences. The Chief Business Summit organization, Son Gyung Sik said, "there will be various discussions for the recovery of the global economy, not only on the short term solutions for the trade, investment and finances, but also the long term projects of green growth and the social roles of the corporations."
The Business Summit as a part of the G20 Seoul Conference is not a common opportunity for the corporations. This is the first time that the leading figures of the world finances, such as the 120 global CEOs. The CEOs of the main domestic corporations, such as Samsung, Hyungdai, Kia Automobile, LG and SK. There are 76 scheduled business meetings for the overseas corporations.
The prominent figures in finances
A total of 15 domestic prominent figures will attend the business summit. The CEO of Samsung, Lee Gun-hee, adjusted his Asian Game in GwangJuwoo schedule to attend the business summit. Also, Hyungdai-Kia automobile CEO, Jeong, Mong-goo, LG CEO, Goo Bon-moo, SK CEO, Choi Tae-won, Posco CEO, Jeong Joon-yang, Lotte vice president, Shin Dong-bin, GS Caltex CEO, Hu Dong-soo, Hyundai Heavy Industry CEO, Min Gye-sik, KT CEO, Lee Suk-jae, Hanjin CEO, Cho Yang-ho, Doosan CEO Park Yong-hyun, Hanhwa CEO, Kim Seung-yun, KB financial stockholders CEO Uh Yoon-dae, CEO of Gyobo Life Insurance, Chin Chang-jae and the CEO of Daewoo stocks, Lim Gi-young will also attend. They plan to focus on showing the improved Korea to the others and also to develop a new project model.
The CEO of Samsung, Lee Gun-hee plans to introduce the production process and the strategies of the "green memory," such as the 30 nano-level D RAM with a much lower electricity usage to the key CEOs in the Business Summit. The CEO of Hyungdai-Kia Automobiles, Jeong Mong-goo is preparing a presentation on the improved trade and exchange- cooperation methods after the FTA with the US and Europe as a part of the trade investment subcommittee. The CEO of LG, Goo Bon-moo has a vision to expand the exchange with the global corporation CEOs in this conference and also to actualize the global business strategies for LG.
The vice president of Lotte, Shin Dong Bin plans to explain the efforts that they have been putting in for the employment for the younger generation in the circulation and entertainment industry regarding the high unemployment rate of the younger population. The CEO of Hyungdai heavy industry plans to show that they are the leading domestic industry in the new reproduced energy area to the overseas financial leaders and also to establish a close network.
The CEO of Hanjin, Cho Yang-ho plans to present the direction of the effective funding support for the establishment of the infrastructures in the developing countries and also emphasize the importance of the distribution infrastructure investment for the mutual growth of the world economy. The CEO of Doosan, Park Yong-hyun will present his opinions based on the roels of Korea in the development of the developing countries. The CEO of Hanhwa, Kim Seung-yun plans to share his opinions on the infrastructure and natural resources investment improvement and the fund management in the finances subcommittee conference.
The CEOs are "studying hard"
As this is undoubtedly the greatest global event, the preparation to present a flawless discussion among the best VIPs in the politics and the finances of the world. The only convener among the Korean corporations, the CEO of SK, Choi Tae Won, plans to lead the new regenerated energy subcommittee as the subtopic of "green growth." He is preparing the previous reports through multiple conference calls and video conferences with the working group participants to manage the different opinions among the corporations.
The CEO of Posco, Jeong Joon-yang will maximize the business opportunities through the various interviews with the representatives and the corporation CEOs who will visit Korea for this event. He plans to share the stories of Posco that led the energy efficiency improvement by investing 1.4 trillion on the energy recovery facilities for the past 10 years.
The CEO of GS Caltex, Huh Dong Soo with his Ph.D. background in chemical engineering plans to show his academic side. He plans to show a specific plan, such as making the energy efficiency subtopic reports for the green growth on his own. CEO Huh is also a representative of the "Green Growth Industry Cooperative" with the public and private sectors together.
The CEO of KT, Lee Suk-chae is preparing for his speech in the social responsibilities of the corporations committee by frequently exchanging opinions and asking for advice from the director of economic management research center. He plans to show that the cloud computing based on networks can solve the young unemployed population and the healthcare issues in particular. The CEO of DaeWoo securities is preparing for an in-depth discussion on the direction of the global finances and the exit strategies by referencing the internal research center.
