Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
HS Hyosung vice chair steps up outreach before APEC summit
HS Hyosung Vice Chairman Cho Hyun-sang, right, speaks during this year's first Asia-Pacific Economic Cooperation Business Advisory Council (ABAC) meeting in Brisbane, Australia, Feb. 23. Cho is the chair of the 2025 ABAC. Courtesy of HS Hyosung
By Nam Hyun-woo
HS Hyosung Vice Chairman Cho Hyun-sang is stepping up outreach efforts ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, North Gyeongsang Province, as part of his mission to strengthen the global presence of Korean businesses.
Cho is the chair of the 2025 APEC Business Advisory Council (ABAC), a platform for private-sector discussions for regional economic cooperation between representatives from the 21 APEC member economies.
As ABAC chair, Cho will lead four ABAC meetings this year and preside over a number of other key events, including the ABAC Dialogue with APEC Leaders, which will take place during the APEC summit’s run in October.
During the ABAC meetings, business representatives from member economies gather to draft policy recommendations for enhancing regional economic cooperation.
These recommendations are then formally presented to APEC leaders during the dialogue, serving as a basis for policy coordination and collaboration among member governments.
According to HS Hyosung, Cho presided over this year’s first ABAC meeting in Brisbane, Australia, from Feb. 23 to 26, and stressed the importance of regional structure in the increasing fragmentation of the global economy.
“In a time when the global economy is becoming increasingly fragmented, regional frameworks are playing a crucial role for balance, and APEC in particular has emerged as a pivotal body for global trade and investment,” Cho said during the meeting.
“We must continue our efforts to ensure inclusive and sustainable prosperity in the region and work toward a stable future … As this year’s APEC chair country, Korea will come up with action plans toward the economic development of the APEC region and will spare no efforts for the success of APEC events this year.”
Under the theme of “Bridge. Business. Beyond,” this year’s ABAC is comprised of five working groups on regional economic integration, sustainability, artificial intelligence & digital innovation, finance & economics and bio & health care.
Particularly, the bio and health care group was newly established this year in response to growing industry demand. Each working group will develop action plans throughout this year, discuss them during the four official meetings and shape relevant policy initiatives.
The second ABAC meeting is slated for April 23 to 26 in Canada, the third is scheduled for July 15 to 18 in Vietnam and the fourth meeting will be held in Korea Oct. 26 to 28.
Along with ABAC, Cho is also making contributions to Korean businesses’ efforts to navigate aggressive tariff measures from the United States.
In February, Cho joined the Korea Chamber of Commerce and Industry’s private-sector delegation to the U.S. and engaged with policymakers at the White House and Congress.
During the meetings, Cho emphasized that collaboration with Korean materials companies is essential for the U.S. in sectors such as cars, IT and secondary batteries, saying, “Korean companies, including HS Hyosung, are helping to fill critical gaps in the U.S. supply chain, creating mutually beneficial outcomes.”
He also highlighted that Korean businesses are creating community impacts in the U.S. by establishing hospitals, schools, fire stations and roads, adding that they are expanding investments in America’s high-value industries.
Along with those activities, Cho has been engaging proactively in global economic cooperation bodies, serving as a board member of the Business at OECD and the chairman of the Korea-Vietnam Economic Cooperation Committee.