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HS Hyosung vice chairman leads pre-APEC global meeting in Toronto
HS Hyosung Group Vice Chairman Cho Hyun-sang, second from left, poses during a reception at the second meeting of the APEC Business Advisory Council (ABAC), held in Toronto, Canada, from April 23 to 26. Courtesy of HS Hyosung.
By Ko Dong-hwan
HS Hyosung Group Vice Chairman Cho Hyun-sang led a series of global meetings in Toronto last week in preparation for this year’s Asia-Pacific Economic Cooperation (APEC) summit in Korea, sending a unified message to commerce leaders from the 21 member economies, the major Korean materials developer said Wednesday.
Cho, the chair of the APEC Business Advisory Council (ABAC), presided over five working-group meetings during the second ABAC gathering held from April 23 to 26, with discussions centered on growing economic uncertainties in global trade triggered by U.S. President Donald Trump’s sweeping tariff measures introduced earlier this year.
According to HS Hyosung, Cho noted that participants shared concerns over how the mounting uncertainties could disproportionately impact Asia-Pacific nations and pose significant risks to businesses operating in the region.
To address the issue, Cho emphasized the importance of maintaining free and open global trade as a foundation for sustainable prosperity in the region, according to HS Hyosung. As part of this effort, he proposed enhancing the APEC Business Travel Card by broadening its eligibility and expanding its benefits, aiming to facilitate smoother and faster cross-border business travel through expedited access at international airports within APEC member economies.
While in Toronto, Cho also encouraged participants to visit Gyeongju in North Gyeongsang Province, the host city for the upcoming APEC summit in November.
HS Hyosung noted that Cho has been actively promoting Korea’s economic interests abroad, having visited Washington last December for a Korea-U.S. Business Council meeting and again in February as part of Korea’s delegation of economic representatives. During these visits, he emphasized to U.S. policymakers and business leaders the importance of strong Seoul-Washington cooperation, underscoring that Korea is one of the largest investors in the United States and that Korean companies play a critical role in supplying key sectors of the U.S. economy.
During his trips to the U.S., Cho also recommended a revision in how national trade balances are calculated. He proposed that imports of equipment or raw materials, which are part of investment activities, should be excluded from the calculations. In contrast, he suggested that service sectors be newly included to provide a more accurate picture of modern global trade dynamics.
Looking ahead, Cho will attend the third ABAC meeting in Vietnam in July, followed by the fourth meeting in Busan in October.
In addition to his role as ABAC chairman, Cho serves on the board of directors for Business at OECD, a business advocacy agency under the organization. He is also the director of the Korea-Vietnam Joint Economic Committee.