HS Hyosung vice chair highlights private diplomacy at OECD anniversary dinner

HS Hyosung Vice Chairman Cho Hyun-sang has stepped up efforts to promote private-sector diplomacy as Korea marks the 30th anniversary of its membership in the Organization for Economic Cooperation and Development (OECD).

Cho delivered congratulatory remarks at a dinner commemorating the anniversary, hosted by the Federation of Korean Industries (FKI) in Seoul Tuesday. He attended as a Korean board member of Business at OECD (BIAC).

The event brought together around 80 participants, including OECD Deputy Secretary-General Frantisek Ruzicka, diplomatic representatives from 26 countries and Korean business leaders. They reviewed Korea's economic achievements over the past three decades and discussed ways to expand global economic cooperation.

"Korea has reached a point where it can stand firmly on its own as an OECD member, marking a true milestone of ‘irip,’" Cho said, referring to the Confucian concept of becoming self-reliant at the age of 30.

He noted that the OECD's corporate governance standards had served as an important guide for the development and globalization of Korean companies.

"Business leaders' voices are essential to realizing the OECD's vision of better policies for better lives," Cho said, adding that HS Hyosung has firsthand experience of how changes in global trade rules and supply chains affect industries ranging from mobility and artificial intelligence to energy, semiconductors, aerospace and defense.

"BIAC is an important platform for conveying these industry experiences and perspectives to the international community," he said. "As a Korean board member, I will strengthen my role as a bridge between Korean businesses and the OECD."

Cho's participation also reflects his efforts to carry forward the legacy of private-sector diplomacy championed by his late father, Cho Suck-rai, honorary chairman of Hyosung Group.

The elder Cho, who served as chairman of the FKI and head of the Korea-U.S. Business Council, played a key role in promoting Korea's international business ties, including efforts to advance the Korea-U.S. free trade agreement and expand economic cooperation between Korea and Japan.

Following in his father's footsteps, the younger Cho has built an extensive global network through participation in international economic forums. He joined the World Economic Forum (WEF) in Davos in 2006 and was named a Young Global Leader in 2007.

He was appointed to the BIAC board in 2021 and serves as chairman of the Korea-Vietnam Economic Cooperation Committee. In 2024, he was appointed as Korea's representative to the APEC Business Advisory Council (ABAC) and subsequently served as its chair.

Through these roles, Cho has sought to strengthen the voice of Korean businesses in international policy discussions and promote cooperation between the global business community and policymakers.