Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Audience earn valuable insights on how to navigate COVID-19 crisis
Finance and business leaders attend the 2020 Korea Times Forum held at The Plaza Seoul Grand Ballroom in central Seoul, Thursday. / Korea Times photo by Shim Hyun-chul
By Anna J. Park
By Anna J. Park
Over 150 finance and business leaders in Korea gathered at The Plaza Seoul Grand Ballroom early Thursday to attend the 2020 Korea Times Forum, an annual event organized by Korea's oldest running English-language daily.
Under the theme of “New World, New Strategies: Path to the Next Normal After COVID-19 ― The Future of Asia,” the two-hour session started with a VIP tea meeting with dozens of special guests, including leaders of Korea's major financial groups such as Shinhan's Chairman Cho Yong-byoung, KB Financial Group Chairman Yoon Jong-kyoo and Woori Financial Group Chairman Son Tae-seung.
Following the tea meeting, opening remarks were given by The Korea Times President and Publisher Oh Young-jin, in which he emphasized the double-edged nature of the global pandemic that suggests both dangers and opportunities, and the spirit of resilience, versatility, determination and optimism that could help people cope with the new economic situation.
In two opening speeches, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki and Chinese Ambassador to Korea Xing Haiming shared their governments' efforts and economic visions for the post-COVID-19 period. The deputy PM's message was read by Second Vice Minister of Economy and Finance An Il-whan at the forum.
The last two sessions were a video presentation by McKinsey & Company Global Managing Partner Kevin Sneader and the keynote speech by McKinsey Korea Managing Partner Choi Won-sik about key aspects of business after COVID-19, as well as insights and success strategies amid Asia emerging as the new center of the century.
Attendees at the forum said that they could garner valuable insights about how to navigate the crisis after the global pandemic.
"It is inspiring to see The Korea Times taking the lead on the road to post-COVID recovery with this large event," AMCHAM Chairman & CEO James Kim said. "It was great to see the immense diversity of the audience, which is a tribute to the leadership and heritage of The Korea Times.”
“The forum brought about a precious shift of perspectives that the post-pandemic era could actually be filled with opportunities, rather than focusing on the on uncertainties the disease brings,” said Jung Kyoung-ryoon, communication head at DJI Korea.
The head of public relations at Korea's state-run bourse operator Korea Exchange (KRX) echoed the sentiment: “It was meaningful and insightful that the event attempted to guide leaders on how to take action responding to the COVID-19 impacts,” KRX's Kim Sung-gon said.
Many attendees also pointed out that they found the presentations by McKinsey partners particularly useful and informative, as they succinctly and effectively delivered an in-depth analysis about the post-pandemic era.
“Kevin Sneader, McKinsey & Company global managing partner, spoke about seven elements of the next normal and road to recovery. It was quite helpful to hear from someone with global perspective,” said Matthew Chang, CEO of Pepper Savings Bank.
“Sneader's speech allowed me to have more envisioned ideas about the ongoing changes of the world, that new ways of business should be found, the role of the governments would be intensified, and businesses should also be ready for emergencies in addition to working on strengthening efficiency,” said Park Jang-woo, vice president at Hanwha Communications Committee.
Lee Seung-jae, an executive from KB Insurance, also agreed: “It was very helpful and beneficial that the forum provided not only the government's policy efforts and directions, but also penetrating observations by top global business consultants with expertise.”
Some also expressed satisfaction that the forum was conducted in a thorough, safe way as the pandemic is still going on. The seats were more spaced out than usual, aiming to prevent the potential spread of the disease.
“While many VIPs took part in the event, every one of them wore face masks; I felt once again the country's healthcare standards are set very high,” said Korea International Financial Institute (KIFI) CEO Kim Sang-kyung, who doubles as chairwoman of the Korea Network of Women in Finance. “As McKinsey's presentation highlighted, Korea has strengths in the advanced healthcare system, combined with IT capabilities, which would allow the nation to further grow in the post-pandemic economy.”