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Spotlight on SK chairman

By Cathy Rose A. Garcia SK Group Chairman Chey Tae-won is poised to take center stage as Korea Inc.’s main representative at the Seoul G20 Business Summit this week. Chey, who leads Korea’s third largest conglomerate, is the only top Korean executive invited to be a convener for the summit’s Green Growth session, the working group for new renewable energy. With his extensive experience in the global arena and communication skills, it is no wonder why Chey has been invited numerous times as a keynote speaker and panelist for international conferences and forums throughout the years. In 1999, Chey was named as one of the ``Global Leaders for Tomorrow’’ at the World Economic Forum (WEF) in Davos, Switzerland. In 2002, Chey became the first Korean to become a co-chairman of the WEF East Asia Economic Summit in Malaysia, where he was in charge of presentations and conference proceedings. The SK chairman also gave the opening address for the 2008 OECD Ministerial Meeting. He delivered a speech during the Asia-Pacific Economic Cooperation CEO Summit held in Busan in 2

SK Chairman Chey Tae-won leads global green effort

By Cathy Rose A. Garcia SK Group Chairman Chey Tae-won is poised to take center stage as Korea Inc.’s main representative at the Seoul G20 Business Summit this week. Chey, who leads Korea’s third largest conglomerate, is the only top Korean executive invited to be a convener for the summit’s Green Growth session, the working group for new renewable energy. With his extensive experience in the global arena and communication skills, it is no wonder why Chey has been invited numerous times as a keynote speaker and panelist for international conferences and forums throughout the years. In 1999, Chey was named as one of the ``Global Leaders for Tomorrow’’ at the World Economic Forum (WEF) in Davos, Switzerland. In 2002, Chey became the first Korean to become a co-chairman of the WEF East Asia Economic Summit in Malaysia, where he was in charge of presentations and conference proceedings. The SK chairman also gave the opening address for the 2008 OECD Ministerial Meeting. He delivered a speech during the Asia-Pacific Economic Cooperation CEO Summit held in Busan in

Members of the international advocacy group Oxfam ...

Korea’s leadership burdens in G20 Summit: great expectations in balancing diverse global interests

By Maragtas S.V. Amante With the onset of the G20 Seoul Summit, higher decibels and a heavier tone of expectations emanate from global leaders and stakeholders both invited and uninvited to the event. Korea’s leaders, as well as ordinary citizens are now burdened with the act of balancing divergent global interests, as the eyes and ears of the world prepare to converge in Seoul. Korea is strategically, and uniquely located between three economic giants: China, Japan and Russia. Strong political and military ties with the United States will require Korea to balance these strong geopolitical interests, and face threats as well as opportunities to craft new global strategies. Korea’s leaders are now burdened with heavier demands not only to listen, and act as a bridge or as a mediator, but also be pro-active in anticipating drastic changes of attitude in the negotiations among the G20 leaders. Korea is also expected to bridge the gap between the developed _ especially what used to be the G7/G8 countries, the emerging economies, countries still developing, and those left behi

Small businesses deserve more attention from G20 Summit

By Hermann Simon Do politicians, the press, the public at large really understand the economy? And is the real economy present in such events as the G20 Seoul Summit? There are doubts. To the G20 Business Summit which precedes the meeting of the G20 politicians, only CEOs of big corporations have been invited. Where is the voice of the small and mid-sized companies who form the backbone of most economies? A recent study revealed that large companies get 84 percent of the media attention but contribute only 20 percent of all jobs. The same is probably true for the attention of politicians. In the two leading export nations, China and Germany, 68 percent of all exports come from companies with less than 2000 employees. Some 88 percent of all countries in the world have no company in the Fortune 500, which lists the largest companies in the world. There is no doubt that the success or failure of a country in the global competition depends largely on the performance and competitiveness of its small and mid-sized companies. The “Hidden Champions,” the thousands

Two faces of G20 meetings

By Oh Young-jin On the one hand, leaders of the G20 emerging and advanced nations are coming to town together with CEOs of over 100 global conglomerates. On the other, leaders of global unions are holding a meeting. A group of protestors are demonstrating to try and force those political and business leaders to pay attention to the plight of the poor and underprivileged. Many Seoulites agree that the two meetings ― the G20 Seoul Business Summit and summit of political leaders ― are important showcases by which they can project a new image of Korea to the world. But still, there are a sizable number of people complaining about the inconvenience caused by streets being cordoned off near the Coex, the main venue of the Seoul Summit, which forces residents to leave their cars at home and use mass transportation ― subways and buses. Some say that it is wrong for the government to make a fuss over the G20 meetings as if they were World Cup soccer matches or the Olympics. Still it is hard to deny that the effects of any success from these meetings will certainly improve K

Financial gurus recognize Korea’s leadership in G20

By Kim Jae-kyoung Korea has been in the limelight in the global community over the past year, after it was named as the first non-G7 country to host the G20 summit. President Lee Myung-bak and many policymakers are trying to promote the event, citing it as the country’s best-ever opportunity to join the league of advanced economies. Some critics say that Korea should not be too excited as it is one of many international events and that it was only able to become the host country as a result of a global feud between the United States and Europe. However, the heads of two global financial giants dismissed such criticism, sharing the view that South Korea deserves the chair of the G20 summit as it has successfully transformed itself into a developed country from a developing one. On the occasion of the G20 Seoul Summit, The Korea Times had an interview with Standard Chartered CEO Peter Sands and Citi CEO Vikram Pandit. “South Korea has all the right qualities and past experience to make it an excellent chair country for the G20 summit. Financial organizations, including the

Risk of protectionism growing

On the occasion of the G20 Seoul Summit and Business Summit, The Korea Times held an email interview with two financial gurus ― Standard Chartered CEO Peter Sands and Citi CEO Vikram Pandit ― to share their insights about the global financial market and economy in the post-crisis world. ― ED. By Kim Jae-kyoung The Group of 20 (G20) nations have successfully pulled the world economy back from the brink by their coordinated policy response. However, with the global crisis phasing out, major countries are focusing more on their own interest rather than overhauling the global financial system. In an interview with The Korea Times, Standard Chartered CEO Peter Sands said that the specter of protectionism and

Excess reform may mar recovery

By Kim Jae-kyoung Citi has been the symbol of globalization and advanced financial services provider. The global financial crisis triggered by the U.S. subprime mortage meltdown has tarnished its image but it is now bouncing back fast and regaining its reputation as a leading global player. In this regard, the head of the U.S.-based banking giant is the best person to provide insights about where the global financial market is heading and what measures should be taken to prevent another financial crisis. Following the crisis, the Group of 20 (G20) member nations have put their heads

G20 leaders in Seoul

Gruop of 20 (G20) leaders will seek to find workable solutions for a “balanced and sustainable growth” at the G20 Seoul Summit scheduled for Thursday and Friday. Korea, being the first Asian and non-G7 country to chair the big gathering, has been making preparations for months in advance so that these VIPs could engage in intense talks on major issues, such as global imbalance and financial regulatory reform. For those wondering what all the hype is about, The Korea Times takes a quick look at their backgrounds. Illustrations provided by the Presidential Committee for the G20 Summit President Herman Van Rompuy (63) European Union ▣ Took office in December 2009 ▣ Van Rompuy was elected as the first full-time president of the European Council last year under the Lisbon Treaty. Born in Brussels in 1947, he majored in philosophy and economics at the Catholic University of Leuven. He was previously the prime minister of Belgium. Christina Fernandez de Kirchner (57) Argentina ▣ Took office in December 2007 ▣ Kirchner took over the presidency after her h