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Song Kyung-jin

Song Kyung-jin led the Institute for Global Economics (IGE), based in Seoul. Now, she chairs the international cooperation committee called the Innovative Economy Forum.

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Song Kyung-jin

Yoon-Biden summit, toward Korea becoming global pivotal state

By Song Kyung-jinThe Yoon-Biden summit on May 21 was a success as in the case of most summit meetings. As written in the two leaders' joint statement, it marked the earliest summit meeting in a Korean president's term in office with the U.S. president. Reemphasizing the bilateral alliance as the linchpin for peace and prosperity in the region, the two leaders agreed to upgrade it to a "global comprehensive strategic alliance." The global comprehensive strategic alliance is aimed at upholding the critical importance of values (democracy), prosperity (economy), and technology-based alliance in the rules-based international order. The two presidents agreed on launching bilateral economic and security dialogue headed by respective national security councils. It is with a view to aligning the bureaucratic and policy approaches to supply chain resilience and enhancing the bilateral partnership and research and development on critical and emerging technologies. Such critical technologies include semiconductors, EV batteries, artificial intelligence, quantum technology, biotechnology, aerosp

May 24, 2022By Song Kyung-jin
Song Kyung-jin

Welcoming President-elect's attention to economic security diplomacy

By Song Kyung-jinMany Koreans had a sleepless night on March 9 when the ballot counting was underway until the wee hours of the next day in a very tight presidential race. Yoon Suk-yeol garnered a razor-thin victory over his opponent Lee Jae-myung, who conceded his defeat. It was a scene symbolizing Korea's mature democracy.Yoon was chosen to lead the country at a fragile moment when the country is presented with a myriad of challenges, such as the U.S.-China competition, the Ukraine crisis, the North Korean problem, spiking energy and commodity prices, and an aging population. Rapid changes are being witnessed in the world order whereby economic security is becoming an important part of national security. Trade, technology, data, supply chains, energy and climate are all quickly turning into means of economic security diplomacy. Given this, I welcome President-elect Yoon's emphasis, among other things, on the importance of strengthening economic security diplomacy in his first speech on March 10 in front of reporters. He is right on target, especially when economic security diplomac

Mar 15, 2022By Song Kyung-jin
Song Kyung-jin

New security environment requires gov't to reorganize

By Song Kyung-jinNot just trade but also semiconductors, batteries, artificial intelligence, aerospace, and various climate technologies are increasingly becoming critical strategic factors determining the national security of a country beyond its economic strength. National and corporate investment decisions take into account security elements more than ever before. Economic issues are inextricably intertwined with foreign affairs and security issues.This new national security environment has emerged directly because of the power struggle between the U.S. and China. The U.S.-China competition is being manifested in many realms, including non-conventional ones pertaining to security. It is driving the expansion of a values-based rule of law around the world, putting more emphasis on responses to climate change, human rights and labor standards. A couple of persuasive examples include the European Union proposed Carbon Border Adjustment Mechanism expected to take effect in 2026 and the U.S. ban on imports from Xinjiang, China since 2021. Unilateral trade restrictions are often imposed

Feb 8, 2022By Song Kyung-jin
Song Kyung-jin

Inflation, supply chain resilience, RCEP and CPTPP

By Song Kyung-jinThe buzzword in the global economy at the moment is “inflation.” The global economy is projected to grow 4.7 percent in 2022 from 6.1 percent (estimated) in 2021, according to the Morgan Stanley real gross domestic product (GDP) forecasts. GDP growth outlook for 2022 of major economies is also set to moderate from 2021, with the U.S. slowing down to 4.6 percent from 5.5 percent, China to 5.5 percent from 7.8 percent and India to 7.5 percent from 8.9 percent. The Korea Development Institute forecasts the Korean economy to expand 3 percent in 2022, roughly 1 percentage point higher than its growth potential and down from an estimated 4 percent growth in 2021. While the global economy is returning to normal, inflation will likely persist due to continued disruptions to the supply chain and higher energy prices due to the green energy transition with the aim of achieving carbon neutrality by 2050.On concerns of high inflation that remained far above the 2 percent target from April 2021, recording 3.7 percent in December year-on-year, the Bank of Korea raised

Jan 11, 2022By Song Kyung-jin
Song Kyung-jin

Why Korea can become global leader in ESG

By Song Kyung-jinA tectonic shift is taking place around the world. Making more profits is no longer seen as the only prime purpose of businesses. Environment, social and governance (ESG) is a global standard by which businesses determine their activities to be responsible and sustainable. Most businesses firmly believe that an ESG strategy is directly linked to corporate growth, competitiveness and survival. The global race has already kicked off.When Apple announced its carbon neutrality (or net zero) goal for 2030, not just its competitors but business partners in the value chain could not turn a blind eye but had to follow suit for their survival. A retail giant like Walmart is determined to extend financial support to small and medium companies in the value chain to achieve “Scope 3” emissions, or value chain emissions. I would argue that Korea with its globalized economy and companies is well-positioned to become a global leader in ESG once you think outside the box.First, there is a high national interest in ESG spreading like wildfire. Finding every Tom, Dick and

Dec 14, 2021By Song Kyung-jin
Song Kyung-jin

The urea water crisis and trust-building diplomacy

By Song Kyung-jinA “urea water” crisis has swept through Korea and its ripple effects are still very much underway. For industrial use, urea is a byproduct of the combustion of natural gas and coal. Korea has borne the brunt of China's recent export ban on urea, as it depends on the neighboring country for almost all of its urea imports. From January to September of this year, Korea imported 97.6 percent of its urea from China, according to the Ministry of Trade, Industry and Energy here.The direct cause of the crisis has much to do with China's drastic cut in coal production, in line with its 2030-2060 carbon neutrality target. China's 2030-2060 pledge is to see a peak of carbon dioxide emissions by 2030, but achieve carbon neutrality by 2060 by obtaining 80 percent of its energy from non-fossil fuel sources. China's economic recovery this year has required more power, which has been complicated by shortages. Global urea prices hit a 13-year high at $719 per ton last month, and prices are forecast to remain high or go even higher in 2022. Panic buying is widespread in fe

Nov 21, 2021By Song Kyung-jin
Song Kyung-jin

Candidates, show your vision on statecraft and help us vote

By Song Kyung-jinJudging by the latest political news stories, we are deep into election season, which culminates with the presidential vote slated for March 9, 2022. Unfortunately, the candidates seem to be in a race to insult and attack each other, often putting their feet in their mouths in the process. Neither is this entertaining nor appreciated. This type of campaigning simply irks voters and makes them grow weary. Voters do not want to see the Trumpification of Korean politics. They want to hear the vision each candidate has to govern the country and ensure that Korea continues to be a vibrant and thriving democracy.Every time there is an election in Korea, people often say half-jokingly, “There are no candidates worthy of votes.” But this time, those comments are not being uttered half-jokingly. In fact, many Koreans are deeply dissatisfied with the candidates and the divisive politics they preach. Consequently, many more voters are even questioning the validity of the current presidential system.A recent survey of 17 advanced economies including Korea by the Pew

Oct 31, 2021By Song Kyung-jin
Song Kyung-jin

How Quad can become inclusive regional initiative

By Song Kyung-jin History recalls that there were at least two Sept. 15ths in the early part of the 21st century on which extraordinary events happened: 2008 and 2021. On Sept. 15, 2008, the world economy witnessed the biggest-ever bankruptcy of an investment bank, Lehman Brothers. The need for China's cooperation to combat the Great Recession at that time eclipsed the needs of the Quad. Exactly 13 years later, the launch of a security initiative around the Indo-Pacific, called the AUKUS (standing for “Australia, the United Kingdom and the United States”) partnership, was announced. A week after the AUKUS partnership was forged, the first in-person Quad Leaders' Summit, its second summit, was held on Sept. 24 in Washington, D.C. Immediately following the launch of AUKUS, China submitted its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a quid pro quo move, although there is currently little enthusiasm from the U.S. to rejoin it.Now my head is spinning as I try to figure out what the Quad and AUKUS are meant for. T

Sep 29, 2021By Song Kyung-jin
Song Kyung-jin

Respect for innovation is key to faster global vaccine supply

By Song Kyung-jinAs countries around the world are still struggling to vaccinate their populations, their efforts are undermined by the insufficient and inequitable production and supply of COVID-19 vaccines. According to “Our World in Data,” 32.4 percent of the world population has received at least one dose of a COVID-19 vaccine, and 24.4 percent has been fully vaccinated as of Aug. 22. The figures are a far cry from the goal of having vaccinated 70 percent of the world's population to achieve global herd immunity, which will require at least 11 billion vaccine doses. The world needs faster vaccine production and distribution for global public health and economic recovery.Leaders' commitments and promises to increase the vaccine supply abound. I have been heartened by the string of positive news. As recent as July of this year, some leaders of APEC member nations, including U.S. President Joe Biden and Chinese President Xi Jinping, pledged to increase vaccine supply. Last October, India and South Africa proposed that the World Trade Organization (WTO) suspend intellectu

Aug 24, 2021By Song Kyung-jin
Song Kyung-jin

Presidential hopefuls should ensure fair educational opportunities

By Song Kyung-jinThe political season is heating up to be as hot as the weather is this summer. Few conversations end without a mention of the presidential candidates and political developments nowadays. The next presidential election is dated to take place on March 9, 2022, so it is perhaps too early for the candidates to draw public attention to their key campaign agenda points. Great attention to candidates' campaign agenda points has in fact never been a salient feature of South Korean politics, compared to candidates' characteristics and personal histories full of hardships. However, the buzzword running through the agenda points of all the candidates this time around is the “F” word, fairness. Fairness in Korea often starts with or erodes with fairness or unfairness in terms of educational opportunities. In Korea, unfairness, perceived or real, in educational opportunities, can at times even lead to the toppling of an administration and a shift of power.If we lived in normal times, Korea would have one reason to be pleased: the test results of the Programme for Inte

Jul 27, 2021By Song Kyung-jin
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.