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Opinion

Columnists

Unilateralism is no answer to friendshoring

Unilateralism tends to create more problems than solutions. The U.S. Inflation Reduction Act (IRA) is a good case in point. Enacted on Aug. 16, the IRA is meant to deal with challenges the U.S. economy is faced with - to fight high inflation, combat climate change and create a 15 percent minimum corporate tax rate. The causes are noble; however, it is centered on investments and jobs in the U.S. at the expense of its trading partners and friends. Unilateralism imbued in the Act with little concerns for its global impact is hurting carmakers and workers of its friends and partners in global s...

2022-09-13 15:16

Korea's renewed pivot to Africa

Africa was long known as a continent with rich natural resources and potential but largely underdeveloped and forgotten. It is now striving quickly to transform itself into a continent that will play a bigger role in shaping the future of the international order. It has 54 sovereign states with an equal number of voting power in the United Nations system and major international organizations. It is the second most populous continent after Asia, with 1.4 billion people as of 2021, accounting for about 18 percent of the world's population.

2022-08-16 16:12

Reminder of president's promise for better gender representation

One of my lifelong missions I feel is to continue addressing the perennial gender deficit Korea has been suffering from and thus the importance of promoting gender balance across all walks of life in Korea. The World Economic Forum's annual Global Gender Gap Report serves as a regular reminder for me not to forget that mission.

2022-07-26 16:45

Global cooperation, skillful leadership needed to address stagflation

Rising inflation and low growth are portents of stagflation, which the world previously experienced in the 1970s. Protracted quantitative easing since the 2008 global financial crisis, disruptions in global supply chains initiated by the COVID-19 pandemic and further exacerbated by the war in Ukraine, and record-high energy prices have all attributed to rising inflation around the world.

2022-06-22 16:43

Yoon-Biden summit, toward Korea becoming global pivotal state

The 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.

2022-05-24 16:48

Welcoming President-elect's attention to economic security diplomacy

Many 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.

2022-03-15 16:02

New security environment requires gov't to reorganize

Not 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.

2022-02-08 16:35

Inflation, supply chain resilience, RCEP and CPTPP

The 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.

2022-01-11 16:39

Why Korea can become global leader in ESG

A 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.

2021-12-14 16:33

The urea water crisis and trust-building diplomacy

A “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.

2021-11-21 15:58

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