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Jeju Forum discusses new growth engines for S. Korean firms Updated: 2019-07-18 16:42:43 KST

On the second day of the Jeju Forum, business leaders and government officials gathered to discuss ways in which companies can find new sources of growth amid the slowing global economy and trade disputes.

"Finding a breakthrough in new corporate strategies can co-exist with an emphasis on social values. I hope to talk about why social value is so important."

The world is facing a growing number of problems such as ocean waste, air pollution, inequality and youth unemployment numbering at around 500 million people across the globe.
The SK Group Chairman said it's not just interest groups and consumers that are calling on companies to go green,

exercise corporate responsibility and tackle climate change.
Investors in the capital market are also looking beyond the balance sheet, using ESG, environment society and governance as measures to evaluate corporate value. As examples, he referred to the strategy adopted by global firms like Google and Nestle to promote the welfare of the disabled and set up clean manufacturing processes.

Google Korea said with AI and digital technology, transaction costs are more affordable and creative ideas can be nurtured at a lower cost, and emphasized the need for companies to prioritize operations with a consumer-focused strategy.

"Technology is the seed for businesses. Technology has opened new markets and started revolutions over the last 100 years."

The Minister of SMEs and Startups Park Young-sun said developing new technology is crucial, including key high-tech materials like hydrogen fluoride, which are now under Japan's restrictions.
She highlighted the importance of cooperation between Korean conglomerates and smaller companies, as well as government support in providing the right infrastructure.

In the last two days of the Jeju Forum, participants will discuss a range of topics, from changing consumer trends to leadership.
Kim Hyesung, Arirang News, Jeju.
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