[2021 Mirae Company Forum] "ESG to Catalyze Sustainable Growth in Post-Corona Era" (Comprehensive)

Asia Economy Hosts the '2021 Asia Future Business Forum'

Jeon Gwang-woo, Chairman of the World Economy Research Institute, is delivering a congratulatory speech at the '2021 Asia Future Business Forum' hosted by Asia Economy on the 29th at the Western Chosun Hotel in Jung-gu, Seoul. Asia Economy set the theme of this year's Future Business Forum as 'Korean-style ESG Solutions in the New Normal Era' and prepared a session to contemplate ways to enhance the value of our companies through expert lectures in the ESG field. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Changhwan Lee] "ESG (Environmental, Social, and Governance) will be an important catalyst driving the world's sustainable growth after COVID-19."

Jeon Gwang-woo, Chairman of the World Economy Research Institute (former Chairman of the Financial Services Commission), stated on the 29th at the ‘2021 Asia Future Business Forum’ held at the Westin Chosun Hotel in Sogong-dong, Seoul, that ESG will play a role in promoting sustainable growth of the global economy following the COVID-19 crisis.

In his congratulatory remarks at the event, Chairman Jeon said, "It is encouraging that there is a global consensus recognizing ESG as an important catalyst driving sustainable growth in the post-pandemic new normal era."

Chairman Jeon analyzed, "The legacy of the COVID-19 crisis, considered the biggest shock since World War II, is a change in the economic paradigm. Emphasizing medium- to long-term resilience over short-term efficiency, and shifting the management paradigm from narrowly maximizing shareholder profits to broadly maximizing stakeholder benefits has emerged as a key issue of our times."

He added, "Given this background, it is not surprising that ESG is emerging as a keyword in the post-pandemic era. ESG is not a temporary trend but will establish itself as a ‘megatrend.’"

Regarding criticism that the ESG concept is vague due to its broad scope, he reiterated that it is enough to remember that ESG plays a role in promoting sustainable growth. Chairman Jeon emphasized, "It is important to remember that the values and goals pursued by ESG management and policies are to Enhance Sustainable Growth (ESG=Enhancing Sustainable Growth)."

In particular, he said, "Now is the time to recognize climate change and social polarization as critical issues humanity faces and to unite efforts for the internalization and mainstreaming of ESG," adding, "To realize the values pursued by ESG investment and management, joint efforts are required not only from the companies concerned but also from national policies, international cooperation, and all members of society including consumers."

Kim Sung-joo, member of the Democratic Party of Korea and co-chair of the National Assembly ESG Forum, is delivering a welcome speech at the '2021 Asia Future Business Forum' hosted by Asia Economy on the 29th at the Western Chosun Hotel in Jung-gu, Seoul. Asia Economy set the theme of this year's Future Business Forum as 'Korean-style ESG Solutions in the New Normal Era' and organized a session to explore ways to enhance the value of Korean companies through expert lectures in the ESG field. Photo by Kim Hyun-min kimhyun81@

Assemblyman Kim Sung-joo: "ESG Will Be an Opportunity to Integrate Economy and Society"

Assemblyman Kim Sung-joo of the Democratic Party (co-chair of the National Assembly ESG Forum) also emphasized the importance of ESG in his welcoming remarks that day.

Assemblyman Kim explained, "Concepts like CSR (Corporate Social Responsibility) or CSV (Creating Shared Value), which were popular in the past among companies and society, were based on the perception that companies and society are separate. In contrast, ESG, which has recently gained attention, is a broader concept aiming for the integration of economy and society."

He added, "The basic direction for ESG that our country should pursue now is integration," emphasizing, "The core principle is to aim for integration without distinguishing between economy and society."

He continued, "Sustainability is also a key principle of ESG," noting, "This means a sustainable society and, in terms of governance, sustainable democracy." Assemblyman Kim cited recent research showing that companies excelling in ESG tend to achieve stable and continuous performance, stressing, "ESG must now be firmly established as a trend in our society."

Meanwhile, the event was held under the theme ‘Korean-style ESG Solutions in the New Normal Era.’ As ESG has become a new standard and survival strategy for global companies, interest among Korean companies has increased. Accordingly, Asia Economy considered ways to enhance the value of our companies through ESG experts from various fields.

The event was conducted with a no-plastic policy in line with the ESG spirit, and some speakers decided to donate their lecture fees to environmental organizations in keeping with the event’s theme.

This content was produced with the assistance of AI translation services.