Deputy Prime Minister Hong: "Digital Transformation, Just Beginning... Must Lead the Change"

'2021 Digital Economy Forum'

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 25th regarding digital transformation, "The change is just beginning," adding, "A world we have not fully experienced is rapidly approaching, so it is necessary to have the right strategy to maintain balance and lead the change."

In his opening remarks at the '2021 Digital Economy Forum' on the same day, Deputy Prime Minister Hong said, "We must enhance digital competitiveness across the economy and society and strengthen a 'win-win' ecosystem where the whole world advances together."

The Digital Economy Forum, hosted by the Ministry of Economy and Finance and organized by the Korea Startup Forum, marked its fourth year this year. Under the theme 'The Next Big Things, Beyond the Pandemic,' the event was held both online and offline.

Deputy Prime Minister Hong emphasized that three principles?speed, direction, and safety?are important to lead digital transformation. He stressed, "The speed of digital transformation must be proactive and bold," and "It is crucial for companies and the government to work together with agility and flexibility to respond to new technologies and environmental changes."

He also urged that the direction should be inclusive and fair. Hong said, "Change inevitably creates both beneficiaries and those who suffer," expressing concern that "behind the convenience of digital lies a digital divide and polarization, and companies that become digital winners risk blocking innovation by startups through excessive market dominance." He added, "A social mechanism is needed to wisely mediate conflicts and confrontations during the digital transformation process while embracing those marginalized or harmed by digital change."

Finally, Deputy Prime Minister Hong predicted that as a big data-based society becomes full-fledged, "Trade norms for digital transactions crossing borders and institutional regulations for virtual realities such as the metaverse will become new challenges that are difficult to solve with existing common sense."

Kim Seul-ah, CEO of Market Kurly and chairperson of the Korea Startup Forum, said in her welcoming remarks, "The digital economic ecosystem stands at a turning point for a new leap in an environment completely differentiated from before COVID-19," and added, "I hope this forum will serve as an opportunity to examine the current status of the digital economy and provide bold policy suggestions and insights to respond to necessary principles and changes for future generations."

The forum's keynote speeches featured Sinan Aral, director of the MIT Digital Economy Lab, and Cathy Helen O’Neil, author of the book 'Weapons of Math Destruction' and CEO of ORCAA (Algorithmic Risk Assessment Company).

Director Aral emphasized that we are at a critical crossroads determining the future direction of the digital economy, presenting ways to realize the potential of new technologies such as social media and artificial intelligence (AI) while minimizing risks in the process.

CEO O’Neil warned about the side effects that can occur when poorly designed algorithms are applied across various industries and stressed the importance of designing algorithms correctly.

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