B20 Gathering with Musk and Bezos... Yoon: "Economic Crisis Solutions Must Come from the Private Sector"

Yoon Attends 'B20 Summit' in Bali, Indonesia

President Yoon Suk-yeol Delivering the Keynote Speech at the B20 Summit
(Bali=Yonhap News) Reporter Ahn Jung-won = On the 14th, President Yoon Suk-yeol delivered the keynote speech on the theme of "The Role of Businesses in Overcoming Global Complex Crises and Global Cooperation in the Era of Digital Transformation" at the 'B20 Summit Indonesia 2022' held at the Nusa Dua Convention Center (BNDCC) in Bali, Indonesia. 2022.11.14
jeong@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Junhyung] President Yoon Suk-yeol stated that the global economic crisis can be resolved through innovation in private enterprises.

President Yoon made these remarks on the afternoon of the 14th at the ‘B20 Summit’ held in Bali, Indonesia. At the B20 Summit, he delivered a keynote speech on the theme of ‘The Role of Corporations in Overcoming the Global Complex Crisis and Global Cooperation in the Era of Digital Transformation.’ In his keynote, President Yoon said, "Since the current global economic crisis is largely driven by supply-side shocks, the solution must also be found in private-led supply innovation," adding, "The Korean government places the core of ‘private-led growth’ on digital transformation."

The B20 Summit is a private forum launched following the 2010 G20 Summit held in Seoul. Key business leaders from G20 member countries attend to identify and propose policy tasks necessary for the global economy. In Korea, the Federation of Korean Industries has represented the domestic business community at the B20 Summit annually.

Chairman Chung Eui-sun delivering the keynote speech at the 'B20 Summit'
(Seoul=Yonhap News) Chung Eui-sun, Chairman of Hyundai Motor Group, is delivering the keynote speech on the theme of 'Accelerating Energy Poverty and Fair and Orderly Sustainable Energy Transition' at the 'B20 Summit Indonesia 2022' held in Bali, Indonesia, on the 13th. 2022.11.13 [Provided by Hyundai Motor Company and Kia. Resale and DB prohibited]
Photo by Hyundai Motor Company and Kia
photo@yna.co.kr
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This year’s B20 Summit was held in Bali, where the G20 Summit took place, from the 13th through the day of the event. About 2,000 participants attended, including G20 heads of state and senior officials, CEOs, and leaders of major economic organizations. From Korea, President Yoon, Minister of Trade, Industry and Energy Lee Chang-yang, Federation of Korean Industries Chairman Huh Chang-soo, Hyundai Motor Chairman Chung Eui-sun, and KB Financial Group Chairman Yoon Jong-kyu attended.

Besides President Yoon, key national leaders such as Indonesian President Joko Widodo and Canadian Prime Minister Justin Trudeau delivered keynote speeches at the B20 Summit. Other major speakers included Chairman Huh, Foxconn Chairman Liu Yangwei, HSBC Chairman Mark Tucker, and Mitsubishi Heavy Industries Chairman Izumisawa Seiji, who discussed ways to revive the global economy. Tesla CEO Elon Musk, Amazon Chairman Jeff Bezos, and former UK Prime Minister Tony Blair participated via video conference.

Meanwhile, Indonesia, the chair of this year’s B20, plans to compile policy recommendations in seven areas including trade and investment, finance, and infrastructure based on the two-day discussions. Indonesia will then deliver the B20 policy recommendations to the G20 heads of state.

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