Mu-hyeop Hosts 'Economic Security, Carbon Neutrality, and Business Transformation Conference'

Strategies for Responding to Major Countries' Economic Security Policies and Green Transition Policies

The Korea International Trade Association (KITA) held the "Economic Security, Carbon Neutrality, and Business Transformation Conference" on the 9th at the Trade Tower in Samseong-dong.

At this conference, domestic and international trade experts presented and discussed strategies for Korean companies to respond to economic security policies, including major countries' measures toward China such as those by the United States and the European Union (EU), as well as eco-friendly transition policies.

More than 150 participants from the trade industry, foreign embassies in Korea, public institutions, and academia attended the event, showing strong interest in global industrial policy trends.

At the 'Economic Security, Carbon Neutrality, and Business Transformation Conference' held on the 9th at the Trade Tower in Samseong-dong, Kim Gohyun, Executive Director of the Korea International Trade Association (KITA), is delivering the opening address.
[Photo by KITA]

Kim Gohyun, Executive Director of KITA, said in his opening remarks, "In the challenging global trade environment marked by US-China hegemonic competition, the restructuring of supply chains due to global economic bloc formation, and responses to climate change, companies worldwide face the need to find their own paths." He added, "The eco-friendly policies pursued by various countries are being expressed not only as industrial development and supply chain strengthening strategies but also as foreign trade policies, causing significant difficulties for our companies to respond appropriately."

He emphasized, "KITA will strive to deliver information and insights in the economic and industrial sectors as quickly as possible so that our companies can compete on equal footing in a business-friendly trade environment."

Myunghee Yoo, Visiting Professor at Seoul National University and former Chief Negotiator for Trade, stated, "Major countries such as the US and EU are promoting the internalization of strategic industries and the restructuring of global supply chains under the pretext of economic security and eco-friendly transition, while simultaneously incorporating environmental standards into trade norms to change market rules." She suggested, "During this transition in the international trade order, the government should build a multi-layered supply chain cooperation network, actively reflect our position in new international norms, and minimize uncertainties for our companies through close public-private communication." She added, "Companies need to proactively respond to risks by managing supply chains and strengthening technological competitiveness, and utilize these efforts as opportunities to expand market entry."

Barbara Weisel, Co-CEO of Rock Creek Global Advisors, explained, "The US economic policy stance toward China is not decoupling but de-risking and diversification," and added, "US industrial and carbon neutrality policies will be pursued based on cooperation with allies and partners."

Andrey Marcu, Head of the European Roundtable on Climate Change and Sustainable Transition (ERCST), presented on the content and scope of the EU’s eco-friendly transition policies such as the Carbon Border Adjustment Mechanism, Critical Raw Materials Act, and Carbon Neutrality Industry Act, as well as precautions for Korean companies. During the panel discussion, Co-CEO Barbara Weisel, along with representatives from Korean companies such as Korea Zinc and POSCO Research Institute, discussed strategies to strengthen ESG management for entry into the US and European markets and response strategies for implementing eco-friendly policies. They also introduced specific strategies and cases being pursued by companies.

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