"Let's Find a Solution to the Al-Taysh Offensive in China"... Industry, Academia, and Government Join Forces

Launch of the 'Yutong Sanup Mirae Forum'

Minister Andeok Geun of the Ministry of Trade, Industry and Energy is presiding over the "1st Future Forum on the Distribution Industry" meeting at the Korea International Trade Association conference room in Samseong-dong on the 10th. The event was attended by more than 20 officials, including Park Iljun, Vice Chairman of the Korea Chamber of Commerce and Industry; Jung Junho, CEO of Lotte Department Store; Park Joohyeong, CEO of Shinsegae Department Store; Min Seungbae, CEO of BGF Retail; Park Daejun, CEO of Coupang; Baek Changdon, Executive Director of 11st; Lee Oeun, Executive Director of Gmarket; and Professor Park Jinyong of Konkuk University, along with representatives from both online and offline distribution industries and distribution academic societies. Photo by Ministry of Trade, Industry and Energy

As so-called Al·Te·Shwi (Ali, Taemu, Shiin) and other Chinese e-commerce platforms rapidly expand their influence in the domestic market, experts from industry, government, and academia have begun devising strategies to respond and strengthen the competitiveness of the domestic distribution industry.

On the 10th, the Ministry of Trade, Industry and Energy announced that it held the first meeting of the "Distribution Industry Future Forum" at the Korea International Trade Association in Gangnam-gu, Seoul, attended by representatives from online and offline distribution sectors, distribution academic societies, and the Korea Chamber of Commerce and Industry. The ministry had previously announced plans to form a future forum involving distribution industry and private sector experts during a meeting with the distribution industry last month.

The newly launched Distribution Industry Future Forum will serve as a platform to share and discuss overall issues in the distribution industry, such as the decline of offline distribution due to diversification of distribution channels, intensified competition among domestic online platforms caused by C-commerce offensives, and reduced domestic consumption due to low birth rates and aging population.

The Future Forum will operate through three subcommittees focusing on distribution logistics technology infrastructure, win-win development and institutional improvement, and global expansion, presenting a future vision for the distribution industry and preparing detailed strategies to achieve it.

The ministry plans to compile the discussions from each subcommittee and announce a development plan for the distribution industry in September, followed by the announcement of an artificial intelligence (AI) utilization strategy for the distribution industry in October.

Minister An Deok-geun of the Ministry of Trade, Industry and Energy stated, "Enhancing the competitiveness of the distribution industry is a vital task that invigorates the national economy and promotes economic growth." He added, "Through the Future Forum, we will gather voices from the field, actively utilize advanced technologies such as AI, and boldly improve unnecessary regulations." Minister An also urged the distribution industry to maintain continuous interest in price stabilization to reduce the burden on the public caused by high inflation.

Meanwhile, about 20 officials attended the event, including Park Il-jun, Vice Chairman of the Korea Chamber of Commerce and Industry; Jung Jun-ho, CEO of Lotte Department Store; Park Joo-hyung, CEO of Shinsegae Department Store; Min Seung-bae, CEO of BGF Retail; Park Dae-jun, CEO of Coupang; Baek Chang-don, Executive Director of 11st; Lee Oh-eun, Executive Director of Gmarket; and Professor Park Jin-yong of Konkuk University, along with representatives from online and offline distribution sectors and distribution academic societies.

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