Former President Lee Myung-bak: "Companies Raise National Status... We Must Create a 'Business-Friendly Country'"

37th Hankyung CEO Jeju Summer Forum Keynote Speech
From Overcoming the 2009 Global Financial Crisis
to UAE Barakah Nuclear Power Plant Contract Transferred to France
"Business with Entrepreneurial Spirit, Not as President"

"To elevate the nation's status, the economy must grow. There is no national prestige without economic growth. National prestige is raised by companies. Therefore, we have no choice but to create a country that is good for business."

Former President Lee Myung-bak said this on the 10th during his keynote speech at the '2024 Korea Economic Leaders Association (KEL) CEO Jeju Summer Forum.' The forum was held that day at Lotte Hotel Jeju in Seogwipo, Jeju Island, hosted by the Korea Economic Leaders Association.

The theme of the keynote speech was 'The Path to Becoming a Top-tier Company in the Era of Great Transformation.'

Former President Lee shared his experiences and wisdom as a businessman, Mayor of Seoul, and President with the business leaders attending the forum. In particular, he revealed the secret behind overcoming the global financial crisis during his presidency and achieving 'plus (+)' growth for Korea.

He recounted how he induced a $30 billion currency swap with the United States (approximately 41.5 trillion KRW), then successfully arranged deals with Japan ($90 billion, 125 trillion KRW) and China ($30 billion), stabilizing foreign exchange.

President Lee said, "After the U.S. deal, I went to China and told them, 'The U.S. did it for us,' which piqued their interest." He added, "Japan initially agreed to a $3 billion contract but, upon hearing that China was doing $30 billion, asked to do it before China and ended up providing $90 billion."

He also shared the story of winning the Barakah Nuclear Power Plant contract in the United Arab Emirates (UAE) in 2009. Emphasizing that he succeeded in business through entrepreneurial spirit as a businessman rather than as a president.

He persuaded the audience that among world leaders, he was the only one who directly participated in nuclear power plant construction. This overturned a situation where a contract with France had already been finalized.

President Lee said, "When I told the UAE king that if Korea made the deal, we could provide excellent after-sales service post-completion, but the contract was already finished, the UAE side said they would help." He added, "Instead of accepting immediately, I replied indirectly, 'We can do it well,'” and continued, "This is business, not a conversation between heads of state." He concluded, "By overcoming such crises, Korea's status changed."

President Lee emphasized that in the era of artificial intelligence (AI), Korea must become a 'first mover,' not a 'fast follower.' He said, "The era when Korea followed what others did is over." He added, "In the AI era, a time will come when a smaller population is sufficient," and "How well we adapt to the AI era will determine whether we can overcome challenges even if the population decreases."

Ryu Jin, Chairman of the Korea Economic Association, is delivering a greeting at the '2024 KEA CEO Jeju Summer Forum' held at Lotte Hotel Jeju on the 10th.
[Photo by KEA]

Ryu Jin, Chairman of KEL, pointed out in his opening remarks that regulations such as expanding the 'duty of loyalty of directors' hinder corporate management. Chairman Ryu said, "Our companies are struggling to cope with the waves of the era of great transformation, but unfounded anti-business sentiment and outdated, unreasonable regulations still hold us back, which is regrettable." He added, "A more cautious and rational approach is needed to prevent foolish mistakes like 교각살우 (cutting the bridge to kill the cow), which means overcorrecting a problem and causing more harm."

Chairman Ryu emphasized, "The AI revolution has come beyond digital transformation, changing the entire world. To respond effectively, above all, the government, companies, and the entire nation must unite and give their full effort."

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