Vice Chairman Cho Hyun-sang of HS Hyosung Appointed as APEC Business Advisory Council Member

Vice Chairman Cho Hyun-sang of HS Hyosung was appointed as a new member of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) on the 26th. Vice Chairman Cho Hyun-sang of HS Hyosung (third from the left) and Minister of Foreign Affairs Cho Tae-yeol (second from the right) are taking a commemorative photo. Photo by HS Hyosung

HS Hyosung announced on the 26th that Vice Chairman Cho Hyun-sang has been appointed as a new member of the APEC Business Advisory Council (ABAC).

ABAC is an advisory body established during the 1996 APEC Philippines summit with the purpose of participating in dialogues with leaders during the Asia-Pacific Economic Cooperation (APEC) activities and directly conveying the opinions of the private sector to the heads of member economies. ABAC members from Korea are appointed by the President upon the recommendation of the Minister of Foreign Affairs.

Vice Chairman Cho is currently serving as a director of the OECD Business and Industry Advisory Committee (BIAC) and as chairman of the Korea-Vietnam Economic Cooperation Committee. Among third-generation business leaders, he is recognized as an executive with extensive global sensibility and networks.

Following in the footsteps of his late father, Cho Seok-rae, Honorary Chairman, who led prominent domestic and international economic exchange organizations such as the Korea-Japan Economic Association, Korea-Japan Forum, Korea-US Business Council, and PBEC (Pacific Basin Economic Council), Vice Chairman Cho continues his role as a "private diplomat" expanding economic diplomacy.

Vice Chairman Cho was previously selected as a "Next Generation Leader" by the foreign ministries of Korea, China, and Japan, and was named a "Next Generation Global Leader" at the Davos Forum. He was also chosen as an "Asia 21 Global Young Leader" by the Asia Society, established to promote understanding between the US and Asia, and is the only Korean listed in the "YGL G20 Initiative," a group of young global leaders from the G20 countries.

Currently, Vice Chairman Cho is concurrently serving as a director of the OECD Business and Industry Advisory Committee (BIAC), chairman of the Korea-Vietnam Economic Cooperation Committee, and now as a member of the APEC Business Advisory Council, leading private diplomacy. Chairman Ryu Jin of Poongsan has also served as a private advisor to APEC and OECD.

In line with his appointment as an ABAC member, Vice Chairman Cho met with Minister of Foreign Affairs Cho Tae-yeol on the same day to share the value APEC places on private economic activities such as business and exchanged views on the role of business leaders in ensuring Korea’s successful chairmanship of APEC next year.

Vice Chairman Cho stated, "As Korea will be the APEC chair country next year, I will do my best to effectively convey the position of private companies through the 'Dialogue with Leaders' at the November summit and make the necessary efforts for a successful chairmanship."

Minister Cho Tae-yeol urged ABAC members to actively engage in activities and utilize this opportunity to achieve tangible business outcomes for Korean companies.

As the APEC chair country in 2025, Korea will host over 200 meetings and lead discussions among the 21 member economies to promote economic growth and prosperity in the Asia-Pacific region. The Korean ABAC member participates as the private sector representative in dialogues between APEC leaders and the private advisory council, conveying the economic sector’s proposals and positions.

Meanwhile, in May, Vice Chairman Cho met with Hun Manet, Prime Minister of Cambodia, who visited Korea for the Korea-Cambodia summit, and in July, he hosted Pham Minh Chinh, Prime Minister of Vietnam, presiding over the Korea-Vietnam Economic Cooperation Meeting and discussing various future business collaborations.

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