Yoon: Key to supply innovation is global transformation

Nov 15, 2022, 09:30 am

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President Yoon Suk-yeol delivers a keynote speech at the B20 Summit at the Bali Nusa Dua Convention Center, Indonesia, on Nov. 14, 2022./ Source: Yonhap

AsiaToday reporter Lee Wook-jae

“The Korean government will lead G20-level discussions to establish a new digital norm,” President Yoon Suk-yeol said at the B20 Summit, the official G20 dialogue forum for the global business community, presenting ways for supply chain innovation based on digital technology.

“The crisis we are facing is different from the 2008 financial crisis and the 2020 pandemic crisis in its aspect and response method,” the president said during his keynote speech at the B20 Summit held in Bali on Monday.

“The global economic crisis was caused more by supply side shocks rather than demand side shocks,” he said at the Bali Nusa Dua Convention Center, adding that supply chain disruptions and various geopolitical conflicts in the process of recovering from the pandemic have combined to increase production costs and reduce supply capacity. “Therefore, we must find solutions to the crisis from the supply side, and the government’s role must also be changed,” he said.

“I believe that in the current global conditions, the key to supply side innovation led by the private sector is in digital transition,” he said. “New businesses are constantly emerging as digital technologies combine with existing industries and data to reduce costs and create new value.”

Yoon also stressed the importance of promoting universal values in the digital sector through supply side innovation using digital technology in order to human life more prosperous. “Not only cooperation between governments, but also cooperation between the private sector and the government and between the private sector should be harmonized,” Yoon said.

He pledged full support from the South Korean government for digital transformation and establishment of a digital norm. “To achieve this, the role and status of the B20 need to undergo a major change. The time has come to build stronger partnerships between companies through the B20. As a global leader, South Korea will support the active role of the B20.”

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