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Korea Times Chairman Seung Myung-ho delivers a welcoming address during the 2022 Korea Times Forum held at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

By Lee Min-hyung

Experts shed light on how they view the new Yoon Suk-yeol administration should present its economic policy direction during the 2022 Korea Times Forum, Tuesday.

Business moguls and leaders of foreign chambers of commerce in Korea spoke out on pending issues that the Yoon administration needs to address such as environmental, social and corporate governance (ESG) and digitalization.

The forum, titled "Policy Suggestions to Yoon Government," started with a welcoming address by Korea Times Chairman Seung Myung-ho who underscored the urgent need to tackle escalating business uncertainties here in the wake of the pandemic.

"Even if we are getting out of the dark tunnel of the COVID-19 pandemic, the economy is still faced with big obstacles and difficulties at the same time," he said during the forum held at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul.

"The business circumstances remain tough amid soaring prices and household debts here. The slowdown in consumer demand and the rise of labor costs also come as a pressure to the business community."

Seung went on to address the worsening business environment amid growing geopolitical risks surrounding North Korea's nuclear threat and the ongoing war between Ukraine and Russia.

"Coupled with the escalating sense of global geopolitical crisis, the overseas business environment is getting worse amid the U.S. Federal Reserve's rate hikes, crude oil price hikes and global supply chain disruptions," Seung said.

Korea Times Chairman Seung Myung-ho, center, talks with Seoul Mayor Oh Se-hoon, right, during the 2022 Korea Times Forum at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Tuesday. On the left is Minister of Trade, Industry and Energy Lee Chang-yang. Korea Times photo by Shim Hyun-chul

The Korea Times hosted the forum to discuss the future policy direction of the Yoon administration, so Korean companies can seek a breakthrough despite such unfavorable business circumstances here and abroad.

"Korean firms are also facing a crucial task of fulfilling the ESG management," Seung said. "An ESG campaign by global companies to achieve 100-percent renewable energy transition by 2050 also comes as a big burden to local firms."

He called on the government to play a proactive role for local firms to deal with multiple business uncertainties.