President vows Korea will play leading role in stabilizing global supply chain

President Yoon Suk Yeol delivers a special address at the Annual Meeting of the World Economic Forum in Davos, Switzerland, Thursday (local time). Yonhap

By Nam Hyun-woo

DAVOS ― President Yoon Suk Yeol delivered a special address at the World Economic Forum (WEF) in Davos, Switzerland, Thursday (local time), promising that Korea will play a leading role in facilitating international cooperation and solidarity, which he stressed are the key solutions to tackling various challenges facing the world.

During his speech, Yoon picked the semiconductor industry as the main area where Korea can make efforts to stabilize the global supply chain, while noting that the solidarity that his country is pursuing is not aimed at excluding particular nations, referring to China, whose values are different from others.

Yoon is the third Korean president to attend and deliver an address at the prestigious forum, following former Presidents Lee Myung-bak in 2010 and Park Geun-hye in 2014.

"The current situation, characterized by bloc-forming, also calls for the global economic order's return to the free trade system based on the universal norms and the international community's strengthened solidarity and cooperation," Yoon was quoted as saying in an English-version of his speech.

"When our commitment to contributing to empowering global citizens to enjoy greater freedom and building the international community's prosperity translates into specific actions, we can indeed tackle the pressing challenges ahead of us."

In his speech, Yoon noted that the world is facing four urgent tasks ― global supply chain resilience; climate change and energy security; gaps between countries in responding to health threats; and establishing a digital order.

Of them, Yoon said the most urgent task is to "strengthen the supply chain's resilience based on reciprocal solidarity." He added that Korea will be a key partner in achieving that solidarity.

"The Republic of Korea, which boasts the world's top-notch production technologies and manufacturing capabilities in semiconductors, rechargeable batteries, steel, and biotechnology, will be a key partner in the global supply chain," Yoon said. "We will align and cooperate with mutually trusted countries in full compliance with the universal rules in order to secure the global supply chain's stability."

In a question and answer session after his speech, Yoon picked the semiconductor industry as the key sector in which Korea should make efforts to improve global supply chain resilience.

Yoon wraps up UAE, Switzerland trip with fruitful economic outcomes

2023-01-20 11:12 | Foreign Affairs

Yoon explores Korea's strategies for quantum technology

2023-01-20 02:00 | Politics

Yoon meets with quantum physicists at Swiss university

2023-01-20 08:09 | Foreign Affairs

Yoon calls himself Korea Inc.'s 'No. 1 salesperson'

2023-01-19 11:44 | Companies

"Semiconductors are essential in modern industry, but due to various geopolitical conflicts and other reasons, the supply chain of semiconductors is forming blocs, hampering the growth of the modern industry," Yoon said. "We will manufacture semiconductors in as many countries as possible to share the experience, and make sure the global supply chain remains intact through various cooperation projects in technologies that Korea has an advantage."

When asked about his reference to "reciprocal solidarity" related to neighboring countries such as Japan and China, Yoon said, "It will be inevitable to cooperate closely in security, the economy, health, and science and technology with countries that share common values," but this should not be about excluding a certain country or forming a bloc.

"Japan has political, economic and social systems similar to that of Korea and shares common values with Korea," Yoon said. "China is somewhat different from Korea, but I believe cooperation should not be about excluding or blocking countries having different political systems or pursuing different common values."

President Yoon Suk Yeol speaks during a question and answer session with World Economic Forum (WEF) Executive Chairman Klaus Schwab after delivering a special speech at the Annual Meeting of the 2023 WEF in Davos, Switzerland, Thursday (local time). Yonhap

During his speech, Yoon called on the international community to pay attention to nuclear power and clean hydrogen in order to combat climate change.

"Nuclear power plants enable a stable electricity supply while reducing greenhouse gas emissions," the president said. "The Korean government has already unveiled a plan to systemically pursue a carbon neutrality target by expanding the share of nuclear power in our energy mix, thereby bolstering our energy security."

He added that the Middle East and Europe, which have great potential for green hydrogen production, and the countries with advanced technologies in utilizing hydrogen, such as Korea and Japan, need to cooperate with each other.

To bridge the gaps between countries in responding to health threats, Yoon promised that Korea will share its experience and achievements in dealing with the coronavirus pandemic.

"We will secure financing for the prevention of and response to the pandemic, while nurturing workers in the biotechnology sector to boost vaccine production capacity," Yoon said. "Korea will also take the lead in cooperating with other countries to respond to new infectious diseases in the future."

Addressing the digital divide, Yoon said the Korean government will create "the Digital Bill of Rights of Korea," which can contribute to the establishment of a global digital order and address the technological divide between countries.

"The bill will define the right to enjoy digital technologies as a universal right of humanity, and propose basic principles to resolve novel issues that may arise in an era of great digital transformation.

Yoon said modern history shows that the spirit of solidarity to protect and expand freedom is the most powerful force to overcome a crisis, and the world can overcome the challenges it faces through strengthened solidarity and subsequent actions.

"The responsibility to present a better future for the next generation, the responsibility to expand the freedom of global citizens, and the responsibility to achieve sustainable peace and prosperity call for stronger solidarity and solidarity in action," he said.

The 2023 edition of the WEF was held under the theme of "Cooperation in a Fragmented World." Along with Yoon, the leaders of Germany, the Netherlands, Switzerland, Spain, Poland, Finland, Greece and other countries across the world, as well as international organization heads, business tycoons and prestigious scholars, participated in the event.