G20 Biz Summit Brings Together 120 Top Korean and Foreign CEOs

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Approximately 120 CEOs of the foreign companies among the Fortune Global Top 500 Companies’ list and Korea’s top 15 business leaders assembled for the G20 Business Summit in Seoul on Nov. 10-11 and reaffirmed the private sector’s role in the global economic recovery.
The atmosphere of the business summit, which coincided with the G20 Seoul Summit 2010, appeared to be amicable. SK Group Chairman Chey Tae-won, the sole Korean businessman among the 12 working group conveners, proposed a toast during a working luncheon on Nov. 11, declaring “Global Harmony.”
True to the theme “The Role of Business for Sustainable and Balanced Growth,” the business leaders had vivid discussions on the private sector’s significant role in putting the global economy back on the right track following the G20 governments’ collaboration for the global economic recovery.

To date, the G20 Leaders’ Summit has facilitated two different channels for intergovernmental discussions: finance ministers and central bank governors meetings, which deal with global economic and regulatory issues; and Sherpa meetings, which cover broader themes including energy, trade and investment. However, these discussions have taken place within the realm of the public sector as part of intergovernmental coordination. In order to overcome such limitations, the Seoul G20 Business Summit was held to serve as a venue for global CEOs to get involved and actively participate in G20 discussions.
The Business Summit was an unprecedented cooperative effort between the public and private sectors, where top CEOs shared their concerns with G20 leaders on recent economic developments following the global financial crisis. As an official G20 event, the Business Summit also provided a unique opportunity for business and state leaders to engage in open and direct dialogue.
The Business Summit had roundtable sessions with a focus on the agenda topics of trade and foreign direct investment, finance, green growth and corporate social responsibility. A total of 12 conveners ― three for each topic ― had active dialogues with eight of the participating heads of state from the G20 economies including South African President Jacob Zuma, Turkish President Recep Tayyip Erdogan, Argentine President Cristina Fernandez and Australian Prime Minister Julia Gillard.
At a news conference following the Business Summit, Peter Brabeck-Letmathe, chairman of Nestle and concurrently convener of the working group on ensuring foreign direct investment, read the Joint Statement by Participating Companies, calling for recommitting to completing the Doha Development Round in 2011, rolling back protectionism at least to where it was at the start of the global financial crisis and resisting protectionism, among other things.
The Nestle chairman said, “As we know as the crisis ends, we need a strong, long-term agenda, and a stimulus package; it is now time for the industry sectors to assume the leading role in sustainable growth. Therefore, I would like to express my gratitude to Korean President Lee Myung-bak and the Korean business community for hosting a focused and business-oriented summit.”
Victor Fung, chairman of Li & Fung Group in Hong Kong and also the convener of the working group on revitalizing world trade, said at the news conference, “Trade is the blood of the economy.” He said that countries need to move the trade agenda forward and complete the Doha Trade Round by 2011. “The technical issue have been largely resolved,” said Fung, adding, “All that is needed now is the political will ― we call for the G20 to demonstrate this. The real danger is growing protectionism.”
Regarding current issues, Josef Ackermann, chairman & CEO of Deutsche Bank and also the convener of the working group on the coordination of exit strategies, said, “The current situation is a big challenge and China needs time, but it is in their interest to do this gradually. You cannot only have a current account indicator. We need a number of indicators and to restore global imbalances and restore confidence.”
Asked about the priority of environmental objectives, SK Group Chairman Chey said, “All G20 countries should have a carbon trade structure, and this should then lead to a global carbon trading framework. Through the G20 Business Summit, there will be direct access of the business world to the political world, and this should help resolve issues in the future.”
Corporate Korea was given a golden opportunity to broaden their business horizons and establish a network with global top business leaders through one-on-one meetings at or outside the venue of the Business Summit before and during the summit period.
The chairmen or deputies of Korea’s top 15 companies participated in the G20 Business Summit, which began with a reception and welcome dinner on Nov. 10 at the venue. They were also on hand at the opening plenary and roundtable sessions of the Summit on Nov. 11. Among the participants of the plenary session were Samsung Chairman Lee Kun-hee, Hyundai Motors Chairman Chung Mong-koo and SK Group Chairman Chey.
The Business Summit provided a rare opportunity for third-generation businessmen of chaebol, Korean family-oriented conglomerates, including Hyundai Motor Vice Chairman Chung Ui-son and Samsung Electronics Executive Vice President Lee Jae-yong to mix with global business leaders by accompanying their fathers to the venue. Hanwha Group Chairman Kim Seung-yeon was also accompanied by his eldest son, Dong-gwan, who works as deputy general manager of Chairman Kim’s Secretariat.
The Korean business leaders were assigned to the three roundtable sessions as either the convener or a member of the G20 Business Summit’s 12 working groups.
Hyundai Motor Chairman Chung was a member of the working group for revitalizing world trade and stressing the necessity of free trade agreements. Chung attended the Nov. 10 reception and met with Turkish Prime Minister Erdogan on Nov. 13. He also had business one-on-one meetings with Roger Agnelli, CEO of Vale S.A., and Franz Fehrenbach, president of Bosche, prior to the summit.
SK Group Chairman Chey was the sole Korean convener among the 12 working groups of the G20 Seoul Summit. He presided over a working group meeting charged with “encouraging the use of renewable and low carbon energy.” Choi’s working group dealt with such issues as “How can companies contribute to promoting energy efficiency?” “What steps can be put in place to spur the use of new and renewable energy in the next five years?” and “What steps can be taken to create jobs in the green growth sector?” He also had a breakfast meeting with Deutsche Bank Chairman Ackermann on Nov. 12 to discuss ways of promoting cooperation.
Doosan Group Chairman Park Yong-hyun worked as a member of the working group dealing with healthcare and Africa under the main agenda item of “corporate social responsibility.” Park, a doctor-turned businessman, discussed ways to enhance access to medical services among developing countries.
Lotte Group Vice Chairman Shin Dong-bin and Shin Chang-jae, chairman & CEO of Kyobo Securities, were members of the working group dealing with reducing youth unemployment under the major agenda item “corporate social responsibility.”
Hanwha Group Chairman Kim Seung-yeon participated in roundtable sessions of the working group dealing with “funding infrastructure, natural resources, technology and R&D.” Kim proposed a green free trade agreement to each of the global business leaders and urged them to remove tariffs and restrictions on new and renewable energy products and equipment and create a huge global market by signing deals on the banning of discrimination against foreign interests.
Hanjin Group Chairman Cho Yang-ho belonged to the same working group as the Hanwha Group chairman, which announced ways to expand the infrastructure of developing countries and effective support measures.
Hyundai Heavy Industries Chairman Min Keh-sik had discussions with Ditlev Engel, CEO of Vestas Wind Systems, the convener of the working group dealing with “creating green jobs.” POSCO Chairman Chung Joon-yang dealt with the issue “improving energy productivity,” under the main agenda item of Green Growth.
KB Financial Group Chairman & CEO Euh Yoon-dae and Daewoo Securities CEO & President Im Kee-young discussed exit strategies in the post-global financial crisis era with Ackermann, the convener of the working group dealing with “the coordination of exit strategies.”
Each of the participants was presented a Galaxy Tab by Samsung Electronics as a gift, which was personalized to show his or her caricature appear whenever it was switched on. nw

Sakong Il, chairman of the Presidential Committee for the G20 Seoul Summit, gives a speech at a session of the G20 Business Summit in Seoul. (photo above) SK Group chairman Chey Tae-won makes a statement at the business summit. (photo below) Hanjin Group Chairman Cho Ynag-ho, left, and Hanwha Group Chairman Kim Seung-youn at the business summit. (Courtesy on the Presidential Committee for the G20 Seoul Summit)

(from left) the participating Korean business leaders of the G20 Business Summit are Samsung Chairman Lee Kun-hee, Hyundai Motors Chairman Chung Mong-koo, LG Group Chairman Koo Bon-moo, SK Group Chairman Chey Tae-won and POSCO Chairman Chung Joon-yang, GS Caltex Chairman Hur Dong-soo,; Hyundai Heavy Industries Chairman Min Keh-sik,; Lotte Group Vice Chairman Shin Dong-bin, Doosan Group Chairman Park Yong-hyun,; Hanwha Group Chairman Kim Seung-youn., Hanjin Group Chairman Cho Yang-ho,; KT Chairman & CEO Lee Suk-chae,; KB Financial Group Chairman & CEO Euh Yoon-dae,; Daewoo Securities CEO & President Im Kee-young,; and Shin Chang-jae, chairman & CEO of Kyobo Securities

Oh Young-ho, commissioner of he Seoul G20 Business summit Executive Committee and concurrently Executive Vice Chairman of the Korea International Trade Association