The Bank of Korea and Korean Chamber of Commerce and Industry recently co-hosted a seminar to discuss the impact of the US-China rivalry on the Korean economy. The seminar was attended by over 200 representatives from various sectors, including government officials and business leaders. The keynote speaker, Lee Jong-hwa, a professor of economics at Korea University, outlined the challenges facing the Korean economy, such as low growth, inequality, and financial instability. He also emphasized the importance of securing a robust supply chain, diversifying export markets, and fostering the high-value-added services industry to mitigate risks. Kim Kyung-hoon, a researcher from KCCI, presented an analysis of the US-China trade dispute’s impact on the Korean economy, emphasizing the need for a competitive position within the US-led chip alliance. The seminar concluded with a discussion on overcoming the global trade crisis and trade policies tailored to different countries. Park Yang-su, head of KCCI’s Sustainable Growth Initiative think tank, hinted at the possibility of holding a similar seminar next year with a focus on developing a national sustainable development strategy.
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