Yoon says digital transition is key to overcoming global economic crisis

BALI, Indonesia– President Yoon Suk-yeol said Monday that a digital transition is key to overcoming the global economic crisis as the combination of digital technologies with existing industries has led to an endless emergence of new businesses.

Yoon made the remark during a keynote speech at the B20 summit in Bali, noting that the world has undergone repeated economic crises, but each one was caused by different factors, with the 2008 financial crisis triggered by a collapse of the financial system and the 2020 pandemic crisis prompted by a sharp reduction in demand during worldwide lockdowns.
“However, the current crisis was caused more by supply side shocks rather than demand side shocks,” he said at the Bali Nusa Dua Convention Center. “Therefore, we must find solutions to the crisis from the supply side, and the government’s role must also be changed.”

Yoon said his administration has worked to boldly reform regulations restricting investment by businesses and to create a business friendly environment.

At the same time, he said his administration is increasing investment in areas that cannot be covered by businesses alone, such as in scientific and technological research and development and in nurturing talents in high-tech industries.

“I believe that in the current global conditions, the key to supply side innovations led by the private sector is in digital transition,” he said. “As digital technologies combine with existing industries and data, and lead to cost reductions and added value, new businesses are emerging endlessly.”

Yoon also stressed the importance of promoting universal values in the digital sphere, such as freedom, solidarity and human rights, so that everyone can fairly access digital data.

“I hope the B20 will be at the center of establishing a digital order that is accepted by all of humanity so that the benefits of the digital era can be shared across borders and without excluding anyone,” he said.

Yoon’s speech came one day before his attendance at the Group of 20 summit in Bali. The B20 summit brings together business leaders from the G-20 nations and was launched during the 2010 G-20 summit in Seoul.

Source: Yonhap News Agency

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