Cho Hyun-sang, vice chairman of HS Hwasung, has embarked on a private diplomacy initiative to strengthen cooperation between South Korea's business community and the international community, marking the 30th anniversary of South Korea's membership in the Organisation for Economic Co-operation and Development (OECD).
According to HS Hwasung, Cho attended a dinner commemorating the 30th anniversary of South Korea's OECD membership on November 3 at The Grand Lotte Seoul, hosted by the Korea Economic Association, where he delivered remarks as the Korean director of the OECD Business and Industry Advisory Committee (BIAC).
The event was attended by over 80 participants, including Frantisek Luhacik, Deputy Secretary-General of the OECD, diplomats from 26 countries, and prominent domestic business leaders. Attendees reflected on South Korea's economic development achievements over the past 30 years since joining the OECD and discussed ways to enhance global economic cooperation.
In his remarks, Cho stated, "As an OECD member, South Korea has reached a true 'maturity' where it can set its own goals and stand on its own. The OECD's corporate governance standards have served as a crucial guide for the development and globalization of Korean companies."
He added, "To realize the OECD's goal of 'better policies for better lives,' the voices from the business sector are essential. HS Hwasung is also directly experiencing the impacts of changes in global trade norms and supply chains across various sectors, including mobility, artificial intelligence, energy, semiconductors, aerospace, and defense industries."
Cho emphasized that BIAC serves as an important platform for conveying the experiences and voices of the industrial sector to the international community. He pledged to further strengthen his role as a bridge to reflect the opinions of the Korean industrial sector in OECD policy discussions and to disseminate the OECD's policy outcomes to domestic businesses.
Since being appointed as a BIAC director in 2021, Cho has been responsible for conveying the positions of Korean companies on global trade and industrial policies to the international community. BIAC is an official advisory body representing major economic organizations and industries of OECD member countries, reflecting business perspectives in OECD policy discussions.
This initiative also holds significance as it continues the private diplomacy efforts of his late father, Cho Suk-rae, honorary chairman of the Hyosung Group. The late chairman served as president of the Korea Federation of Industries and chairman of the Korea-U.S. Business Council, playing a key role in private diplomacy on major economic issues such as the Korea-U.S. Free Trade Agreement and enhancing Korea-Japan economic cooperation.
Cho Hyun-sang continues to engage on the international economic cooperation stage. He has participated in the World Economic Forum (WEF) since 2006 and was named a 'Young Global Leader' by the WEF in 2007.
Additionally, he has served as chairman of the Korea-Vietnam Economic Cooperation Committee, working to expand economic cooperation between the two countries. In 2024, he is set to be appointed as a member and chair of the Korean side of the APEC Business Advisory Council (ABAC), further amplifying the voice of the Korean business community on the international stage.
* This article has been translated by AI.
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