In the year of growth and challenge, the World Knowledge Forum (WKF) 2010 will be held for 3 days from October 12th to 14th under the theme of “One Asia Momentum, G20 Leadership & Creatinnovation.”
The World Knowledge Forum is Asia‟s most spectacular and largest business forum attended by more than 200 globally renowned speakers whose profile varies from distinguished scholars, top global businessmen, most influential politicians, heads of international agencies to experts in various fields. Since 2000, Maeil Business Newspaper & TV has been hosting the World Knowledge Forum annually every October in Seoul, Korea.
The global economy has been hit hard for the last two years by the US-induced global economic crisis-set off by the bankruptcy of the country‟s fourth largest investment bank Lehman Brothers on September 15th, 2008 after 158 years of operation-and by the fear of Greece-triggered sovereign default spreading all across the euro zone in 2010. The world economy has gone through numerous economic downturns in history, but this is the very first time that a string of massive economic shockwaves were caused by advanced economies.
In the midst of chaos, Asian economies bounced back robustly from the global economic crisis induced by advanced countries thanks to their solid manufacturing base. It was the resilience and strong recovery of Asia that prevented the worst case scenario-destruction of the global economic system from being materialized. Just a few years back, Asia would often be disparaged as the epicenter of local economic crisis, but now it is serving as a critical pillar of the global economy.
Now you cannot explain the global economy without considering Asia, which is a gigantic market with a population of 3.2 billion-or over a half of the entire world population. Having grown into one of the world‟s top 3 economic blocs along with the United States and the European Union, Asia is projected to Europe for the first time this year. More than half of the global foreign reserves (7.8 trillion dollars) are concentrated in Asia. Indeed, seven out of the world‟s top 10 foreign reserve holders are Asian countries.
Growing in line with Asia‟s economic prowess is their political say. Five Asian countries-Korea, Japan, China, India and Indonesia-are taking part in the Group of 20 (G20), which is increasingly replacing the Group of 8 (G8) to lead the global governance structure, playing an integral role in rebuilding the global order for the post-crisis era.
As the dream of “One Asia” bringing all Asian countries into one through regional economic integration and cooperation/exchange-finally comes into reality, the “Asia Momentum” leading the global order will be further reinforced. With this regard, the Chiang Mai Initiative (CMI) launched last March is an important first step toward more cooperation among Asian countries and regional economic integration, and it can be further expanded into the Asian Monetary Fund (AMF), an Asian version of the International Monetary Fund (IMF).
Another issue drawing keen attention is the leadership of G20 as the first global governance system reflecting the voices of not just developed countries but also emerging economies. The G20 membership fully represents key players in the global economy, taking up 80% of global trade volume and 90% of GDP worldwide. Against this backdrop, G20 has successfully established itself as a premium forum with greater representativeness than the Group of 8 (G8), taking the lead in introducing economic stimulus packages and low-interest policies around the world and catalyzing prompt recovery of the global economy. With Korea hosting this year‟s G20 Summit in Seoul on November 11th ~ 12th as the chair country, WKF 2010 will have in-depth discussions as to what kind of global leadership it should play.
WKF 2010 will also discuss new growth opportunities driven by “Creatinnovation.” As the global paradigm changes in this era of grand transformation, we will be witnessing the emergence of a new global economic order and business environment that are totally different from before the crisis.
Once the crisis is over, everything will change as fast as light, and the existing No. 1 player will be brought down by innovative new contenders emerging everywhere. In the post-crisis world, a creativity-based economy, where “Creatinnovation” proves effective, will become the new normal. As the rule of the game changes, the existing competitive strategy also needs to undergo transformation. Now is the time for businesses to embrace “Creatinnovation,” which can create blue oceans, as their new competitive strategy.
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