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'COVID-19 accelerating arrival of Asian Century'

'COVID-19 accelerating arrival of Asian Century'

The COVID-19 pandemic has brought a sense of chaos to the whole world, but it will be an opportunity for Asian countries to lead the transformation toward a new business environment, according to Choi Won-sik, the managing partner at McKinsey & Company's Seoul office. The head of the world's leading consulting firm's local subsidiary indicated that “the next normal” will emerge from Asia with the beginning of the “Asian Century” after the pandemic. “COVID-19 will not only slow down, but it will accelerate the arrival of the future of Asia towards all of us,” he said in a keynote speech delivered at the 2020 Korea Times Forum in Seoul, Thursday.

Korea, China set example for global cooperation on COVID-19

Korea, China set example for global cooperation on COVID-19

Cooperation is the only key to overcoming a global challenge like the COVID-19 pandemic, and Korea and China have demonstrated how it can work successfully, Chinese Ambassador to Korea Xing Haiming said, Thursday.

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Gov't seeks to turn pandemic crisis into opportunity

Gov't seeks to turn pandemic crisis into opportunity

The government will spearhead a comprehensive plan to turn the COVID-19 pandemic into an opportunity, amid what it calls a “critical milestone” to help the country emerge from the crisis and move toward becoming a more advanced economy, the country's top policy maker said Thursday.

2020 Korea Times Forum in photos

2020 Korea Times Forum in photos

Dignitaries wearing masks pose during the 2020 Korea Times Forum at The Plaza Seoul, Thursday. From left are Hana Bank CEO Ji Sung-kyoo, Export-Import Bank of Korea CEO Bang Moon-kyu, Suhyup Bank CEO Lee Dong-bin, Korea Times Managing Editor Shim Jae-yun, McKinsey & Company Korea Managing Partner Choi Won-sik, Second Vice Minister of Economy and Finance An Il-whan, Lotte Corporation CEO Song Yong-dok, K bank CEO Lee Mun-whan, Indonesian Ambassador to South Korea Umar Hadi, KakaoBank CEO Yun Ho-young, EDGC CEO Shin Shang-cheol, Shinhan Financial Group Chairman Cho Yong-byoung, Chinese Ambassador to South Korea Xing Haiming, Citibank Korea CEO Park Jin-hei, Korea Network of Women in Finance Chairwoman Kim Sang-kyung, Korea Federation of Banks Chairman Kim Tae-young, Korea Times President and Publisher Oh Young-jin, AMCHAM Korea Chairman James Kim, NongHyup Financial Group Chairman Kim Gwang-soo, KB Financial Group Chairman Yoon Jong-kyoo, Woori Financial Group Chairman Son Tae-seung, AMCHAM Korea Chairman of the Board Jeffrey Jones, POSCO Senior Executive Vice President Chung Chang-hwa, KAMCO CEO Moon Sung-yu, Kuwaiti Ambassador to South Korea Bader Mohammad Al-Awadi, KIC CEO Choi Hee-nam, Qatari Ambassador to South Korea Mohammed Ahmad Al-Hayki and Mexican Ambassador to South Korea Bruno Figueroa Fischer. / Korea Times photo by Shim Hyun-chulKorea Times President and Publisher Oh Young-jin, right, holds up his fist with AMCHAM Korea Board Chairman Jeffrey Jones, center, and AMCHAM Korea Chairman James Kim, to show support for the 2020 Korea Times Forum. / Korea Times photo by Shim Hyun-chulKorea Network of Women in Finance Chairwoman Kim Sang-kyung, left, speaks with Lotte Corporation CEO Song Yong-dok, right, and Standard Chartered Bank Korea CEO Park Jong-bok. / Korea Times photo by Shim Hyun-chulMcKinsey & Company Korea Managing Partner Choi Won-sik, left, is in a conversation with AMCHAM Korea Chairman James Kim, center, and Kuwaiti Ambassador to South Korea Bader Mohammad Ai-Awadi. / Korea Times photo by Shim Hyun-chulSecond Vice Minister of Economy and Finance An Il-whan, center, listens to a speech. / Korea Times photo by Shim Hyun-chulForum attendees listen to an opening speech delivered by Second Vice Minister of Economy and Finance An Il-whan. / Korea Times photo by Shim Hyun-chulKorea Times President and Publisher Oh Young-jin, second from right at the first table, and Chinese Ambassador to South Korea Xing Haiming, right, applaud a speaker with forum attendees. / Korea Times photo by Shim Hyun-chulStaff check the temperature of Citibank Korea CEO Park Jin-hei. On the left is KakaoBank CEO Yun Ho-young. / Korea Times photo by Shim Hyun-chulKB Financial Group Chairman Yoon Jong-kyoo, second from left, greets Korea Federation of Banks Chairman Kim Tae-young, right. / Korea Times photo by Shim Hyun-chulChinese Ambassador to South Korea Xing Haiming, right, chats with Woori Financial Group Chairman Son Tae-seung. / Korea Times photo by Shim Hyun-chulNongHyup Financial Group Chairman Kim Gwang-soo, left, Korea Federation of Banks Chairman Kim Tae-young, center, and KIC CEO Choi Hee-nam chat during a tea meeting prior to the start of the forum. / Korea Times photo by Shim Hyun-chulKIC CEO Choi Hee-nam, left, Woori Financial Group Chairman Son Tae-seung, second from left, Second Vice Minister of Economy and Finance An Il-whan, third from left, and KAMCO CEO Moon Sung-yu chat during a tea meeting prior to the start of the forum. / Korea Times photo by Shim Hyun-chulShinhan Financial Group Chairman Cho Yong-byoung looks at pages of The Korea Times. / Korea Times photo by Shim Hyun-chul

BOK cuts Korea's 2020 growth outlook to - 0.2 percent

BOK cuts Korea's 2020 growth outlook to - 0.2 percent

The Bank of Korea (BOK) said Thursday it was downgrading its 2020 growth outlook for Korea from 2.1 percent to a contraction of 0.2 percent due to the prolonged aftermath here and abroad of the ongoing COVID-19 pandemic. This is the first time in 11 years for the central bank to forecast an economic contraction. The outlook comes as the coronavirus outbreak has cast a longer-than-expected shadow over the local economy, freezing domestic consumption and causing a sharp decrease in exports, the BOK said.

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Hanji Culture and Industry Center opens to promote Korean traditional paper

Hanji Culture and Industry Center opens to promote Korean traditional paper

The Hanji Culture and Industry Center (HCIC) has opened in Seoul on May 20 in a bid to promote hanji and revitalize the slumping industry of traditional Korean paper.


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