May 12 | Thursday,
May 13 | Friday,
Wednesday, May 12
6:00 pm Opening Night Gala Reception and Dinner
Hosted by the Ministry of Foreign Affairs and Trade, Republic of
Opening Keynote Address:
Goh Kun, Acting President,
Republic of Korea
Thursday, May 13
8:15 am Session I: Understanding
the New Korean Economy
- What are Korea’s prospects for achieving consistently
rapid economic growth rates, even as it begins to mature as an
- How far has Korea come toward attaining its goal of becoming
an economic hub for Northeast Asia in financial services, logistics
and research/development? What are the barriers to achieving this
goal, even in the long run?
- How has the Korean consumer evolved in recent years, and what
impact is that having on domestic demand? How can companies capitalize
on the sophistication of Korea as a marketplace?
- How has Korea’s exploding trade with China in recent years
altered Korea’s economic landscape? How has it affected
Korea’s economic relationship with the United States?
- To what extent has Korea met the challenges to attracting wider
foreign direct investment, and what more can be done? How can
Korea solve its labor problem? How are labor relations affecting
foreign investment flows? How can the costs of finishing reform
be seen as less painful than the costs of not finishing reform?
- What can Korea do to reduce the volatility of its financial
markets and cut down the frequency of financial crises?
- What impact will the 2004 parliamentary elections have on Korea’s
Lee Hun-jai, Deputy Prime Minister and Minister
of Finance and Economy, Korea
Wonduck Lee, President, Korea Labor Institute;
Chairman, Korea Industrial Relations Association
Managing Director, Philip Morris Korea Inc.
Sung-Jin Hwang, Managing Director, Warburg
Dan Carroll, Managing Partner, Newbridge
Gordon Crovitz, Senior Vice President
and President of Electronic Publishing, Dow Jones & Company
10:15 am Session
II: Banking and Financial Market Reform in Korea and the Region
- To what extent should Korea’s success
in building a consumer credit-driven domestic economy be emulated
around the region? How has the recent credit crunch and resulting
economic fallout changed the way Asian leaders encourage consumer-lending
policies in their own countries?
- To what extent has Korea’s commercial
bank reform and NPL cleanup served as a model for other countries
in the region? Have the recent sales of major stakes in Korean
banks to foreign investors signaled a more open banking sector
for Korea? How does the rest of the region stack up against this
- To what extent has a strong institutional shareholder
base been created in Korea? What steps can be taken to create
deeper securities markets? How does participation on the part
of independent institutional investors compare with that of other
countries in Asia?
- Can financial reforms in Korea provide a relevant
model for Japan? How does Japan view the challenges involved in
reforming its financial sector in comparison with the challenges
Korea has faced and is facing? Is the scale of Japan’s banking
and NPL problems too large for the Korea example to be relevant?
- Why has Korea recently seemed so prone to financial
crises? Are there warnings in Korea’s financial reform process
for other countries to heed?
Jung-Jae Lee, Governor, Financial Supervisory
Yon Won-young, President and CEO, Korea Asset
Joshua Felman, Assistant Director, Asia and
Pacific Department, International Monetary Fund
Robert Cohen, Chief Executive Officer, Korea
Nicholas Moore, Executive Director, Investment
Banking Group, Macquarie Bank Ltd.
Reginald Chua, Editor, The Asian Wall Street
11:45 am Special Briefing:
Gateway to Northeast Asia: New Songdo City
This special session will brief the conference on the development
of New Songdo City, located on 1,500 acres of reclaimed land along
Incheon’s waterfront. A project with enormous geopolitical
implications, New Songdo City is a major component in the planned
transformation of South Korea into the hub of Northeast Asia.
In addition, all conference attendees are invited to the Commemoration
Ceremony of New Songdo City on May 12th.
Stanley Gale, Chairman and CEO, The Gale
John Hynes, President and CEO, Gale International
Sang-Soo Ahn, Mayor of Incheon
Moderator: Richard C.
Holbrooke, Chairman, Asia Society
12:30 pm Lunch
2:00 pm Session III: Overcoming
“The Korean Discount”
- Why have Korean companies traditionally been
undervalued by the market? To what extent do corporate governance
and poor treatment of shareholders continue to be a cause of low
valuations, despite recent reforms?
- To what extent has domestic economic growth
been stunted by the expensive cost of capital? What are the solutions
to this problem? What reforms can the government enact?
- Does the KOSPI’s recent rise signal an
end to the Korean Discount? Why has the run-up been foreign investor-led,
while domestic investors still seem to be shying away from buying?
- To what extent are cultural obstacles preventing
real change from occurring within Korean companies? What is the
future of the family-controlled chaebol? Will they have to change
their management structure in order to survive the next round
of reform when it comes?
Kang Chul-kyu, Chairman, Fair Trade Commission,
Suchan Chae, Member, Korean National Assembly*
Hasung Jang, Professor of Finance and Director
of Asian Institute of Corporate Governance, Korea University
Robert Cohen, Chief Executive Officer, Korea
3:45 pm Session IV: Does Korea
Have What It Takes to Become a Services-Oriented International Business
- How can Korea as a nation develop the mindset
to become the economic hub of Northeast Asia? How can Korea develop
the internal “software” to become a services hub?
How close is Korea to producing the sizable class of international,
analytical thinkers needed to serve this kind of economic hub?
- What improvements can be made in the enforcement
of international legal standards? What is preventing these legal
reforms from happening more quickly?
- How can the Korean government foster a climate
of entrepreneurship to create a class of more dynamic, innovative
- How is Korea developing its regional trade strategy
to support its long-term goal of becoming an economic hub? Are
bilateral trade agreements with Korea’s neighbors a necessary
element of this strategy, and if so, what is Korea doing to facilitate
- To what extent could rigidity in the labor market
and confrontational labor-management relations thwart Korea’s
efforts to become a hub?
- Does the hub concept still make sense as a viable
economic strategy? Could it leave the domestic economy too vulnerable
to regional economic wind shifts?
President, Seoul Development Institute
Ronald J. Anderson, Senior Vice President,
American International Group, Inc.; Chairman, AIG Companies,
Japan and Korea
K. Kesavapany, Director, Institute for Southeast
Asian Studies, Singapore
Ahmed Butti Ahmed, Managing Director, Jebel
Ali Free Zone Authority
Dinesh Malkani, Managing Director, Avaya
William Oberlin, Chairman, American Chamber
of Commerce in Korea
Dinesh Malkani, Managing Director, Avaya Korea
Marcus Wright, Senior Editor, Dow Jones Newswires
6:00 pm Second Night Dinner
Hosted by the Seoul Metropolitan Government
Lee Myung-bak, Mayor of Seoul
Friday, May 14
8:30 am Session V: Prospects
for Economic Integration in Northeast Asia and the Wider Region
- Can recent bilateral investment treaties in
the region serve as the catalyst for a more comprehensive regional
investment and trade agreement? Can ASEAN+3 act as a catalyst?
Can Japan play a leadership role?
- How can today’s leaders overcome the burden
of history to forge stronger economic unity with old rivals in
- What can South Asia and Southeast Asia do to
take greater stakes in Northeast Asia’s growth? What value
can India and ASEAN nations contribute to the Northeast Asian
- How could the nations of Northeast Asia use
closer regional economic integration to each gain a stronger bargaining
position in global trade talks and WTO disputes?
- To what extent will the opposition of unions
and other interest groups impede the development of trade agreements
in the region?
Ban Ki-moon, Minister of Foreign Affairs
and Trade, Korea
John Taylor, Undersecretary for International
Affairs, Department of the Treasury, US
Truong Dinh Tuyen, Minister of Trade, Vietnam*
Kim Hak-Su, Executive
Secretary, UN Economic and Social Commission for Asia and
the Pacific; Undersecretary of the United Nations
Nicholas Platt, President, Asia Society
10:45 am Session VI: The Impact
of North Korea on the South and Beyond
- What are the prospects for the easing of US-North
Korea conflict in the near term? How will US-North Korea relations
impact the general business climate on the Korean peninsula? What
are the prospects for peace and security on the Korean peninsula?
- Can business relations between North and South
play a role in easing political relations? In light of the 2000
summit scandal, what is the best way push business relations between
North and South forward again?
- How will uncertainties about security on the
Korean Peninsula be priced into foreign investment figures and
market valuations moving forward?
- Can uncertainties about security on the Korean
Peninsula help foster greater regional cooperation? Can this cooperation
spread into the economic sphere?
- How can investors and executives with a (very)
long-term view position themselves to capitalize on potential
opportunities in North Korea if and when it begins to open up
to the outside world?
- How do developments on the Korean Peninsula
affect the Northeast China economy?
Jeong Se-hyun, Minister of Unification, Korea
Thomas Hubbard, US Ambassador to Korea
William Overholt, Asia Policy Chair, RAND
Center for Asia Pacific Policy
Research Staff Member, Institute for Defense Analyses
Michael Vatikiotis, Editor at Large,
Far Eastern Economic Review
12:30 pm Lunch
2:00 pm Session VII: China
in the Region
- How does China’s “Fourth Generation”
of leaders view China’s role in the regional economy? What
kind of economic and trade policy will China’s leaders pursue
with their neighbors in the coming years?
- How can multinationals best capitalize on growing
trade between China and South Korea?
- How will the value of the renminbi affect economic
planning throughout the region, for companies as well as governments?
- In what ways does China’s economic growth
affect the domestic economies of other countries in the region?
To what extent does China’s growth have an impact on labor
issues in countries like Korea? Will the threat of competition
from China for Korean companies’ capital expenditures force
Korea to follow through with its labor reforms?
- How will the buildup to the 2008 Olympics translate
into business opportunities for the region? To what extent will
the Olympics further transform Beijing as an investment destination?
Pi Qiansheng, Member of the Standing Committee
of the Tianjin Municipal Party Committee
James Huang, Deputy General Manager, China
Galaxy Securities Company Ltd.
Senior Executive Vice President, Hyosung Group
Pang Zhongying, Director, Global Studies
Institute, Nankai University
Cui Ming, Publisher, Wealth Magazine
3:45 pm Concluding Discussion:
The Korean Political Environment in Context
This special session will address the current political environment
in Korea and its implications for the foreign investors, corporations
and governments that interact with the Korean leadership on a regular
basis. How can outsiders best understand the situation, and to what
extent does it reflect important long-term trends in the Korean
political system? The session will be a completely interactive discussion
between the moderator, the panelists and the audience.
Byung-kook Kim, Professor of Political Science,
Bae Soon Hoon, Chairman, Presidential Committee
on Northeast Asian Economic Hub
Joseph Winder, President, Korean Economic
Institute of America
Gordon Fairclough, Seoul Correspondent, The
Wall Street Journal
5:00 pm Closing Reception
5:30 pm Conference Ends
* = unconfirmed