(3rd LD) Conference of overseas Korean biz leaders opens

(ATTN: ADDS more comments in paras 5; UPDATES numbers of participants in paras 2, 12)
SEOUL, Oct. 21 (Yonhap) -- An annual meeting on cooperation between Korean
business leaders from around the world opened in Seoul Wednesday, with
participants to discuss their views on ensuring a sustainable recovery of the
nation's economy, organizers said.

Organized by the World Federation of Overseas Korean Traders Association (OKTA),
Yonhap News Agency and the Seoul Metropolitan Government, the 14th World-OKTA
Convention will run until Friday, bringing together some 750 business executives
from 32 countries.
Park Jung-chan, president and CEO of Yonhap News Agency, said in welcoming
remarks that the event will help South Korea move from the periphery to the
center stage of the international community, citing the nation's hosting of the
Group of 20 (G-20) summit next year.
"The hosting of the G-20 summit next year will give South Korea a central role in
leading the world economy out of crisis," Park said.
"At a time like this, it's significantly meaningful that overseas business
leaders gathered here," he said. "I am well aware that you have contributed a lot
to helping South Korea overcome its economic crisis at the fastest pace."
Steven Koh, chairman of World-OKTA, said, "This year's event includes various
seminars and export negotiations. We will continue to help our country become one
of the world's top-class nations."
"I hope the event will pave the way for small- and medium-sized firms to export
their goods and revitalize regional economies," Koh said.
Organizers had originally planned to hold the meeting in Los Angeles, but changed
the venue to Seoul in order to help with the recovery of South Korea's economy.
Battered by the global economic crisis, South Korea's export-driven economy is
grappling with its worst downturn since the 1997-98 Asian financial crisis due to
falling overseas demand and weak consumption at home.
The government expects the South Korean economy to shrink by 1.5 percent this
year, compared with a 2.5 percent expansion last year.
During the three-day event, discussions on how to promote networking among
overseas Korean leaders are scheduled, according to the organizers.
Sponsored by the Ministry of Knowledge Economy and the Korea Trade and Investment
Promotion Agency, a total of 227 local firms are also attending the event to take
part in trade negotiations.
The event is likely to lead to export deals worth about US$100 million, the
organizers said.
A job fair with member companies of the World-OKTA were also scheduled for the
event with some 250 local graduate students attending.
The World-OKTA claims to have about 6,000 member companies around the world.
"At a time when a slump in job markets is creating a major concern for the
economy, we prepared the job fair to help ease the unemployment situation," said
an official at the federation.
Meanwhile, World-OKTA signed a memorandum of understanding with the Seoul
Metropolitan Government to forge cooperation and investment ties.
(END)