Conference of overseas Korean business leaders opens

(ATTN: This story is embargoed until 4:30 p.m. (Seoul time) when the event opens.)

SEOUL, Oct. 21 (Yonhap) -- An annual meeting on cooperation between Korean
business leaders from around the world opened in Seoul Wednesday to share 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 from Wednesday to Friday, bringing together some 800 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.
Steven Koh, chairman of World-OKTA, said, "This year's event includes various
seminars and export negotiations."
"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.
(END)