Secretary-General Angel Gurria,
Distinguished Participants,

On behalf of H.E. Yun Byung-se, Minister of Foreign Affairs, I would like to warmly welcome all of you in this hall who have come to celebrate the 20th Anniversary of the Republic of Korea’s Accession to the OECD. In particular, let me extend my heartfelt appreciation to Mr. Angel Gurria, Secretary-General of the OECD, and Mr. Phil O’Reilly, Chairman of the OECD Business and Industry Advisory Committee for joining today’s seminar.

Distinguished Guests,

(OECD’s Contribution to Korea’s growth)

Since Korea joined the OECD in 1996, Korea has continued to rise as a full-fledged middle power in the international arena. Throughout this process, the OECD, a group of countries sharing the values of democracy and the free market economy, has made meaningful contributions to Korea’s achievement of pluralistic political institutions and rapid economic progress.

All in all, over the past twenty years, the Korean economy has been upgraded a level further. There is no doubt that in this process the OECD has become the most trusted policy advisor in the eyes of the Korean Government and people.

(Korea’s contribution to the OECD over the last 20 years)

At the same time, Korea, as the OECD’s trusted partner and contributor, has played a leading role in OECD policy discussions on a whole range of issues. Let me highlight a few of the most noteworthy.

First and foremost, development cooperation is a case in point. Since Korea joined the OECD Development Assistance Committee in 2010, it has doubled its efforts to share with other OECD members its experience of developing from an aid recipient into a donor. In the same year, as the host of the G20 Summit, Korea also played a leading role in making development a key item on the agenda for the G20 in close cooperation with the OECD.

Secondly, in the area of climate change, Korea, as Chair of the 2009 OECD Ministerial Council Meeting, contributed greatly to drafting the OECD Green Growth Strategy, spearheading efforts for the adoption of the Declaration on Green Growth.

Thirdly, Korea is also playing a significant role in science and technology. With the OECD, Korea successfully held a Ministerial-level Meeting of the OECD Committee for Scientific and Technological Policy in Daejeon, Korea in 2015 and led discussions on how to use scientific and technological innovation for sustainable development.

(Challenges we are facing)

Distinguished Participants,

We are living in a world of uncertainty, facing a number of daunting challenges. The world is slowly recovering from the aftermath of the financial crisis, but has not yet fully recovered to pre-crisis levels. Like many other countries, Korea has also experienced a slower growth, higher unemployment, and slowdown in productivity.

In particular, the aging population issue that advanced countries commonly face is worsening rapidly in Korea, and therefore we are in the situation of having to urgently come up with appropriate measures. We also need to ponder on solutions for the rising income inequality.

These challenges are interlinked and need to be addressed in a concerted manner. In order to efficiently respond to these challenges, we need a strategic and coordinated policy. In this vein, we believe that the OECD’s leading role is crucial.

(Korea-OECD Cooperation for the Future)

Distinguished Participants,

Korea is fully committed to working closely with the OECD in order to address all these challenges in a proactive manner.

First of all, addressing low growth and productivity slowdown requires structural reform and innovation. During the recent G20 Hangzhou Summit, President Park Geun-hye stressed the importance of boldly carrying out innovation and reform. The Korean Government has been concentrating on carrying out major reform initiatives in four areas: the public, labor, education and financial sectors.

『The OECD Economic Surveys: Korea 2016』 published last May, commends Korea’s continuous efforts for structural reform as one of the key policies for sustainable growth. It is believed that these efforts open a wide window for collaboration between Korea and the OECD.

Secondly, with regard to the fourth Industrial Revolution, which is expected to contribute to enhancing productivity at an unprecedented scale and speed, there is also growing concern about the job losses and increased inequality it might lead to. It is therefore crucial to garner our expertise and wisdom to maximize benefits and minimize negative impacts. In this context, a leading role by the OECD is more important than ever in analyzing the changes of our times and coming up with the right policy choices.

Korea is ready to work together with the OECD in this regard. With its signature policy, the“Creative Economy”, Korea has already prepared for this new era of innovation. As a new engine of growth, the “Creative Economy” is to pursue inclusive and sustainable growth through innovation. Since the OECD has also put an emphasis on innovation, I believe that Korea and the OECD can join hands in seizing the opportunities which the new technological revolution presents.

Last but not least, Korea will contribute to implementing the historic consensus - namely the 2030 Agenda for Sustainable Development. We have been actively participating in the global discussions, including within the OECD, on how to enhance the effectiveness of development cooperation. Korea is keen to share its successful experience in fully implementing the SDGs. And I firmly believe that Korea-OECD collaboration in this area will be enormously expanded in the coming decades.

(Closing)

Distinguished Guests,

In closing, I am pleased to assure all of you that the Korean Government is intent on continuing to work together with the OECD in realizing our shared vision of creating new growth engines through innovation and thereby achieving sustainable growth.

I thank you for your attention. /END/