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Writer Invest Seoul Day17-10-11 10:01 View66

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Leaders of the Global Economy Provide Advice to the Mayor of Seoul Regarding ‘Seoul’s 4th Industrial Revolution Response Strategy’

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Leaders of the global economy gathered at the 16th Seoul International Business Advisory Council (SIBAC) Annual Meeting hosted on 29th (Fri)

Established in 2001, the Council has hosted 15 annual meetings, and consists of 27 corporate/economic experts and 5 advisors. The Councils 15 annual meetings have led to 323 recommendations.

 

Seoul Metropolitan Government successfully hosted the 16th Seoul International Business Advisory Council (SIBAC) Annual Meeting at the Four Seasons Hotel (Saemunan-ro, Jongno-gu), under the theme of Seouls Response Strategy for the 4th Industrial Revolution. Established in 2001, Seoul International Business Advisory Council (SIBAC) is an advisory council to the Mayor of Seoul. Current members of the council include 27 representatives from renowned global companies in various fields including McKinsey, Nomura, Forbes, Siemens, Brookfield, Audi, Novatis, and Toray, and 5 advisors.

13 SIBAC members and 6 advisors participated in this years 16th Annual Meeting.

<Advice Based on Best Practices of Foreign States, Expectations on Ideas and Directions for Seoul to Rise as the Leading City of the 4th Industrial Revolution>

Under the theme Convergence: Talent, Technology, Leadership, Global Managing Partner Dominic Barton of McKinsey & Company, President Peter Zec of Red Dot GmbH & Co. KG, and Chairman Rudolph Schlais Jr. of ASL Automobile Science & Technology (Shanghai) took the podium for the 1st session of the meeting.

Global Managing Partner Dominic Barton of McKinsey & Company commented that Seoul possesses magnificent potential to lead the establishment of the next generation digital society, and shared how technological convergence may occur in various fields of traffic, energy, social services, electronic government, and manufacturing, and how this can be reflected in Seouls policies.

President Peter Zec of Red Dot GmbH & Co. KG introduced companies with differentiated global competencies, infcluding KuKa, Festo, Bosch, and Adidas. He also discussed cases in which the concept of Industry 4.0 was expanded and applied to urban planning and development, and explored the topic of the future directions of cities.

Chairman Rudolph Schlais Jr. of ASL Automobile Science & Technology (Shanghai) emphasized that Seoul, which was ranked 25th in the UBS Competence Rankings, should focus on the convergence of human resources, strategy, and leadership to resolve the issues, and that the reformation of its labor market, education, and legal system is urgently needed. He then presented a case study on Switzerland, which utilizes its resources in a similar manner to Korea, and provided an overview of measures it took to develop its economic ecosystem by utilizing its skilled or educated workforce.

Measures to enhance the competence of Seoul were discussed at the 2nd session, under the theme Innovation & Collaboration : City Governments Challenge and Strategy. During the session, Chairman of the Board Nobuyuki Koga of Nomura Holdings, Member of the Board of Directors of BASF SE Sanjeev Gandhi, and CEO Akihiro Nikkaku of Toray Industries, Inc. participated as speakers.

Chairman of the Board Nobuyuki Koga of Nomura Holdings introduced Japans concept of Society 5.0. The Society 5.0 concept provides a solution for social issues including the super-aging society, population decline, labor force decline, and natural disasters, and focuses on reforming the daily lives of the citizens, rather than certain aspects of industry or government. He proposed that Seoul also take measures to introduce a new legal framework and deregulatory measures in order to rise as the leading city of the 4th Industrial Revolution.

Sanjeev Gandhi, a Member of the Board of Directors of BASF SE, introduced the Co-Creation and Innovation Campus, one of BASF's representative global collaboration projects, and shared successful collaborative and innovative cases in Korea, including the collaboration with Samsung and Hyundai-KIA Motors, and the establishment of an Electronics R&D Center in SungKyunKwan University.

CEO Akihiro Nikkaku of Toray Industries, Inc. discussed Torays response to the 4th Industrial Revolution. He shared that the demands for custom orders in the fabric division, the core business of the firm, were effectively being managed through the supply network management system, and that collaborative networking allowed the company to effectively cooperate with small and medium-sized enterprises, academia, and the government, enabling the fostering of the workforce and the development of new products.

Seouls future directions for development were discussed at the last session, under the theme The Response of Leading Global Cities to the 4th Industrial Revolution. CEO Bernard Charles of Dassault Systemes, Vice Chairman Christopher Forbes of Forbes, President Masakazu Tokura of Sumitomo Chemical Co. Ltd., President Andre Wyss of Novartis Operations & Country President for Switzerland, and Chairman Antoine Frerot of Veolia Environment had a chance to share best practices from various cities and global trends regarding the 4th Industrial Revolution.

Vice Chairman Christopher Forbes of Forbes introduced the response strategies for the 4th Industrial Revolution of various cities that are rising as Smart Cities, including Los Angeles, Singapore, Copenhagen, San Francisco, Barcelona, London, and Oslo, by analysing and utilizing the data of these cities.

President Masakazu Tokura of Sumitomo Chemical Co. Ltd. introduced Japans implementation of Society 5.0, the strategy for leading the 4th Industrial Revolution, to apply next-generation technologies including autonomous vehicle, AI, IoT, and robot engineering in fields such as health care or silver care, to resolve social issues and promote economic growth, and shared details of the Japanese strategy.

President Andre Wyss of Novartis Operations & Country President for Switzerland introduced the response strategy pursued by Switzerland, which is considered to be the best prepared for the 4th Industrial Revolution, and emphasized that key factors of success including the establishment of a golden triangle between the stakeholders of industry, academia, and the government, securing the openness and flexibility of the labor market, investments in education and R&D, and adequate and balanced tax incentives should be provided.

Chairman Antoine Frerot of Veolia Environment emphasized that the 4th Industrial Revolution is a great challenge faced by major cities around the globe, and introduced the changes already taking place in the environmental services industry, including the operation of advanced energy management centers, and the development of sequential waste recycling services. In particular, he stressed that active responses to offset the loopholes in digital innovation through social innovation are needed, as the 4th Industrial Revolution may result in the disappearance of jobs.

Representatives of global companies including Novartis, Johnson & Johnson Innovation, Sumitomo, Brookfield, and Audi were appointed as new members of SIBAC, allowing for advice to be provided from a wider perspective, announced Mayor Won-soon Park of Seoul Metropolitan Government. Seoul will rise as the leader of the 4th Industrial Revolution by fostering high-tech clusters in regions including Yangjae, Hongneung, and Magok, establishing a start-up hub, and supporting the innovation of the manufacturing industry.

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