BALI (Indonesia), Nov 14 — President Yoon Suk-yeol said today that a digital transition is key to overcoming the global economic crisis as the combination of digital technologies with existing industries has led to an endless emergence of new businesses, reported Yonhap.

The world has undergone repeated economic crises, but each one was caused by different factors, with the 2008 financial crisis triggered by a collapse of the financial system and the 2020 pandemic crisis prompted by a sharp reduction in demand during worldwide lockdowns, he said during a keynote speech at the B20 summit in Bali.

"However, the current crisis was caused more by supply-side shocks rather than demand-side shocks,” he said at the Bali Nusa Dua Convention Centre. "Therefore, we must find solutions to the crisis from the supply side, and the government’s role must also be changed.”

Yoon said his administration has worked to boldly reform regulations restricting investment by businesses and to create a business-friendly environment.

It is also increasing investment in areas that cannot be covered by businesses alone, such as in scientific and technological research and development and in nurturing talents in high-tech industries.

"I believe that in the current global conditions, the key to supply-side innovations led by the private sector is in digital transition,” he said. "As digital technologies combine with existing industries and data, and lead to cost reductions and added value, new businesses are emerging endlessly.”

Yoon also stressed the importance of promoting universal values in the digital sphere, such as freedom, solidarity, and human rights, so that everyone can fairly access digital data.

"I hope the B20 will be at the centre of establishing a digital order that is accepted by all of humanity so that the benefits of the digital era can be shared across borders and without excluding anyone,” he said.

Yoon’s speech came one day before his attendance at the Group of 20 summit in Bali. The B20 summit brings together business leaders from the G-20 nations and was launched during the 2010 G-20 summit in Seoul. — Bernama