“AsiaToday Energy Creative Economy Forum” successfully wrapped up

AsiaToday chairman Song In-joon, National Assembly Trade, Industry and Energy Committee chairman Kang Chang-il, Ministry of Trade, Industry and Energy minister Yoon Sang-jik

AsiaToday reporter Choi Sung-rok = Leading experts from the government, politics, energy companies and academia considered ‘energy community establishment’ participated by all the interested parties as a precondition for Korea to become a major energy country. They also arrived at a conclusion that Korea needs continuous investment as well as resetting its status in renewable energy business in order to compete in the global energy market.

The 1st AsiaToday Energy Creative Economy Forum was held on May 16 at the National Assembly Building in Yeouido-dong, Seoul, in order to discuss detailed plans on Korea‘s energy industry.

Held in celebration of AsiaToday’s 9th anniversary, the forum was co-hosted by the National Assembly‘s renewable energy policy research forum, the Environment and Labor Committee chairman Shin Gye-ryoon, and Korea Energy Economics Institute (KEEI) and was sponsored by Ministry of Trade, Industry and Energy (MOTIE).

More than 200 energy industry professionals and important figures including AsiaToday chairman Song In-joon, National Assembly Trade, Industry and Energy Committee chairman Kang Chang-il, Saenuri Party lawmaker Gil Jung-woo, MOTIE minister Yoon Sang-jik, KEEI president Sonn Yang-hoon attended the event.

In his welcoming speech, AsiaToday chairman Song said, “The forum was held to seek ways to develop energy industry, which is one of the hottest issues in Korea. In order to win the rapidly changing competition in the global energy market, the government’s initiative itself isn‘t enough. The political and business circles should also cope actively with the circumstances.”

Industry and Energy Committee chairman Kang said, “The portion of renewable energy sector and its budget has decreased in the secondary energy master plan announced in February. All of us must understand that the renewable energy industry is important for the future of human being.”

Kang added, “I hope this forum will do much to help the government’s energy business promotion.”

Minister Yoon Sang-jik said, “Since Korea is highly dependent on foreign energy imports, it‘s important to respond quickly to the world’s energy flow.”

Yoon said, “The government is putting much emphasis on the stable supply of energy through creative demand management and the strengthening of energy security as a big frame of the policy. The government will build an oil hub in Northeast Asia to realize energy creative economy where Korea becomes the heart of the oil logistics.”

KEEI president Sonn Yang-hoon said, “It‘s true that conditions to develop overseas energy resources and to promote renewable energy development are tough and opaque. A variety of policy measures must be actively raised.”

Shin Gye-ryoon, chairman of the Environment and Labor Committee, said, “The price for crude oil broke above $100 a barrel in February 2008. Since then, Korea has been under a state of emergency. A complete change in the mindset on renewable energy is needed as soon as possible.”