Busan forum calls for 'barbell strategy' to survive global economic upheaval

The Busan Chamber of Commerce and Industry held its 285th Busan Economic Forum on Wednesday morning at Lotte Hotel Busan, under the theme "Global Economic Upheaval: How Will We Survive?"

The forum drew about 200 attendees, including Busan Chamber President Yang Jae-saeng; Vice Presidents Kang Dong-seok, Shin Han-chun, Moon Chang-seop, Park Sa-ik and Lee O-seon; Auditor Kim Yeong-deuk; Busan Dong-gu District Mayor Kang Cheol-ho; Lee Cheong-il, head of the Busan Regional Office of Small and Medium Venture Businesses; Dong-myeong University President Lee Sang-cheon; and other regional business leaders.

Park Jong-hun, director of the Knowledge Economy Research Institute, delivered the keynote address, analyzing how advances in AI are rapidly reshaping the existing economic order and industrial competitive landscape. He examined how shifts in external conditions — including interest rates, exchange rates and supply chains — would affect corporate management, and outlined strategies for businesses to navigate an era of entrenched uncertainty.

"The map of wealth is being reorganized around two poles: capabilities rooted in real-world operations on one end, and AI innovation on the other," Park said. "For companies to survive, they need a 'barbell strategy' — one that simultaneously reinforces the strengths of their existing businesses while fundamentally transforming their corporate DNA through AI innovation."

Chamber President Yang said he hoped Wednesday's forum would give participants a broader understanding of the seismic shifts reshaping the global economy and serve as an opportunity to chart new paths for growth beyond uncertainty.