April 25, 2024

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[THE INVESTOR] Samsung Electronics CEO and Vice Chairman Kwon Oh-hyun warned of protectionist moves by major economies in his speech at a European conference on June 20.

“Global companies may have been forced to deal with a series of intricate trade pacts to enter European Union, hadn’t it been for a single market,” said Samsung CEO Kwon at Playbook Breakfast, a forum hosted by US political magazine Politico.

Emphasizing the concerted efforts to accelerate innovation and growth of companies, he called for the EU’s support to the IT segment to overcome imminent challenges caused by uncertain business environments. 

Samsung Electronics CEO Kwon Oh-hyun

“For the past decade, the life cycle for global businesses has shortened dramatically because of the unprecedented business uncertainty,” said Kwon, citing a recent Boston Consulting Group report.

According to the report, a global company’s lifespan has halved to 30 years now compared to 1970. In addition, the odds of existing US companies disappearing in five years could reach 30 percent and chances are rising.

“The EU’s contribution to global IT trade will continue to play a significant role in expediting the development of future technology,” he added.

By Kim Young-won (wone0102@heraldcorp.com)