First launched in 2019, the Global Innovative Growth Forum (GIGF) has been a flagship forum for global leaders to engage and discuss how innovation is key for sustainable growth. The World Bank Group Korea Office and the Republic of Korea’s Ministry of Economy and Finance co-hosts this annual forum with the partnership of the Korea Advanced Institute of Science and Technology Global Strategy Institute and the Born2Global Centre.
Continuing the discussion on innovative sustainable growth during GIGF2020, this year marked the 3rd GIGF with the theme of “New challenges for Innovative Growth In the Post-Pandemic Era”. The forum was held over two days, December 8-9, as a hybrid format live-streamed on YouTube with minimal on-site guests due to COVID-19 safety measures. It attracted over 2,000 domestic and international online participants with experts from various ministries, research institutes, academia, and private sectors.
GIGF 2021 highlighted the digital divide between developed and developing countries and the polarization of the current innovation industry in the post-pandemic era. The forum also shared the progress and initial results of the Korean New Deal and examined relevant topics such as regulations for big tech industries.
Global Innovative Growth Forum 2021
December 8 – 9th, 2021
8:30 - 8:37
Deputy Prime Minister and Minister of Economy and Finance, Republic of Korea
8:37 - 8:45
Manuela V. Ferro
Vice President, East Asia and Pacific, World Bank
8:45 - 9:00
President, World Economic Forum
9:00 - 9:15
Chairperson, Presidential Committee on the Fourth Industrial Revolution
Session I: Building Back Better – The Role of Innovation in the Post-COVID Recovery
9:15 - 9:25
President, Korea Health Industry Development Institute
9:25 - 9:35
Deputy Chief Economist, East Asia and Pacific, World Bank
9:35 - 9:45
EMEA Regional Chief Risk and Sustainability Officer, Shinhan Bank London
9:45 - 9:55
Reader in Political Economy, King’s College London
9:55 - 10:05
Founder and CEO, Multiverz
Discussion with Session Speakers｜10:05 – 10:45
Chair: Martin Raiser, Country Director for China and Mongolia and Director for Korea, World Bank
Session II: Shaping the Future of Data Economy
10:50 - 10:55
Director General, Artificial Intelligence Policy Bureau, Ministry of Science and ICT, Republic of Korea
10:55 - 11:05
Kwang Hyung Lee
President, Korea Advanced Institute of Science and Technology (KAIST)
11:05 - 11:15
Founder and Director, MIT Connection Science, MIT
Discussion with Session Speakers｜11:15 – 12:05
Chair: Malarvizhi Veerappan, Program Manager and Senior Data Scientist, Development Data Group, The World Bank
Session III: Light and Shadow of Digital Innovation
8:30 - 8:40
Michael A. Cusamano
Deputy Dean, MIT Sloan School of Management at Massachusetts Institute of Technology
8:40 - 8:50
Executive, Technology, Policy and Innovation, World Economic Forum
8:50 - 9:00
Fellow in Economics, University of Oxford; Professor, King's College London
Discussion with Session Speakers｜9:00 - 10:00
Chair: Yong Wook Paik, Assistant Professor, College of Business, KAIST
Session IV: Startup-driven Innovation via Collaborative Partnership
10:05 - 10:20
Founder & CEO, Mind the Bridge
10:20 - 10:40
Andrés Aranda Martínez
CEO, American Climate Solutions
10:40 - 11:00
Tae Jin Park
Global Business Developer, Virnect
Co-Founder and COO, Proximity
Discussion with Session Speakers｜11:00 - 11:55
Chair: Jong Kap Kim, Chief Executive Director, Born2Global Centre
11:55 - 12:00
Director General, Ministry of Economy and Finance Office for Innovative Growth, Republic of Korea
Republic of Korea’s Deputy Prime Minister and Minister of Economy and Finance Nam-Ki Hong commemorated the first day of GIGF 2021 emphasizing the need to expand innovative strategies to create a virtuous cycle, enhance innovation synergies, and strengthen fairness and inclusiveness to respond effectively to risks we face today. World Bank Vice President for East Asia and Pacific region Manuela Ferro delivered her welcoming remark noting the importance of digital green transformation within the data revolution and acknowledged the Republic of Korea as an inspiring model in economic transformation and innovative growth.
The first keynote speech was delivered by World Economic Forum President Børge Brende who highlighted how we could accelerate progress on our shared priorities in innovative growth. He also pointed out cooperative, purpose-driven, and equitable innovation is essential to achieve a more sustainable and prosperous future. Sungroh Yoon, Chairperson of the Presidential Committee on the Fourth Industrial Revolution, also delivered a keynote speech on the 4th Industrial Revolution and his views on Korea’s Digital Transformation. He introduced the history of the industrial revolution in Korea and its advancement of data, networks, and A.I. technologies.
[Session I: Building Back Better – The Role of Innovation in the Post-COVID Recovery]
The first session focused on the common goal of promoting innovative growth for a Green, Resilient, and Inclusive (GRID) recovery in the post-COVID-19 era. The session focused on how public policy, development, finance, entrepreneurship, and digital technology can support the world to build back better. Experts reviewed the emerging evidence that COVID-19 is widening inequality among countries, households, and firms. Considering these dimensions, agile policymaking and sustainable finance should be aligned to find new pathways towards inclusive and resilient recovery.
[Session II: Shaping the Future of Data Economy]
Session 2 first highlighted Korea’s best practices such as the Digital New Deal through public and private digital cooperation during the COVID-19. Keynote speakers presented on the journey towards a data-driven economy and a global perspective on leveraging data for fostering development within the digital revolution. An expert panel discussion continued the discussion on utilizing trustworthy data sharing on the national, local, and trans-border levels to boost economic growth, interstate cohesion, and innovative value creation. The session concluded that data access should become public knowledge for connecting the digital ecosystem and creating trusting environments across the globe.
[Session III: Light and Shadow of Digital Innovation]
Session III and IV brought renowned specialists from academic and private sectors, addressing sustainable growth through digital innovation and global entrepreneurial collaboration for green digital transformation.
Session III explored the role of big tech companies, conflict and coexistence in new industry creation, and economic and workforce transformation in compliance with rapid digital innovation growth. panelists shared their approaches to responsible development through governance mechanisms that mitigate increasing risks posed by ongoing destruction across the different sectors.
[Session IV: Startup-driven Innovation via Collaborative Partnership]
A total of ten startup experts gathered from all different regions. They explored the ways to spread sustainable innovation growth through demand and application cases led by startups in the digital and green sectors and shared the progress of cooperation between development and advanced startup partnerships in the relevant fields.
Throughout the two-day forum, participants and audiences across multiple countries were actively engaged in discussing how digital transformation would build our world back better in the coming post-pandemic era. As a global center for innovation and technology for sustainable development, the World Bank Group Korea office will continue to bring Korea’s experience on innovation from the private sector as well as public service delivery to other countries supported by the World Bank Group.