Chairman Kang Myung-soo of Korean Standards Association said, “The New Year is the Year of the Rabbit. Like a rabbit running and climbing a mountain, our association needs to move forward to catch two rabbits: survival and growth by making a quantum jump.”
“Even though we welcome the New Year with expectations of a better one year than the previous one, there is no end to the Ukraine incident, and the global and national economies are predicted to have difficulties in the wake of the U.S. fiscal tightening and U.S. Fed’s giant step,” Chairman Kang said.
“With exports plunging greatly and the continuity of sagging investments, government and private economic institutions, including the Ministry of Economy and Finance, KDI and the Bank of Korea predict that the national economy would grow at around 1 percent, and the arrival of a “Great Recession” is expected.”
Kang added, “Even though the hardest management environment is expected due to the economic recession and inflation, if we make joint efforts to fight against the wind rather than laying at anchor to evade the typhoon, it will bring about opportunities, which will enable better achievements than last year,” Chairman Kang said. “I expect you to enjoy a bounty of a ship full of shrimp like in the film ‘Forest Gump’.”
“Now is the time for us to make a fresh start rather than resting on last year’s achievements,” the KSA chairman said.
“The budget for many support project areas KSA has so far implemented is predicted to decline this year. A crisis is said as another opportunity, and if education on transition to digitalization is reinforced and new and support projects are explored aggressively, we’ll grow all the more.”
Chairman Kang said ESG is a requisite, and carbon neutrality is a task that cannot be delayed. The EU is moving to introduce a carbon border tax.
He called for KSA to help Korean SMEs cope with ESG and carbon neutrality and make it an opportunity to expand businesses.
“This year is a time in which KSA will raise its brand and concentrate on its qualitative growth to achieve a vision of being a knowledge service institution leading digital transformation and ESG,” he said.
KSA Chmn. Kang Elected as Board Member of IFVI
Chairman Kang Myung-soo of Korean Standards Association (KSA) was elected as a member of the board of directors of the International Foundation for Valuing Impacts (IFVI).
IFVI is an offshoot of the Impact-Weighted Accounts (IWA) project at Harvard Business School.
The goal of the IFVI is to drive the global integration of impacts in financial analysis to promote effective resource allocation and achieve long-term financial stability.
To do so, IFVI will develop methodologies and valuation estimates, conduct research needed to support impact valuation, increase awareness about the feasibility and importance of full impact disclosure, and build market uptake of impact valuation among corporates, investors, and policymakers.
Sir Ronald Cohen, the interim board chair of the inaugural meeting, said, “The conventional accounting practices, based on profit transparency introduced in the 1930s, are not suitable to achieve the U.N. goals by 2030 and solve economic inequality, and the impact-weighted accounts will offer a basic revision of account urgent for us.”
KSA Chairman Kang said, “I’m not only pleased but also feel a responsibility to participate as a member of IFVI board.”
KSA Shares Cases of Technology Mentoring Startups by Global Companies
Korean Standards Association (KSA) held a session to share outstanding performances of startups of technology mentoring by global companies. The event was held as part of the 2022 educational program of the Global Startup Academy on Dec. 15.
The session was hosted by the Ministry of SMEs and Startups (MSS) and organized by KSA and Korea Institute of Startup and Entrepreneurship Development.
Global Startup Academy is MSS’s program designed to designate startups with innovative items and support their entry to global markets.
In particular, the select startups undergo global companies’ education program in which AWS, NVIDIA, Microsoft and Google Cloud offer technology education and technology mentoring.
The session proceeded with KSA’s progress on the implementation of technology mentoring, the four global companies’ technology mentoring and cases of eight startups.
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