At the 8th edition of the Global Biz Forum, themed “Big: Designing the Future,” business leaders gathered in Seoul to discuss the forces shaping the global economy and the future of international cooperation.
Operated jointly by The Korea Herald and Herald Business, the GBF has grown into a platform for dialogue among Korea’s influential figures in diplomacy, business and culture. The weekly forum continues to host high-profile speakers from Korea and abroad, fostering cross-sector conversations on global challenges and innovation.
This week’s session featured H.E. Tarash Papaskua, Ambassador of Georgia to the Republic of Korea, and professor Kim Gwang-seok of Hanyang University. Both addressed how nations can navigate uncertainty in an era of fragmentation and transformation.
Ambassador Papaskua highlighted the complex geopolitical and technological landscape facing nations today, emphasizing the importance of partnerships and adherence to a rules-based international order.
“The world we find ourselves in today is full of challenges and risks from issues of global politics to those affecting our everyday lives,” he said. “Amidst such complex challenges, fostering international solidarity and persistent efforts to strengthen the rules-based international order are essential for ensuring peace, prosperity and stability.”
Papaskua noted Georgia’s remarkable economic growth, reporting a 9.4 percent expansion in 2024 — one of the highest globally — and projected growth of 7 percent in 2025, according to the Asian Development Bank. He also underscored Georgia’s strategic position in reshaped global supply chains, particularly as the “heart of the Middle Corridor,” linking Europe and Asia.
Citing major infrastructure projects such as the Anaklia Deep-Sea Port and the Black Sea Submarine Electricity and Data Cable, the ambassador emphasized Georgia’s emerging role as a transport and green energy hub.
He also pointed to strengthened bilateral ties with Korea, noting the completion of negotiations on the Comprehensive Economic Partnership Agreement between the two nations.
“While we have achieved substantial progress over the past 30 years of diplomatic ties, there remains tremendous untapped potential,” he said, inviting Korean companies “to consider Georgia as their next nearshoring destination.”
Economist Kim Gwang-seok explored how economic fragmentation, low growth and financial market trends are redefining the world economy. He described the current period as one of “geoeconomic fragmentation,” a post-globalization era accelerated by ongoing conflicts and protectionist policies.
“We are no longer in an age of globalization but fragmentation,” Kim said. “Since 2022, global institutions have adopted the term ‘geoeconomic fragmentation’ to describe how alliances and trade blocs are reshaping the world.”
He warned that geopolitical tensions, combined with “persistent low growth,” are deepening structural weaknesses across economies. Yet paradoxically, asset prices — from stocks to cryptocurrencies — continue to surge.
“Even as people struggle with daily lives, capital markets rise,” Kim explained. “This is the ‘Everything Rally’ — where liquidity injections and falling interest rates push asset prices higher, even as purchasing power declines.”
Kim also forecast an intensifying “stablecoin war” as financial institutions and governments compete to redefine digital currencies and global payments, particularly amid growing US-China tensions.
“The next phase of economic competition will not just be about tariffs or currencies,” he said. “It will be about control over digital money, the stablecoin era.”
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