South Korea hosts Boao Forum for Asia in Seoul

South Korea hosted the Boao Forum for Asia Seoul Conference in the country's capital Seoul, bringing together some 800 entrepreneurs and government officials.

The opening ceremony was held at a hotel in central Seoul Tuesday, after a welcoming banquet was held Monday night, according to the Federation of Korean Industries (FKI), a South Korean business lobby group co-hosting the event.

It was attended by hundreds of influential entrepreneurs and government officials, including Chinese State Councilor Wang Yong and South Korean Prime Minister Lee Nak-yon as well as chief executives of Samsung, Hyundai Motor and SK, South Korea's top three conglomerates.

The first regional Boao Forum in Northeast Asia was held under the theme of "An Open and Innovative Asia." The Seoul conference was composed of three sessions, including global economy and Asian economic cooperation, innovative science and technology and inclusive growth.

Ban Ki-moon, chair of the Boao Forum for Asia and former UN secretary-general, said at the opening ceremony that Asia was faced with a global crisis of uncertainties, such as anti-globalization, trade protectionism and isolationism.

Ban noted that Asia should adhere to the values of globalization, free trade and multilateralism through regional cooperation to maintain a miracle-like splendid economic development and serve as a growth engine for the global economy.