The Korea Herald’s Global Biz Forum held its second-week session Wednesday to shed light on South Korea’s status and role amid growing fears of a global economic slowdown.

The Global Biz Forum is a platform that brings together CEOs, industry experts and diplomats here to explore diverse topics and share their knowledge and insight for new opportunities.

The week’s special guests and speakers included Maria Castillo-Fernandez, ambassador of the European Union to South Korea, Lee Jeong-dong, a professor of engineering practice at Seoul National University, and Cho Bong-hyun, executive vice president and head of the IBK Economic Research Institute.

"In today's world, everything is now becoming a weapon; data, energy, trade and technology. It is a world where there is less agreement between nations," Ambassador Fernandez said in her welcoming remarks. "Despite this very challenging environment, Korea and Europe are working very closely with each other."

Lee and Cho also delivered lectures discussing global challenges facing the Korean economy. They both stressed that new ways of thinking are essential.

"At times like this, what we need is prompt, flexible decision-making skills, diverse portfolios and the wisdom to tell the difference between what is real and what is not,” Cho said.