President Yoon Suk Yeol will give a keynote speech on the role of corporations in overcoming the multifaceted global crisis at a meeting of companies from Group of 20 nations in Bali, Indonesia on Monday.

Choi Sang-mok, the senior presidential secretary for economic affairs, said on Monday that Yoon’s speech to the Business 20(B20) summit will call for private sector-led supply innovation, rather than state intervention, as the latest crisis is assessed to have stemmed from a supply shock.

The president will then propose a digital transition to achieve supply-side innovation, in line with his earlier proposal in New York in September that called for the establishment of a new digital order.

Prior to attending the South Korea-Indonesia business roundtable later in the day, Yoon and Indonesian President Joko Widodo are set to discuss enhancing bilateral economic cooperation in investments, supply chains and the defense industry.

Yoon will also hold a luncheon meeting with South Korean businesses in Indonesia to listen to their difficulties and suggestions for an improved environment.