South Korea is hosting the Boao Forum for Asia in the country's capital Seoul. With the theme of 'Open and Innovative Asia', the conference focuses on topics such as economic and regional cooperation, technological innovation and inclusive growth. CGTN's reporter Joseph Kim has the latest from Seoul.

JOSEPH KIM SEOUL "To discuss the future of Asia, some 800 political and business leaders from China and South Korea gathered to take part in the Boao Forum in Seoul. Dubbed the Davos of Asia, it's the first time the annual event is being held outside China, covering not only the current global economy but also regional cooperation, possibly leading to greater opportunities for both countries. While the list of high-profile names set to be in attendance is big, including South Korea's Prime Minister and China's State Councilor, another lingering question will be whether the Federation of Korean Industries, which is co-hosting the event, will be able to regain prominence.

After being the largest and most influential lobby group in South Korea for decades, representing the interests of large family-owned conglomerates, the group drew fierce criticism after the corruption scandal that rocked the nation—eventually leading to the impeachment of then President Park Geun-hye and the jailing of several company executives. Meanwhile, the Boao Forum in Seoul this year will discuss economic development of Asian countries under the slogan 'An Open and Innovative Asia'."