Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
KCCI proposes 'mega sandbox' as solution to regional imbalance
Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won speaks in a television documentary aired by KBS, Saturday. Courtesy of KCCI
By Park Jae-hyuk
Chey calls for deregulation to curb depopulation
Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, who also heads SK Group, appeared in a television documentary Saturday to propose a “mega sandbox” concept to revitalize non-capital areas suffering from population decline.
During a roundtable with young startup CEOs featured in the program, Chey suggested designating specific regions as zones with significantly relaxed regulations to attract talent and companies developing future-oriented technologies.
“Creating decent jobs in a region brings people in and improves living conditions, which in turn helps prevent regional decline and low birth rates,” he said. “If we choose one or two places and focus on making them successful, we can use them as models for other regions.”
Chey also encouraged local universities to guarantee employment opportunities for students after graduation.
Emphasizing the need for advanced infrastructure, he highlighted the importance of a foundational hub for artificial intelligence (AI) technologies.
“There should be at least one place in Korea with proper AI infrastructure,” he said. “Only then can we show that AI transformation is possible across all industries based on that foundation.”
Chey urged the government to shift toward a regulatory framework that allows all activities except those explicitly restricted by law — a reversal from the country’s current approach.
“When companies ask, ‘Are we allowed to do this?’ we need to be able to say, ‘Do whatever you want,’” he said.
He also called on local governments to offer incentives appealing to both domestic and international companies.
“As Korea’s structural challenges like delayed industrial innovation, lack of quality jobs, low birth rates and regional decline are deeply interconnected, it’s been difficult to address them through isolated solutions,” a KCCI official said. “Ahead of the upcoming presidential election, we aired this documentary to help people better understand the ‘mega sandbox’ idea proposed by the business community.”