Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
SK chairman proposes initiatives to boost slow-growing Korean economy
SK Group Chairman Chey Tae-won speaks during an interview with YouTube channels, Sunday. Courtesy of SK Group
By Nam Hyun-woo
Chey emphasizes APEC CEO Summit as platform to address protectionism, global trade challenges
SK Group Chairman Chey Tae-won on Sunday proposed new approaches to Korea’s slow-growing economy, highlighting an economic alliance with Japan and investment in artificial intelligence.
Chey, who also serves as chairman of the Korea Chamber of Commerce and Industry (KCCI), emphasized the importance of the upcoming Asia-Pacific Economic Cooperation CEO Summit, calling it a platform for finding solutions in the era of protectionism. The KCCI will host the event, scheduled for Tuesday through Friday.
“It is difficult to restore free trade under the WTO system as it existed in the past, and the export-driven growth model that has continued since the 1960s no longer works because of tariff barriers,” Chey said during a joint interview with YouTube channels.
He proposed forging an economic alliance with Japan to help Korea respond to trading blocs and protectionism.
“By cooperating with Japan, we can create a market worth $6 trillion and achieve economies of scale. This would form the world’s fourth-largest economic bloc, enabling us to better respond to external conditions,” he said.
Since first floating the idea earlier this year, Chey has emphasized that Korea should build an interconnected economic partnership with countries that share similar economic structures, identifying Japan as a key partner with which Korea should pursue a single-market model similar to that of the European Union.
The chairman also called for sustained investment in the AI sector, which he said offers new opportunities for Korea.
“The competition for global dominance between the United States and China is reminiscent of the arms race between the U.S. and the Soviet Union during the Cold War,” he said.
“The two countries are unlikely to slow their race for AI investment, and falling behind in the AI sector could pose significant risks. Even amid ongoing geopolitical uncertainty, necessary investments must continue.”
Chey also proposed a “mega sandbox” concept to revitalize non-capital areas suffering from population decline, while stressing the importance of attracting overseas talent.
“Establishing a mega sandbox in regional areas to serve as an AI experimental site and testbed could have significant ripple effects,” he said.
“It is also necessary to consider introducing a ‘green card’ system to allow foreign talent to stay in Korea for a period and create added value.”
Regarding the APEC summit later this week, Chey said, “APEC leaders, including U.S. President Donald Trump and Chinese President Xi Jinping, will gather to hold extensive discussions. It will provide a gauge for how U.S.-China issues may unfold in the coming years.”
He added, “The APEC CEO Summit, attended by more than 1,700 participants, will serve as a platform for finding solutions in this era of protectionism,” noting that “numerous global business leaders, including Nvidia CEO Jensen Huang, are expected to attend.”