Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
KCCI chair expects Schengen-style pact between Korea, Japan to add $2 bil. in value
Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won shares his views on the economy during a TV interview, Sunday. Courtesy of KCCI
By Lee Min-hyung
Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won has called for the need for a bilateral passport-free travel agreement between Korea and Japan, saying such a move could generate massive economic synergies for both countries.
In a televised show, Sunday, the KCCI chief presented the proposal as an option to invigorate the sagging economy, underscoring an approach that both countries are a “unified economic community.”
“Once Korea and Japan sign a Schengen-style agreement like in the European Union (EU), it would create added value worth 3 trillion won ($2.03 billion),” he said.
The Schengen Area refers to a travel zone in Europe that uses a common visa policy for international travel, allowing citizens and visitors to move freely across most internal borders within the EU and participating nations without passport checks.
“We should think of the two countries as one single economic community,” he said. “This could create more economic synergies for both countries.”
He also said that an “excessively high” number of economic rules in Korea creates risks for business owners. Chey also serves as chairman of SK Group.
“When companies make investments, they calculate detailed numbers, such as estimated returns, timeline and scale,” he said. "However, such a process means nothing when companies include the possibility of imprisonment of top management as a potential risk during their investment process."
Chey also underlined the importance of building a global-scale AI infrastructure for Korea to achieve sustainable growth and keep enhancing its AI competitiveness.
“AI is not a simple technological progress but a civilization-level change, so the new tech paradigm is a core element when building national strategies,” he said.
“There is a clear limit to AI infrastructure available only in Korea. They should be available all across the globe. This will make sustainable AI-driven industrial growth and investment possible here.”
Korea has so far achieved economic growth largely driven by manufacturing exports, but the country needs to build a state-level growth model by converging cultural assets, AI technologies and software capabilities, Chey added.