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.
Korea needs infrastructure for 'AI warriors': KCCI chief
Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI) and SK Group, speaks during a press conference at a restaurant on Jeju Island, Friday. Courtesy of KCCI
By Park Jae-hyuk
SK chairman does not expect Trump’s reelection to harm AI industry
SEOGWIPO, Jeju Island — Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI) and SK Group, advised the government and companies to build more data centers and infrastructure to support people with a strong understanding of artificial intelligence (AI) technology to aid them in finding new business opportunities.
Describing such people as “AI warriors,” the head of Korea’s largest business lobby said, Friday, that his company’s recent decision to merge SK Innovation and SK E&S is also intended for the energy firms to work together to solve problems related to the massive use of electricity at data centers.
“AI warriors are not merely engineers who can handle the technology better,” Chey said during a press conference on the third day of the 47th KCCI Jeju Forum.
“Those warriors will eventually become seeds and seedlings leading Korea’s growth.”
The chief of the business group that comprises semiconductor, energy, telecommunication and construction affiliates emphasized the need to let students use part of SK’s data centers.
“We should even start training elementary school students for them to create a decent workforce in the AI sector a decade from now,” he said.
“We can also consider bringing experts from India and other countries, or using foreign experts remotely without bringing them to Korea.”
In response to a question about how he is bracing for the potential outcome of the U.S. presidential election in November, the chairman remained cautious about predicting the winner and possible changes in the event of Donald Trump’s reelection.
“No matter who wins, there will be little change to U.S. policies toward China,” he said.
“There will be differences in environment policies, but it is hard to predict the level of change.”
Chey, however, did not expect any damage to the AI market under Trump’s presidency, although the former U.S. president told Bloomberg recently that TSMC would return to Taiwan after receiving subsidies for its factory in the U.S.
“I believe that the U.S. will remain as the largest AI market and the sector’s leader,” he said.
"Honestly, we have yet to make any large-size semiconductor investments in the U.S., given that the planned construction of SK hynix's fab in Indiana is for advanced packaging. If the Trump administration refuses to give subsidies, we can reconsider the investment from scratch."
During the press conference, the chairman openly discussed his relationship with his children amidst the ongoing divorce lawsuit with his estranged wife, Roh Soh-yeong, who is the daughter of the late former President Roh Tae-woo.
“It is actually difficult to understand why a meeting with my son becomes news,” he said in response to a question about a photo of him and his son that was uploaded recently on an internet forum.
“It is natural for me to meet with my children every day and have meals with them. It is heartbreaking that people think me meeting with my children is unnatural.”
Chey also said that Korea’s inheritance tax system should be more flexible for the owners of small and medium-sized enterprises, who face difficulties looking for family members who want to inherit their businesses.
“The inheritance tax system needs to evolve to support businesses and boost economic growth,” he said.
“I want policymakers to carry out a detailed study of the nation’s inheritance tax system, which has been unchanged over the past 25 years.”