SK chairman calls for eased corporate regulations during meeting with PPP

SK Group Chairman Chey Tae-won, second from left, speaks during a meeting with President Lee Jae Myung in Seoul, Nov. 16. Yonhap

SK Group Chairman Chey Tae-won, who serves as head of the Korea Chamber of Commerce and Industry (KCCI), on Wednesday asked the main opposition party to make efforts to revamp corporate regulations amid global business challenges.

"Countries are dominantly implementing nation-first policies, with many introducing unprecedented measures to support their own businesses," Chey was quoted as saying by the KCCI during his meeting with Rep. Jang Dong-hyeok, head of the People Power Party (PPP).

Chey said during the Asia-Pacific Economic Cooperation (APEC) CEO Summit, the official sideline event of the APEC leaders' summit held in Korea last month, he sensed a shift in the external economic environment, pointing out "the game, rules and norms on the international stage have changed."

"Moreover, major big tech companies are investing billions or even trillions of dollars in the artificial intelligence sector on a scale not seen before," Chey said.

The chairman said the political circle, including the PPP, needs to make legislative efforts to help businesses secure funds for such investment projects.

Chey asked the PPP to proactively reflect the business community's voice at parliament, including measures to boost the competitiveness of cutting-edge industries and address business uncertainties.