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 chief urges global solidarity
Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won speaks during his appearance on a KBS television show on current affairs, Sunday. Courtesy of KCCI
By Park Jae-hyuk
Chey emphasizes need to attract 5 million migrants
Korea Chamber of Commerce and Industry Chairman Chey Tae-won advised policymakers to strengthen international economic solidarity to cope with the forthcoming changes in the global order after U.S. President-elect Donald Trump’s inauguration on Monday.
Chey, who also leads SK Group, emphasized the need for an alternative to the export-reliant economy, calling for policies aimed at attracting long-term foreign residents.
“The transformation of the global economic order means that we should play under the rules of swimming instead of wrestling,” the business tycoon said during his appearance on a current affairs television show on Sunday, a day before Trump’s inauguration.
“Players who are good at wrestling will face difficulties in swimming (if they cling to the rule of wrestling),” he added, alluding to changes in the international trade framework.
Chey noted that the international trade order has transformed from multilateralism to bilateralism.
Mentioning the United States, China and the European Union as the three largest economies that determine international rules, the chairman proposed economic solidarity with Japan to make Korea’s voice heard globally.
“The size of Japan’s economy is larger than that of Korea’s, but the two countries are similar in terms of getting used to accepting international rules rather than making the rules,” he said.
Chey also pointed out that Korea’s overseas investments have not been systematic enough, considering the size of its economy.
“I’m skeptical of how large Korea’s proportion of Nvidia’s investors will be when the company grows enormously,” he said.
Regarding the necessity of shifting focus from hardware to software, Chey advised Korea to export its culture, which can be relatively free from trade barriers. As an example, he mentioned the systematic globalization of Korean cuisine and food.
Amid ongoing difficulties in solving the country’s low birthrate and aging population, the chairman pushed for strategies to attract foreigners who will work, pay taxes and increase domestic consumption in Korea.
“Korea needs the inflow of around 5 million migrants, who will account for approximately 10 percent of the country’s population,” he said.
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Additionally, Chey proposed the idea of a reward system for people who solve social problems.
“If Korea has a systematic method to make many creative people solve social problems, it will be able to save social costs,” he said.