Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, emphasized the need for business leaders to embrace the spirit of '革故鼎新' — fixing the old and creating the new.
In his New Year's address announced on the 29th, Chairman Choi noted, "Now that the warning lights are on for low growth, the traditional growth formula is no longer valid. It is time to lay the groundwork for future growth through bold innovation."
Regarding the South Korean economy in 2025, Chairman Choi stressed that as uncertainties both domestically and internationally have increased, there should be no relaxation of vigilance. He stated, "Many domestic and foreign research institutions predict that the economic growth rate will fall to the 1% level," and added, "Amid societal conflicts, concerns over low birthrates and an aging population, the rapid changes in the industrial paradigm driven by AI do not allow for even a moment's hesitation."
Chairman Choi called for fundamental improvements in the corporate structure and for policymakers to create a nurturing environment for economic growth. He remarked, "Corporations must establish and implement long-term strategies based on their core values and actively engage in nurturing talent and investment to enhance competitiveness in future advanced industries." He further noted, "Countries around the world are making significant financial and institutional support for the development of advanced industries, and along with large-scale investment support for next-generation growth engines such as AI, green technology, and biotechnology, flexible institutional reforms in line with changes in the global industrial paradigm are necessary."
Additionally, he emphasized to the government and political circles that "prompt stabilization of state affairs is essential so that corporations can focus on their inherent management activities," and stated that "policies related to people's livelihoods and the economy must be pursued without wavering in the face of any external winds."
Finally, Chairman Choi expressed his intention to take the lead as an economic diplomat to enhance South Korea's foreign credibility in the global market. He said, "I will support the successful hosting of the Asia-Pacific Economic Cooperation (APEC) summit in Korea in November, while also showcasing the strength of the South Korean economy and opening doors to opportunities for global prosperity."