Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry, on the 26th used a joint interview with three YouTube channels—SamproTV, Understanding, and Apgwon—to explain the significance of the Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting CEO Summit and to lay out growth strategies needed for the Korean economy.
On the 26th, Chey said of the APEC summit, "U.S. President Donald Trump, Chinese President Xi Jinping, and other leaders of APEC member economies will gather for extensive discussions," adding, "It will be a venue that offers a gauge for how U.S.-China issues might be resolved over the next few years."
He went on, "The APEC CEO Summit is an event with about 1,700 participants, and it will be a place to find solutions in an era of protectionism," noting, "Numerous global business leaders, including Nvidia CEO Jensen Huang, are scheduled to visit." As president of KORCHAM, Chey is serving as chair of the APEC CEO Summit.
He emphasized that the Korean economy, now in a situation where even negative growth is a concern, must find a new growth formula. Chey said, "It will be difficult for free trade to be restored under the old WTO framework," and "The export-driven growth formula that has continued since the 1960s no longer works because of tariff barriers."
As solutions for the Korean economy, Chey proposed "Korea-Japan economic solidarity, a shift to growth-oriented regulation, AI investment, attraction of overseas talent, and a mega sandbox."
Korea-Japan economic solidarity is a proposal to respond to economic bloc formation and protectionism. Chey explained, "If we cooperate with Japan, we can create a $6 trillion market and achieve economies of scale," adding, "We can form the world's fourth-largest economic bloc and respond to external conditions."
He also proposed that regulations be redesigned to support growing corporations. Chey emphasized, "Policies that unconditionally protect small and midsize companies are outdated," and "We need to shift to policies that support growing corporations." He added, "We should strengthen key supply chains by industry and design policies centered on strategic sectors such as semiconductors."
He saw the fiercely competitive field of AI as a new opportunity. Regarding the current struggle for dominance between the United States and China, Chey said it is reminiscent of the arms race between the United States and the Soviet Union during the Cold War, and predicted, "The two countries will not stop the AI investment war."
He continued, "Even if geopolitical uncertainty persists, we must make the investments that need to be made," adding, "Falling behind in AI could be a significant risk, and we plan to continue related investments."
In the mid to long term, he proposed both attracting overseas talent and introducing a "mega sandbox" to open the floodgates for blocked growth. Chey said, "If we create mega sandboxes in regions to build AI proving grounds and test beds, the ripple effects will be large," adding, "We should also introduce systems such as a green card so overseas talent can stay domestically for a set period and create added value."
In addition, Chey said, "We need to move away from a manufacturing-centered structure and shift to high-margin soft goods and services," noting, "We should identify 'soft money,' such as industrializing Korean cuisine."
Chey also shared why, as a business leader, he continues to reflect on the Korean economy. He said, "My late father, former Chairman Chey Jong-hyun, always said we must contribute to the national economy," adding, "Corporations are not simply entities that grow through competition but should stand with the community and contribute to society."