The Spirit of 'Serving the Nation through Business' Continues...KCCI Solidifies Its Position as the Leading Economic Organization (Comprehensive)

Choi Tae-won, First Chairman of Seoul Chamber of Commerce Unanimously Elected Among Heads of Four Major Conglomerates

[Asia Economy Reporter Hwang Yoon-joo] Chey Tae-won, chairman of SK Group, officially formalized the succession of the 'business patriotism' spirit of his late father, Chey Jong-hyun, former chairman of Seongyeong Group (now SK Group), as he took his first step as the head of an economic organization representing 180,000 domestic merchants and industrialists. Chairman Chey plans to represent the voices of the business community struggling due to COVID-19 and expand the environmental, social, and governance (ESG) management, recently proposed as SK Group's key management agenda, throughout the entire economic sector.

The Seoul Chamber of Commerce and Industry (Seoul Chamber) executive board unanimously agreed on March 1 that the chairman of the Seoul Chamber should be a figure capable of representing Korea's economy both domestically and internationally. Considering his past management achievements, global capabilities, and leadership in ESG, they concurred that Chairman Chey was the most suitable candidate and unanimously nominated him as the successor. Accordingly, following the convention that the chairman of the Seoul Chamber also serves as the chairman of the Korea Chamber of Commerce and Industry (KCCI), Chairman Chey will assume the KCCI chairmanship at the end of March.

Park Yong-man, chairman of KCCI, explained the background of the nomination, saying, "Chairman Chey is the right person to foresee the future at this turning point as the Fourth Industrial Revolution era approaches," and added, "Since Chairman Chey often thinks deeply about coexistence, environmental, and social values, he is the most suitable candidate at this time."

As the head of an economic organization while also being the leader of one of the four major conglomerates, Chairman Chey carries a heavy burden. His immediate priority is to convey the business community's stance on major corporate regulatory bills such as the Serious Accidents Punishment Act and the profit-sharing system to the government. The KCCI, representing 180,000 merchants and industrialists, has a large proportion of small and medium-sized enterprises, making the interests among member companies complex. He must skillfully mediate these interests to present a unified voice.

He is also expected to actively emphasize corporate social responsibility based on the 'business patriotism' spirit his father stressed. Chey Jong-hyun, former SK chairman and former chairman of the Federation of Korean Industries, once presided over executive meetings despite his frail health after lung cancer surgery in September 1997 during the Asian financial crisis. He led the business community through difficult times by emphasizing the 'business patriotism' spirit. Chairman Chey is known to have accepted the KCCI chairmanship with a sense of mission amid the challenging business environment following COVID-19. Earlier this year, in his New Year's address, he emphasized that "a 'new entrepreneurial spirit' that empathizes with society and works together to solve problems is needed."

A business community official said, "Chairman Chey, who has emphasized social value creation and mutual growth, is believed to have contemplated the role of economic organizations," adding, "He will strengthen communication with the government and strive for coexistence between large corporations and small and medium-sized enterprises."