Choi Tae-won: "In an Era of Change and Opportunity, Government and Private Sector Must Collaborate, Not Individual Companies"

Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry is giving a greeting at the Deputy Prime Minister-Economic Organization Heads Meeting held on the 16th.

[Asia Economy Reporter Choi Dae-yeol] Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, said on the 16th, "As we enter an era of change and opportunity, global competition to seize the market first has intensified," adding, "Individual companies have limitations in responding, so collaboration between the government and the business community at the national level is essential."

Chairman Choi made these remarks ahead of an economic organization heads meeting organized by Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance. Amid ongoing US-China trade conflicts for several years, recent policies have been introduced reflecting domestic interests, spreading in ways different from the past. This has made it difficult for Korean companies operating in overseas markets.

Chairman Choi pointed out, "Many think that after the end of COVID-19, things will return to the way they were before, but we need to look at reality more soberly," adding, "The changes in markets and technology we are experiencing now were only accelerated by COVID-19, and the direction of change is an irreversible trend of the times." He continued, "Our task is to accept the flow of change, seize opportunities, and create new value."

He emphasized that as cross-border competition intensifies, the government and companies must put their heads together and combine their strengths. Chairman Choi said, "Instead of conflicts over issues, I hope for active cooperation to create new value." He added, "It is also important to consider sectors that cannot keep up with market and technological changes," and urged, "Monetary support for damages has its limits, and a systematic plan should be prepared to help adapt to changes and move in new directions."

Furthermore, he said, "Economic volatility is increasing and emerging as a source of anxiety," and requested, "I hope the government will work hard to manage risk factors such as shocks to emerging market financial markets caused by US Treasury yield hikes, post-pandemic anxieties, and instability in oil and other raw material prices."

Addressing the domestic business community, he said, "Companies should pay attention to the minimum demands required by the era and society, namely ESG (Environment, Social, Governance)," adding, "The private sector is also looking for ways to contribute to solving national tasks, and while it is difficult for individual companies, if the private sector as a whole steps forward, there will be areas where change and results are possible."