Choi Tae-won Meets South Korea-US-Japan Leaders: "Solving Supply Chain and Climate Crisis Issues as a Community"

1st TPD Conference "Utilizing Private and Public Participation Communities"
Addressing Geopolitical Crises, Supply Chains, and Climate Crisis Solutions

SK Group Chairman Chey Tae-won delivers a welcome speech at the '2021 Trans-Pacific Dialogue' held near Washington D.C., USA, on the 6th (local time).

[Asia Economy Reporter Choi Dae-yeol] Chey Tae-won, Chairman of SK Group, encouraged leaders from the United States, Japan, and South Korea to come together to address the geopolitical risks in the Northeast Asia region. He emphasized that to solve pressing issues such as supply chain problems, which have become acute in each country, as well as the climate crisis facing all humanity, both the private and public sectors must collaborate to form a community and find solutions.

On the 6th (local time), at the 1st Trans-Pacific Dialogue (TPD) held near Washington D.C., Chairman Chey said, "As the geopolitical environment in Northeast Asia and the Indo-Pacific region becomes more complex than ever, the three countries of Korea, the U.S., and Japan face many common challenges," adding, "Urgent issues that need to be resolved include the strategic competition between the U.S. and China, comprehensive frictions among Indo-Pacific neighboring countries, North Korea's denuclearization, and the collapse of global supply chains."

He then proposed solutions, stating, "First, by utilizing collective participation communities, along with effective and long-term strategies, we must create solutions that accurately reflect the geopolitical realities and risks faced by Northeast Asia and resolve them peacefully."

As the technological hegemony competition between the U.S. and China intensifies, SK, which operates businesses in both countries, has been caught in the crossfire. Representative examples include the delayed approval from Chinese regulatory authorities for SK Hynix's acquisition of Intel's NAND flash business in the U.S., and the U.S. government's negative stance on changing equipment at factories operating in China. Upon taking office, U.S. President Joe Biden ordered a comprehensive review of supply chains for semiconductors and batteries, citing high dependence on specific countries or regions?a measure aimed at China. For SK, both the U.S. and China are regions with large-scale business operations, making it difficult to take sides.

SK Group Chairman Chey Tae-won is exchanging greetings while receiving a book from Senator Jon Ossoff of Georgia at the '2021 Trans-Pacific Dialogue' held near Washington D.C., USA, on the 6th.

Chairman Chey introduced SK Group's ongoing initiatives to address global issues such as the climate crisis. He revealed plans to invest $40 billion over the next four years in the U.S. to contribute to local carbon reduction efforts. Previously, during his visit in late October, he announced an investment of $52 billion over ten years, but now a significant portion of that investment will be accelerated to as early as 2025. He said, "Our goal is to reduce 200 million tons of carbon by 2030, which is an aggressive target corresponding to 1% of the world's reduction goals."

The TPD, held over three days starting from this day, was attended by current and former senior officials, scholars, and business leaders from South Korea, the U.S., and Japan. This was the first event of its kind, conceptualized by Chairman Chey over several years. On the first day, Georgia Senator Jon Ossoff and former U.S. Secretary of Defense Chuck Hagel attended, and on the second day, Kurt Campbell, Indo-Pacific Coordinator of the White House National Security Council (NSC), and Tennessee Senator Bill Hagerty were scheduled to participate. The company explained that the large participation of key leaders amid the ongoing aftermath of the COVID-19 variant pandemic reflects a recognition of the need for cooperation and coordination to address the increasingly complex international situation and shared challenges.

Chairman Chey urged, "I ask everyone gathered at this TPD to strive to create more happiness to share with the world and to find solutions to many of the problems we face."