Attendance at the 45th Korea Chamber of Commerce Jeju Forum
Continued Efforts to Normalize Korea-Japan Relations
"Pardon for Businesspeople Will Benefit the Economy"
"Busan World Expo Bid Is Not Impossible"
Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is speaking at the press conference of the 45th KCCI Jeju Forum held at Jeju Haevichi Hotel & Resort on the 13th.
[Asia Economy Reporter Oh Hyung-gil] Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI), stated, "It is necessary to continue economic cooperation with China and achieve development and progress." This is interpreted as a somewhat premature judgment regarding the 'Decoupling from China' theory proposed by the Yoon Seok-yeol administration.
On the 13th, during a press conference held on the occasion of the 45th KCCI Jeju Forum at the Haevichi Hotel & Resort in Jeju, Chairman Choi said, "(China) should be handled as amicably as possible, and it is still true that it is a considerably large market whether we like it or not."
He began by saying, "China was a place I visited about once a month, but I haven't been there even once in the past three years since COVID-19," adding, "It is somewhat difficult to judge and evaluate China."
He continued, "We need to accurately understand how the news coming from the West or from Korea and Japan is perceived from China's perspective, how China interprets and acts on it," and said, "If we just think of giving up the (Chinese) market, it is not an option to give up a considerably large market that South Korea has."
He acknowledged that the political and social situation has become difficult. Chairman Choi said, "Since we are doing something in countries that are even more difficult than China, I think it is still a bit early to judge that we should not engage with China or how we should act."
Earlier, Choi Sang-mok, the senior secretary for economic affairs at the presidential office, diagnosed at the NATO summit held in Madrid, Spain, last month that "China's growth is slowing down and shifting to a domestic demand-centered strategy," and "the era of export boom through China that we have enjoyed for the past 20 years is coming to an end." He proposed the 'Decoupling from China' theory, emphasizing the need for alternative markets and market diversification.
Regarding Korea-Japan relations, Chairman Choi emphasized the need to continue efforts for normalization. He said, "Legal issues, diplomatic and economic problems are all tangled, and it seems that the Chamber of Commerce cannot resolve them," but added, "The Chamber also thought that maybe we could do something about at least a part of (normalization), so I met with the current and next presidents of the Japan Chamber of Commerce and Industry and discussed holding a Korea-Japan Chamber of Commerce meeting as soon as possible."
He also expressed the view that the pardon of businesspeople would be beneficial to the Korean economy.
He explained, "The pardon issue is the president's exclusive authority," but added, "Since the economy is difficult now, if this is eased a bit, the scope of activities for businesspeople might become wider and freer, and I think it would also help our economy."
Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is delivering the opening address at the 45th KCCI Jeju Forum held on the 13th at the Jeju Haevichi Hotel & Resort.
Regarding the economic outlook for the second half of the year, he predicted it would flow into a recession phase and continue into next year. He analyzed, "Since the 2008 Lehman crisis, the world has never properly tightened monetary policy," and "the money that has been flowing so far is rapidly exacerbating inflation."
He mentioned, "(The recession) was something that was bound to come eventually," and added, "I hope this problem will be resolved as soon as possible, but it seems that it will flow into a recession phase, and next year will be the same."
Regarding SK Group's investment plans, he said, "There is naturally a possibility that the plans made last year will change to some extent," and "As interest rates continue to rise, I think it is quite possible to delay investments in a strategic and tactical manner."
SK Group announced in May that it would invest 247 trillion won by 2026 to strengthen core growth engines such as semiconductors and bio over the next five years.
He evaluated the cooperative relationship with the Yoon Seok-yeol government, which is now in its second month since inauguration, as progressing well. Chairman Choi said, "Since there have been many remarks emphasizing public-private joint cooperation, I think it will be well achieved, and so far it is going well."
Regarding regulatory reform, he emphasized, "The goal is not to eliminate regulations themselves, but efforts are needed to enable businesses to operate well without unnecessary interference in corporate activities." He explained, "Regulations exist because they are necessary," and "More research and discussions are needed on why these regulations are necessary and how they work."
In response to criticism that South Korea is falling behind Saudi Arabia in the bid to host the 2030 World Expo in Busan, Chairman Choi expressed confidence, saying, "If you look pessimistically, it is forever pessimistic," and "Among the countries we have contacted, some that had supported Saudi Arabia have turned around and said they would support us."
Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is speaking at the press conference of the 45th KCCI Jeju Forum held on the 13th at the Jeju Haevichi Hotel & Resort.
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