SK Chairman Chey Tae-won: "Form a Korea-Japan Economic Union to Overcome Global Crisis"

Choi Tae-won, Chairman of SK Group, is delivering a welcome speech at the 'Tokyo Forum 2023' held at the University of Tokyo in Japan on the 30th of last month. Photo by SK

Choi Tae-won, Chairman of SK Group, proposed forming a Korea-Japan economic cooperation body to actively respond to the phenomenon of global economic bloc formation caused by geopolitical conflicts and divisions.

On the 30th, during the welcoming address and special lecture at the 'Tokyo Forum 2023' held at the University of Tokyo in Japan, Chairman Choi said, "The era of a single global market has passed due to geopolitical conflicts, climate change, and digital transformation," and added, "Let's overcome the global division crisis by forming a Korea-Japan economic alliance."

Chairman Choi diagnosed, "Over the past year, I have witnessed geopolitical tensions while visiting more than 40 countries, where each nation is partnering and forming rules and standards," and said, "As the United States, the European Union (EU), and China create their own markets, Korea and Japan have faced difficulties."

He particularly explained the background of the Korea-Japan economic alliance proposal by stating, "Facing challenges such as a declining labor population, reduced exports to China, and decreased investment, both Korea and Japan must take more aggressive measures not only for growth but also for survival."

Chairman Choi emphasized, "By forming an economic alliance, Korea and Japan can shift from being rule takers to rule setters in the global market." He continued, "The combined gross domestic product (GDP) of Japan and South Korea is about 7 trillion dollars (approximately 9107 trillion won)," and said, "The Korea-Japan economic alliance can be a powerful catalyst for the future development of both countries."

He added, "Both countries have strengths in industries such as semiconductors, electric vehicle batteries, pharmaceuticals, and renewable energy," and said, "There are also many potential new areas to start, such as LNG (liquefied natural gas) and startup platforms." Chairman Choi noted, "Especially this year, the relationship between Korea and Japan has been very good," and added, "We must not miss this opportunity."

The Tokyo Forum, jointly hosted by the Choi Jong-hyun Academic Institute?established by SK Group to honor the late founder Choi Jong-hyun’s philosophy of nurturing talent?and the University of Tokyo since 2019, was held over two days starting on the 30th of last month under the theme of "Fostering Humanity in the Era of Social Division and Digital Transformation." The forum featured presenters and panelists including Chairman Choi, Kim Yoon, Chairman of the Korea-Japan Economic Association and Chairman of Samyang Group, Yasuhiko Sato, Special Advisor of Mizuho Financial Group, Ari Horie, CEO of Women’s Startup Lab, Kim Yoon, Partner at Saehan Venture Capital, and Shigeo Kagami, Professor at the University of Tokyo. Experts from academia and the economic sector diagnosed the global crisis situation caused by geopolitical conflicts and technological advancements and sought solutions.