"South Korea's Economy in Total Crisis"…Choi Tae-won Meets Economic Elders

'Economic Elders' Roundtable Held Before U.S. Economic Delegation Departs
Seeking Solutions to Economic Crisis, Including Response to 'Trump Risk'
Choi Tae-won: "In Difficult Times, the Economy Must Be the Top Priority"

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI) and SK Group, invited senior economic figures to hear their opinions. As the domestic and international variables plunged the Korean economy into severe uncertainty, he arranged a meeting to directly seek advice from these elders. This was the first official meeting Choi held with former Deputy Prime Ministers and others since assuming the chairmanship of KCCI.

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is taking a commemorative photo at a meeting with senior economic figures held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul on the 12th. The meeting was organized to seek advice from senior economic figures on the direction of the Korean economy. Attendees included former National Assembly Speaker Chung Sye-kyun, former Ministers of Strategy and Finance Lee Heon-jae, Yoon Jeung-hyun, and Yoo Il-ho. 2025.02.12 Photo by Yoon Dong-ju

On the 12th, at the KCCI headquarters in Jung-gu, Seoul, during the roundtable titled "The Path Forward for the Korean Economy: Asking the Economic Elders," Chairman Choi said, "In the current economic situation, the experience and insight of the nation's elders are more urgently needed and important than ever," adding, "This gathering was arranged to seek that wisdom." He further stated, "Those attending today have played pivotal roles in overcoming multiple past economic crises and managing turmoil," requesting their advice for overcoming the current crisis.

The roundtable was attended by former National Assembly Speaker and Prime Minister Chung Sye-kyun, former Deputy Prime Minister and Minister of Finance and Economy Lee Hun-jae, former Minister of Strategy and Finance Yoon Jeung-hyun, and former Deputy Prime Minister and Minister of Strategy and Finance Yoo Il-ho. From the Participatory Government era through the Moon Jae-in administration, the policy chiefs of successive governments gathered regardless of political affiliation. Chairman Choi is scheduled to visit Washington D.C., USA, on the 19th to meet with key economic and trade officials, and it appears he sought the advice of economic elders ahead of these substantive discussions.

It is said that this roundtable was planned since the end of last year when the aftermath of the emergency martial law intensified social turmoil. This was likely in consideration of the unprecedented deterioration of economic conditions, with Korea’s economic growth rate lingering in the 1% range and increasing uncertainty in the trade environment. Chairman Choi sought to explore the role of KCCI in overcoming difficulties across the industrial sector, and it is known that the economic policy team proposed holding the roundtable. Chairman Choi reportedly prepared for the event with a mindset of "listening and learning."

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is attending a meeting with senior economic figures held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul on the 12th. The meeting was organized to seek advice from senior economic experts on the direction of the Korean economy. Former National Assembly Speaker Chung Sye-kyun, former Ministers of Strategy and Finance Lee Heon-jae, Yoon Jeung-hyun, and Yoo Il-ho attended the meeting. 2025.02.12 Photo by Yoon Dong-joo

The senior figures who led economic policy in past administrations advised on the direction of the industrial sector based on their experience overcoming previous crises. Lee Hun-jae, who contributed to overcoming the IMF foreign exchange crisis, diagnosed, "The Korean economy has not escaped from various underlying ailments," adding, "The economy has grown too large and complex for the government to control; a paradigm shift to a private-sector-led new growth strategy is necessary." Regarding the "Trump risk," he advised, "At the corporate level, it is necessary to establish a strategic cooperative relationship akin to an alliance with the United States."

Former Minister Yoon Jeung-hyun expressed concern, saying, "With the rise of Trump, the free trade system from which Korea has benefited is declining," and "Political turmoil has compounded this, placing our economy in a comprehensive crisis." He pointed out, "The time for Korea to respond is rapidly approaching, regarding pressures to increase defense costs and relations with China," emphasizing, "Economic development cannot be expected without political stability, so the political situation needs to stabilize quickly."

Former Deputy Prime Minister Yoo Il-ho stressed, "Until political instability is resolved, the focus must be on 'stability' above all else," urging, "The government and political circles should closely monitor macroeconomic variables such as interest rates and exchange rates, while continuously sending the message that economic policy management will remain steady."

Former Speaker Chung Sye-kyun focused on the fundamental competitiveness of the Korean economy. He emphasized, "Korea’s strong competitiveness is generated from technology, talent, creative content, and the manufacturing sector behind them," adding, "A solid public-private-government combination is essential to ensure these elements remain stable."

The roundtable, which lasted about an hour and a half, switched to a closed session after opening remarks by Chairman Choi and the senior figures. According to KCCI, the meeting was made private to allow for more candid discussions.