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Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI) and SK Group, sought advice from senior economic figures. As the economy plunged into severe uncertainty due to domestic and international variables, he arranged the meeting to hear the opinions of these elders. This is the first official meeting Choi has held with former economic and policy leaders since assuming the chairmanship of KCCI.

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-ju

At the roundtable titled "Asking Senior Economists About the Future Path of the Korean Economy," held on the 12th at the KCCI building in Jung-gu, Seoul, Chairman Choi said, "The experience and insight of the elders of our nation are more urgently needed and important than ever," adding, "This gathering was arranged to seek that wisdom." He continued, "Those attending today have played pivotal roles in overcoming multiple past economic crises and managing chaos," and added, "I will listen carefully and study diligently, and boldly initiate any corporate actions that need to be taken."

Chairman Choi also likened the recent economic crisis, marked by increasing uncertainty, to "three storms." He said, "There is the storm caused by the trade war, another is the concern over inflation, and technologically, the advent of artificial intelligence (AI) is expected to significantly change the existing order that has been fundamental to the international community," adding, "Including political uncertainty, it can be considered four storms." He emphasized again, "At times like these, we must gather decision-making that prioritizes the economy and navigate this period of great upheaval well."

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. These policy leaders from successive administrations, spanning from the Roh Moo-hyun government to the Moon Jae-in government, gathered beyond political lines. Chairman Choi is scheduled to lead the KCCI economic delegation to Washington D.C., USA, on the 19th to meet with key economic and trade officials. It appears he sought advice from senior economic figures ahead of these substantive discussions.

It is said that this roundtable was planned since the end of last year when social confusion intensified due to the aftermath of martial law. 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 the role of KCCI to overcome difficulties across the industrial sector, and it is known that the economic policy team proposed holding the roundtable. Chairman Choi prepared the meeting with the resolve of "listening and learning."

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

Senior figures who led economic and policy affairs in past governments advised the industrial sector’s direction based on their experience overcoming previous crises. Former Deputy Prime Minister Lee Hun-jae, who contributed to overcoming the IMF foreign exchange crisis, diagnosed, "The Korean economy has not been able to escape from various underlying ailments," adding, "The economy has grown too large and complex for the government to control, so the paradigm must shift to a private sector-led new growth strategy." 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 U.S.)."

Former Minister Yoon Jeung-hyun expressed concern, saying, "With Trump’s emergence, the free trade system that Korea has benefited from 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 pressure to increase defense costs and relations with China," and stressed, "Political stability is essential for economic development, so the political situation needs to stabilize quickly."

Former Deputy Prime Minister Yoo Il-ho emphasized, "Until political instability is resolved, the focus must be on 'stability,'" and said, "The government and political circles must closely monitor macroeconomic variables such as interest rates and exchange rates, while continuously sending the message that there will be no wavering in economic policy management."

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 base behind them," adding, "A solid public-private-government combination is necessary to ensure these elements remain stable."