Choi Tae-won Meets Economic Elders... The Core of 'Private Advice' is AI

'Economic Elders Roundtable' Held Before U.S. Economic Delegation Departs
Deliberating Solutions to Economic Crisis, Including Response to 'Trump Risk'
Calls for Strengthening 'AI Industry Competitiveness' in Private Discussion

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI) and SK Group, met with senior economic figures to seek advice. The meeting was arranged to find a breakthrough as the economy plunged into extreme uncertainty due to domestic and international variables. This was the first official meeting Choi held with former economic and policy leaders since his inauguration as KCCI chairman. The private discussion mainly focused on the urgent need to secure industrial competitiveness in the era of artificial intelligence (AI).

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 Minister of Strategy and Finance Lee Heon-jae, former Minister of Strategy and Finance Yoon Jeung-hyun, and former Minister of Strategy and Finance Yoo Il-ho. 2025.02.12 Photo by Yoon Dong-ju

On the 12th, at the KCCI building in Jung-gu, Seoul, Choi Tae-won spoke at an economic elder roundtable titled "Asking Economic Elders the Way Forward for the Korean Economy," saying, "The current economic situation makes the experience and insight of the nation's elders more crucial than ever," and added, "I will listen carefully and study diligently, boldly implement what companies need to do, and convey to the National Assembly and government where collective efforts are required."

Attendees included 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. Leaders from successive governments, transcending political camps from the Participatory Government to the Moon Jae-in administration, gathered. Choi introduced them as "those who have played pivotal roles in overcoming various economic crises and managing turmoil."

In their opening remarks, the elders diagnosed problems across the industrial sector based on their crisis management experience and advised on the direction to take. Lee Hun-jae, who contributed to overcoming the IMF foreign exchange crisis, pointed out the "Trump risk," stating, "It is necessary for companies to establish strategic cooperative relationships (with the U.S.) at the corporate level."

One-hour private discussion: "Government must support companies"

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is attending a meeting with senior economic figures 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

During the approximately one-hour private discussion held by KCCI for candid dialogue, more specific keywords such as 'AI' emerged.

Former Speaker Chung Sye-kyun emphasized that the government's stance must change. He said, "AI, which will be a game changer, requires enormous investment," and pointed out, "Fundamentally, the government must consider whether to continue banning subsidies or align with global standards." He added harshly, "Without technology, talent, and capital, Korea's future competitiveness will be difficult."

He also expressed that manufacturing cannot be separated from AI. Chung said, "Manufacturing that is not integrated with AI will not be able to compete with China in the future," and noted, "China continues to provide subsidies to companies, and U.S. laws such as the Inflation Reduction Act (IRA) and the CHIPS and Science Act (CSA) also provide funding. We need to consider whether it is appropriate for us alone to strictly follow those 'rules.'"

Former Deputy Prime Minister Yoo Il-ho remarked, "Korea is the second tier in the AI industry, but very close to the top tier," and criticized, "If the government creates the environment, companies will not fail to act." Yoo also stressed the necessity of investment, saying, "If investment in AI increases, Korean talent will follow," and added, "We need to create such breakthroughs."

Former Minister Lee Hun-jae called for structural reform across industries. He said, "It is necessary for leading companies in each sector, not the government, to systematize and affiliate, invest in competitive industries' technology, and for finance to organize and support with systems accordingly," adding, "Abandoning manufacturing and sustaining the population is not simple, but we must aim for advanced technology as our goal."

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

There was also consensus on the need to quickly end the 'political turmoil' that extended from martial law to the impeachment crisis. Political uncertainty is said to be hampering companies that must compete in the global market.

Former Speaker Chung Sye-kyun said, "Having been in business myself, I know companies hate uncertainty the most," and emphasized, "Political restoration is the most important in swiftly eliminating uncertainty." He particularly stressed, "It is a critical time for predictable government policies, timely legislation of laws and systems, and institutional improvements."

Former Minister Yoon Jeung-hyun said, "Korea's competitiveness ultimately comes from companies," and added, "It is time to unite efforts to improve the business environment and secure freedom for companies." He further noted, "Although political uncertainty casts a shadow, I believe it is time for everyone to unite around companies."

It is reported that the roundtable was planned since late last year when social turmoil intensified due to the aftermath of martial law. This was likely in consideration of the unprecedented deterioration of economic conditions, such as Korea's economic growth rate remaining in the 1% range and increasing uncertainty in the trade environment. Chairman Choi sought a role for KCCI to overcome difficulties across the industrial sector, and the economic policy team proposed holding the roundtable. Choi reportedly prepared the elder roundtable with a mindset of 'listening and learning.'

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 economic elders ahead of his official visit to the U.S.