Attending the Launch Ceremony of the National Assembly's 'Future Industry Forum'
In His Speech: "We Must Focus on Generating Soft Money"
Emphasizes the 'Mega Sandbox' for Regulatory Exemptions for Companies
Chey Tae Won, Chairman of the Korea Chamber of Commerce and Industry, met with members of the National Assembly and emphasized the necessity of cooperation with Japan. He also argued that regulations should be eased and incentives provided so that companies can grow in major industries such as artificial intelligence (AI).
On the morning of April 22, Chairman Chey made these remarks at the inaugural ceremony of the 'Future Industry Forum' held at Sarangjae in the National Assembly. The National Assembly Future Industry Forum is a gathering organized by the National Assembly Futures Institute, a think tank, to discuss the direction of paradigm shifts in domestic industrial support policies amid rapidly changing international dynamics. The launch ceremony was attended by Woo Won Shik, Speaker of the National Assembly, Joo Ho Young, Deputy Speaker of the National Assembly, as well as floor leaders from each party.
As the first invited speaker of the day, Chairman Chey stated, "We need to develop partners and markets similar to the Korean economy," specifically mentioning Japan. He explained, "Japan is a rule-follower and, like us, faces low birth rates and low growth without clear solutions. We can benefit from cooperation in areas such as joint procurement of liquefied natural gas (LNG) and carbon capture and utilization."
Chairman Chey Tae Won of the Korea Chamber of Commerce and Industry is delivering a commemorative speech at the '52nd Commerce Day Ceremony' held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, on the 19th of last month. Photo by Yoon Dongjoo
He also stressed the need to expand domestic demand by attracting high-level talent. Chairman Chey explained, "If a certain number of highly skilled individuals enter the country, consumption and tax revenue will increase, which will not only drive economic growth but also enhance industrial competitiveness." He also called for efforts to generate 'soft money,' which refers to capital flows across relatively open borders. This includes increasing strategic overseas investments and boosting exports of intellectual property rights.
As a concrete method of implementation, he mentioned the concept of a 'mega sandbox.' This involves designating special zones where companies can be exempted from certain regulations, building AI infrastructure, and providing bold incentives within those areas. Additionally, he suggested encouraging companies to participate voluntarily in addressing social issues by offering incentives.
The Future Industry Forum's steering committee is composed of key figures from major industries, including Park Iljun, Executive Vice Chairman of the Korea Chamber of Commerce and Industry; Min Byungseok, Vice President of Samsung Global Research; Song Kyungyeol, Head of SK Management and Economics Research Institute; Kim Youngmin, President of LG Business Research Institute; Kim Dongwook, Vice President of Hyundai Motor Company; Cho Seok, Vice Chairman of HD Hyundai Electric; Joo Youngjun, President of Hanwha Futureproof; Kwon Namhoon, President of the Korea Institute for Industrial Economics and Trade; Lee Siwook, President of the Korea Institute for International Economic Policy; and Kim Hyunje, President of the Korea Energy Economics Institute.
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