Yong Seokwoo, KEA Chairman: "US-China Tech Rivalry Intensifies... Fundamental Changes Needed in Corporate Management"

Welcoming Address at the 20th Electronics & IT Day Celebration
Held at COEX, Gangnam-gu, Seoul
Emphasizes "Standing in the Midst of a Massive Transformation"
"Technologies like AI Are Redefining Business"
LG Electronics CEO Cho Joo Wan Receives Gold Tower Order of Industrial Service Merit
On China’s Offensive: "Preparing Responses One by One"

Yong Seokwoo, Chairman of the Korea Electronics and Telecommunications Industry Promotion Association (KEA) and President of Samsung Electronics Visual Display Division, expressed his views at the 20th Electronics & IT Day celebration held at COEX in Gangnam-gu, Seoul on October 21. He stated, "The technological hegemony competition between the United States and China is intensifying in key sectors such as semiconductors, batteries, and artificial intelligence (AI), and the restructuring of supply chains is demanding fundamental changes across the entire management strategies of companies."

Yong Seokwoo, Chairman of the Korea Electronics and Telecommunications Industry Promotion Association (KEA) and President of Samsung Electronics Visual Display Division. Photo by Jinhyung Kang aymsdream@

During his welcoming address at the event, Chairman Yong emphasized, "We are now standing in the midst of a massive transformation." He added, "Climate change and the strengthening of ESG (Environmental, Social, and Governance) regulations are also progressing rapidly," noting that "demands for environmental responsibility and sustainability are no longer a choice for companies, but a condition for survival."

He continued, "At the same time, the wave of AI transformation is fundamentally shaking up industries and everyday life," and analyzed that "generative AI, physical AI, and hyper-connected infrastructure technologies are reshaping the electronics and IT industry and its ecosystem, completely redefining products, services, and business models."

Chairman Yong also remarked, "Even amid these enormous challenges, our electronics and IT industry is turning crises into opportunities and continuing to achieve remarkable results," and added, "We now stand at the threshold of opening a new future as a leading global powerhouse in electronics and IT."

He further stressed, "The next 20 years will be an era of AI and sustainability," and emphasized, "The government, businesses, and academia must work together to accelerate innovation, build a sustainable industrial ecosystem, and further solidify our global leadership."

Meanwhile, on this day, Cho Joo Wan, CEO of LG Electronics, was awarded the Gold Tower Order of Industrial Service Merit in recognition of his contributions to elevating the status of the electronics and IT industry. Meeting with reporters before the event, CEO Cho said, "I consider this an award received on behalf of all our employees, and it is a great honor for the company," adding, "It seems that the government and the industry have recognized the achievements made together by our employees."

Regarding the intensifying competition from China in the global home appliance market, he commented, "We are preparing responses one by one," and said, "We are working to match the level of competitiveness that China possesses."