Korea Chamber of Commerce and Industry Hosts CEO Breakfast Meeting with Deputy Prime Minister
The business community has warned that if South Korea fails to raise its economic growth rate over the next five years, its potential growth rate could turn negative. In response to the intensifying global competition for leadership in advanced industries, business leaders have recommended that the government invest in building artificial intelligence (AI) infrastructure, among other measures. The government, for its part, has announced plans to enhance the competitiveness of key industries through AI industry and policy innovation, including the development of proprietary AI models.
Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, stressed the need for a national strategy to boost growth over the next five years during the "CEO Breakfast Meeting with Deputy Prime Minister and Minister of Science and ICT Paik Kyung-hoon," held on the morning of the 18th at the International Conference Hall of the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul. He called for active government support at the national level.
Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is giving a greeting at the "CEO Breakfast Meeting Invited by Deputy Prime Minister and Minister of Science and ICT Paik Kyung-hoon" held on the morning of the 18th at the International Conference Hall of the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul. Korea Chamber of Commerce and Industry
Chairman Choi warned of the risk of negative growth due to a decline in potential growth rates, stating, "The competition for supremacy in advanced industries is intensifying." He added, "Almost every topic being discussed these days-regional revitalization, regulatory issues, and so on-centers around growth. We are contemplating whether South Korea can achieve renewed growth. If the next five years pass as they are, our country's potential growth rate will become negative, and once that happens, it will be difficult to secure the resources needed for further development."
Deputy Prime Minister Paik Kyung-hoon, who delivered a keynote speech on "The Path Forward for Korean AI," said, "We are now in an era of a national AI transformation." He acknowledged that the process would not be easy, but emphasized the need to create new benchmarks through these growing pains.
Deputy Prime Minister Paik pointed out that the world has entered a scaling-up competition to secure AI leadership, with the United States and China leading the development of the global AI ecosystem and major countries rapidly increasing their investments. He noted, "While the United States is investing heavily in AI through its big tech companies, China is working extensively to bring software-based AI into the physical world. We are closely monitoring whether China might overtake the United States in this race."
Regarding South Korea, he acknowledged that the country has the potential for an independent AI ecosystem and AI model capabilities, but the technology gap with leading nations remains. Deputy Prime Minister Paik stressed, "We need to expand the foundations-such as graphics processing units (GPUs), data, and talent. Only by achieving globally top-tier AI and service competitiveness can we survive." He added, "Otherwise, we will inevitably become dependent on the AI ecosystems being developed by the United States and China."
Deputy Prime Minister and Minister of Science and ICT Paik Kyung-hoon is giving a lecture at the CEO breakfast meeting held on the morning of the 18th at the International Conference Hall of the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul. Korea Chamber of Commerce and Industry
Deputy Prime Minister Paik emphasized the importance of a "public-private one-team" approach for a nationwide AI transformation (AX). He explained, "This year, through public-private cooperation, we have expanded advanced AI infrastructure and laid the groundwork for Korea to become one of the top three global AI powers by attracting technology partnerships and investment from global big tech companies. Next year, we have allocated a budget of 9.9 trillion won for AI-three times this year's amount-and set the scale of the National Growth Fund's AI investment at 30 trillion won over the next five years." He continued, "The most critical task is to develop proprietary AI models. We will rapidly secure world-class AI models and create innovation cases in core industries such as manufacturing, defense, and bio, supporting the achievement of a 3% potential growth rate for South Korea."
At the event, the business community proposed measures including support for AI infrastructure for small and medium-sized enterprises, improvements to data utilization regulations and institutional reforms, and customized support for the spread of AI across industries. The event was attended by over 250 key business leaders, including Park Iljun, Executive Vice Chairman of the Korea Chamber of Commerce and Industry; Park Seunghee, President of Samsung Electronics; Lee Hyunghee, Vice Chairman of SK; Cho Hyunsang, Vice Chairman of HS Hyosung; Kim Dongwook, Executive Vice President of Hyundai Motor Group; Park Junseong, Executive Vice President of LG; Cho Youngseok, Executive Vice President of CJ CheilJedang; and Lee Joowan, Chairman of Megazone Cloud.
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