"Economy Groups' 판 '확' Changes"... Expectations for Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry

Regulatory Improvement... "Must Lead as a Bridge for Autonomous Economic Activities"
Startup Support... "Eliminate Reverse Discrimination by Supporting Early-Stage Startups"
Content Activation... "IT-Based Industry Will Become a Leading Sector"

Choi Tae-won, the newly appointed chairman of the Seoul Chamber of Commerce and Industry, is presiding over the meeting at the Korea Chamber of Commerce and Industry executive committee general meeting held on the 24th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporters Hwang Yoon-joo, Kim Cheol-hyun, Bu Ae-ri] Chey Tae-won, Chairman of SK Group, was officially elected as the Chairman of the Korea Chamber of Commerce and Industry (KCCI) on the 24th. At the extraordinary general meeting held that day, he was unanimously endorsed by the chairmen of regional chambers of commerce. His term will last until March 2024. At the meeting, Chairman Chey stated, "The KCCI must contribute to sound economic policies and resolving corporate difficulties in preparation for the economic shock caused by COVID-19 and the low-growth trend. It must also actively play a role in creating social value and addressing agendas demanded by the times." He added, "Going forward, I will operate by gathering the expectations and demands of stakeholders to the fullest extent."

Business leaders hope that Chairman Chey, as the representative of the economic sector, will actively communicate with the political sphere and government, especially since the business environment is changing rapidly and the voices of the economic community have not been properly reflected in the past during the policy and institutional formulation processes.

◆"Regulatory Improvement and Communication" in Unison= In the business community, Chairman Chey, the first head of one of the four major domestic conglomerates to serve as KCCI chairman, is seen as the right person to elevate the status of the entire economic organization. Above all, the most frequent request was for him to actively pursue regulatory improvements, which is the background for this expectation. An executive from a large conglomerate group said, "The industry itself is being reorganized and uncertainty has increased," adding, "We need to exchange opinions with the industry so that the situation does not become advantageous to some and disadvantageous to others, and to focus on the future rather than the present."

Another official from a large corporation said, "Due to COVID-19, economic sentiment has frozen and uncertainty has increased, making the difficulties faced by companies even greater," adding, "In such circumstances, additional regulations are a considerable burden on corporate activities, so we hope the KCCI will become a stronger bridge to allow the business community to contribute more to the national economy through autonomous economic activities." An executive from another large company said, "(Chairman Chey) is playing the role of a conglomerate head, so he can actively discuss current issues," adding, "Regulations can affect not only large corporations but also the entire spectrum, so we hope he will work to ensure that corporate voices are reflected in current issues."

There were also demands for the representative economic organization to play a certain role in resolving polarization, concentration, and conflicts among companies. When large corporations enter specific fields, conflicts often arise, but since there is room for coexistence and development rather than simply taking over the market, they asked for help in finding such paths. There were also remarks pointing out the need for the KCCI to actively assist in overseas business promotion in the future, citing the difficulties domestic companies faced in conducting overseas business during COVID-19.

◆Startups Call for "Fair Competition Environment"= The startup sector urged Chairman Chey to actively eliminate unnecessary regulations, just as the previous chairman, Park Yong-man, rolled up his sleeves to ease regulations by creating the ‘sandbox’ system. There were also calls to consider ways to prevent domestic companies from being dominated by foreign giants and to support talent acquisition. A CEO of a startup in its sixth year said, "Domestic startups are losing market share to foreign companies in the early stages because they comply with Korean regulations," adding, "We need to resolve the issue of reverse discrimination against foreign companies and ensure that regulations apply equally for fair competition." App-based startups criticized the commissions taken by Google and Apple, saying, "Global giant companies dominate the domestic market and earn tens of trillions of won annually, so measures must be prepared." One startup CEO said, "Large companies offer attractive conditions that make it difficult to compete, absorbing excellent talent, so recent hiring has been challenging," adding, "Support is needed for early-stage startups that are struggling to hire talent."

◆Growing Expectations for the Content Industry= Voices from the IT sector also called for leadership in revitalizing the content industry. Following Chairman Chey’s proposal, Kim Taek-jin, CEO of NCSoft, and Kim Beom-su, Chairman of Kakao’s Board, joined the KCCI vice-chairman group, which indicates that unlike in the past, the IT sector now plays a key role in the domestic economy and industry. Given the nature of the industry, where competition is fierce without borders, many foresee that incorrect regulations could erode the competitiveness of domestic companies and hand over the home market to foreign firms. Since the political and government sectors have limited understanding of the IT and gaming industries, it is seen as necessary for the economic organization to take the lead. An internet industry official said, "The IT industry must withstand global competition," adding, "We expect the KCCI to raise its voice to improve regulations that twist the arms of domestic companies while leaving foreign companies alone."

This content was produced with the assistance of AI translation services.