Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, "No Need to Worry About Focus on Large Corporations... Will Establish Good Communication Channels" (Comprehensive)

"Will Create Effective Communication Channels... Starting with Understanding the COVID-19 Situation"
"A New Perspective Needed in the IT Industry"
"The View That Corporate Regulation Is a Problem Is Not Correct... Stricter Corporate Regulation Also Has Issues"

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 executives' 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 Reporter Hwang Yoon-joo] Choi Tae-won, the newly appointed chairman of the Korea Chamber of Commerce and Industry (KCCI), addressed concerns on the 29th that he might focus solely on representing large corporations, stating, "There is no need to worry. I will establish effective channels for communication."

Instead of an inauguration ceremony, Chairman Choi began his official term with a virtual town hall meeting focused on listening. During a press conference held that day, he said, "The impact of COVID-19 has been significant. We need to understand the current situation to identify the next steps."

Regarding the recent strong calls for corporate regulation in the political sphere, he expressed a neutral stance. Chairman Choi said, "The perception that companies must always be targets of regulation is incorrect," adding, "Through communication, we can reasonably reflect corporate regulations or correct the atmosphere that enforces such regulations."

However, Chairman Choi stated, "Do these corporate regulations truly align with the original spirit of corporate regulation? Have they been effective? If there are better methods, implementing them with the same intensity could help alleviate the current issues (resistance to corporate regulations)." He also mentioned that the current government's approach to corporate regulation is not necessarily the right answer.

With Chairman Choi's inauguration, KCCI now has its first chairman from the top four conglomerates. When asked why he accepted the position, he said, "I believe there is not much time left to contribute to the country and its people," and added, "I thought it was a responsibility to take on when the opportunity was given."

Previously, after becoming chairman of the Seoul Chamber of Commerce and Industry, Chairman Choi brought in many young IT entrepreneurs to the vice-chairman group, including Kim Beom-su, chairman of KakaoTalk; Kim Taek-jin, CEO of NCSoft; and Jang Byung-gyu, chairman of Krafton, a gaming company. He explained the reason for these appointments by saying, "A new approach from the IT industry is necessary."

Chairman Choi explained, "With many IT industry participants, we can secure new perspectives on data, and since they communicate extensively with the younger generation, they have a good sense. Their methodology will help solve problems through data."

Regarding the current economic situation, he drew a clear line, saying it is not something that will end within one or two years. Chairman Choi said, "Issues such as supply chains, taxes, intellectual property rights, and human rights can be seen as part of the hegemony struggle between the U.S. and China," and "These will have as strong an impact as COVID-19."

He added, "COVID-19 was a short-term shock, but issues like trade disputes will continue to affect us, making corporate activities such as exports and trade difficult," and said, "Instead of following past patterns, new methodologies are needed. Since methodologies vary depending on the industry or agenda, there is no universal method," promising to continue deliberations.

Regarding the close relationship between individuals and companies, such as the 'Donghak Ant' movement, he said, "It is desirable for companies to have many individual shareholders," adding, "Long-term investors are preferable if possible."

He continued, "If investors are too short-term, they may suffer due to exposure to various variables affecting stock prices," expressing concern that "I hope this is not just a side effect."

On the profit-sharing system proposed by the ruling party, he said, "It is still difficult to comment precisely. More consideration is needed," and regarding calls from the business community to restrain additional corporate regulation legislation, he said, "We need to specifically understand why corporate regulations were introduced to resolve the issue."

Regarding Representative Yang Hyang-ja's proposal for a 3+1 launch involving the ruling party, government, and business community, he said, "KCCI must maintain political neutrality," and added, "We need to review whether engaging with any side violates our articles of association."

On ESG management, he advised, "There is an urgent need for methodologies on how to accelerate solving ESG issues such as gender and environment," and "The outcome depends on how detailing can be done."

He pointed out, "In terms of the environment, Korea can lead in some areas and lag in others," and said, "KCCI or companies cannot do this alone." He added, "Measuring social value is important," and said, "We should not view this as regulation but as a new trend and new business, and it is better to utilize ESG from an incentive perspective."

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