"‘If You Don’t Understand Jinyeonghak, Business Is Difficult’... Will Chairman Chey Tae-won’s US Network Shine?"

Choi Tae-won Visits US as Head of Economic Delegation
Visits SK Innovation Battery Plant in Georgia on 24th

On the 29th, at the Sangui Hall in Jung-gu, Seoul, Chairman Choi Tae-won is applauding during the 'Non-face-to-face Town Hall Meeting' held in place of the inauguration ceremony of the new Korea Chamber of Commerce and Industry chairman. March 29, 2021 Photo by Joint Press Corps

[Asia Economy Reporter Hwang Yoon-joo] The shoulders of Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), who is leading the economic delegation for the Korea-US summit, have grown heavier. There is an assessment that the role of the economic delegation has increased as key industries are recognized as security assets.

The US Department of Commerce will hold a semiconductor shortage countermeasure meeting on the day of the Korea-US summit (20th), inviting semiconductor manufacturers and automobile companies. This is the second meeting following the one held at the White House last month. Samsung Electronics, Intel, and TSMC will also attend this meeting.

SK Group also operates all businesses that the US considers strategic industries, such as semiconductors (SK Hynix), batteries (SK Innovation), and bio (SK Bioscience). The actions of global companies can no longer be free from the US-China hegemony competition.

An SK official said, "Chairman Choi has long emphasized that without understanding the concept of 'Jinyeonghak' (陣營學, camp theory), one cannot survive in business," adding, "In a situation where the US emphasizes the importance of strategic assets such as semiconductors and batteries, he believes that risks must be confronted head-on."

Chairman Choi stated at the 'SK Night' event held in September 2019, "The geopolitical crisis does not seem to end quickly, so we must prepare to respond." As political issues such as the US-China trade dispute have emerged, he has continuously emphasized the need for companies experiencing 'geopolitical crises' to respond.

It is known that Chairman Choi's concerns started long ago. Since 2006, he has emphasized the importance of a global network and, as part of this, has worked hard to build networks in major countries such as the US, China, and Japan. In the case of the US, close relationships with the Brookings Institution and CSIS are well known. The Brookings Institution is a think tank that participated in the founding of the UN and the drafting of the Marshall Plan, and SK made significant contributions to establishing a dedicated Korean studies research position. CSIS established the 'Korea Chair' dedicated to Korean issues in 2009 and has a deep relationship with SK through joint research. In particular, Chairman Choi's second daughter, Choi Min-jung, attracted attention from the business community by serving as a visiting researcher at CSIS in 2019.

A business community official said, "SK Group has solidly built networks with key figures in the US Congress," adding, "You will be able to feel the changed status of the Korean business community at this Korea-US summit."

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