Chairman Chey Tae-won of SK Group Heads to the U.S. on Business Trip Again

TrendPacific Dialogue
Participation in Washington International Forum
Invitation of Korean, American, and Japanese Officials and Business Leaders
Discussion on Geopolitical Risks

Chairman Chey Tae-won of SK Group

[Asia Economy Reporter Choi Dae-yeol] SK Group Chairman Chey Tae-won departed on the 6th (local time) to attend a forum held over three days at a resort near Washington, USA. The event, called the 'Trand Pacific Dialogue,' is organized by the Choi Jong-hyun Academic Foundation, chaired by Chairman Chey, inviting current and former senior officials and business leaders from Korea, the United States, and Japan to discuss the recently emerging geopolitical risks. This year alone, Chairman Chey has visited the U.S. four times, meeting extensively with local political, governmental, and business figures.

According to SK Group, the event will be attended by former high-ranking U.S. administration officials such as former Secretary of Defense Chuck Hagel and former Deputy Secretary of State Richard Armitage, as well as some current White House officials. It is rare for a Korean private academic organization to host such an event with a large number of local leaders attending for the first time.

SK explained, "This shows the discussion on the need to shift the focus from the Euro-centric transatlantic dialogue system that the U.S. has concentrated on so far to dialogue with leaders in the Northeast Asian region," adding, "Korean private diplomacy has created an opportunity to expand the national stature beyond the Korean Peninsula and North Korea-centered issues."

From Japan, influential figures from politics and academia such as former Defense Minister Nagashima Akihisa and University of Tokyo Professor Fujiwara Kiichi will attend. Korean participants include former Prime Minister Lee Hong-gu, Seoul National University Professor Jung Jae-ho, former Ambassador to Russia Wi Sung-rak, known as a foreign policy advisor to next year's presidential candidates from both major parties, and Korea University Professor Kim Sung-han. Chairman Chey has reportedly put considerable effort into preparing for this event since early this year, personally overseeing the agenda and confirming attendance with some participants.

In late October, at the United States Capitol in Washington DC, Chey Tae-won, Chairman of SK Group (right), is meeting with Mitch McConnell, Republican Senate Majority Leader.

The academic foundation stated, "The uncertainties in the global economy and geopolitical crises have become constants that determine not only a nation's future but also the fate of companies," adding, "We have promoted exchanges and dialogue among global opinion leaders who have significant influence on public opinion and policy formation in various countries."

With the ongoing U.S.-China technological hegemony competition for several years, coupled with unpredictable external variables such as COVID-19 and the climate crisis, the business environment has become increasingly opaque. There are consistent calls within the U.S. that its East Asia strategy, which is based on security alliances with allies and the activation of regional free trade, must adapt to changing conditions.

The COVID-19 pandemic demonstrated that supply chain construction is not only crucial for specific industries but is directly linked to national security. This event included sessions discussing supply chains in recently critical sectors such as semiconductors, batteries, and vaccines. All these sectors have been reviewed since President Joe Biden took office and are considered current and future core businesses of SK Group.

Meanwhile, Chairman Chey stated in an interview with The Wall Street Journal (WSJ) that there are currently no plans to build a semiconductor factory in the U.S. When asked whether he would invest in semiconductor manufacturing plants as part of U.S. investment plans, he replied, "(The U.S.) is a large market, but the problem lies in manpower and costs," adding, "There are many software engineers, but not enough technical personnel for production." Regarding cooperation with Ford for the local electric vehicle battery business, he said, "Batteries cannot be produced without a contract (for supply)," and "(The joint venture) is one way to save capital expenditure."

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