Choi Tae-won: "In the New Year, a Decision of 'Hyeokgo Spirit' is Needed... We Must Undertake Structural Reform"

New Year's Message from the Chairman of the Korea Chamber of Commerce and Industry
"A Resolution to Reform the Old and Embrace the New"
"Bold Innovation Needed to Build a Foundation for Future Growth"
Proposes Structural Improvement and Regeneration of Growth Soil
Emphasizes Rapid Political Stabilization
"Policies on Livelihood and Economy Must Be Pursued Steadily"

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (and Chairman of SK Group), stated in his 2025 New Year's address on the 29th that "a decisive spirit of 'Hyukgojeongsin (革故鼎新)', which means tearing down the old and replacing it with the new, is required," emphasizing that "with warning signs of the new normal of low growth now lit, the old growth formulas are no longer valid. It is time not to remain in past successes but to lay the foundation for future growth through bold innovation."

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (Chairman of SK Group) Yonhap News

Chairman Choi noted, "In 2024, despite domestic and international crises, our economy showed moderate growth with exports and investments recovering centered on advanced industries, but difficulties in some sectors and the domestic market continue," and spoke accordingly.

He said, "I believe that 2025, the Year of the Blue Snake, is a year when our economy must be reborn just as a snake sheds its skin and is born anew." However, he added, "The outlook for our economy in the new year is not easy. Many domestic and international research institutions expect the economic growth rate to fall to the 1% range considering recent internal and external variables," pointing out that "amid social conflicts and concerns over low birthrates and aging, the industrial paradigm shift driven by artificial intelligence (AI) and the rapid changes in the global trade environment do not allow even a moment's hesitation," indicating that the surrounding conditions remain unfavorable.

He went on to present tasks that our companies must undertake in the new year to overcome the crisis, such as improving their structure and reshaping the soil for economic growth. He also added that rapid political stabilization is necessary so that companies can focus on their core business activities.

Chairman Choi said, "We must look beyond simple cost reduction and efficiency improvements to see whether the seeds of growth have dried up," and emphasized, "Companies should establish and execute long-term strategies based on their core values and actively engage in nurturing talent and investing to enhance future advanced industry competitiveness."

He continued, "Countries around the world are sparing no financial or institutional support in fostering advanced industries," and said, "We also need large-scale investment support for next-generation growth engines such as AI, eco-friendly technologies, and bio, along with flexible institutional reforms that keep pace with changes in the global industrial paradigm." He also stressed that through political stabilization, "policies related to people's livelihoods and the economy must be pursued without wavering despite any external pressures."

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