Attendance at the ‘Future Industry Forum’ Launch at the National Assembly
Emphasized creating ‘soft money’ during the lecture
Highlighted the need for a ‘mega sandbox’ to exempt businesses from regulations, Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry stressed the necessity of cooperation with Japan in a meeting with National Assembly members. He advocated for easing regulations and providing incentives to help companies grow in key industries such as artificial intelligence (AI).
“On the morning of the 22nd, Chairman Chey made these remarks while attending the ‘Future Industry Forum’ launch event held at the Sarangje in the National Assembly. This forum, organized by the National Assembly’s think tank, the National Future Research Center, aims to discuss the paradigm shift of domestic industry support policies amid the rapidly changing international order. The launch event was attended by Speaker Woo Won-shik, Deputy Speaker Joo Ho-young, and floor leaders from various parties.”
Invited as the first speaker, Chairman Chey mentioned the need to foster partners and markets similar to the Korean economy, specifically referring to Japan. He explained, “Japan is a rule follower and faces similar challenges with low birthrate and low growth, so we share a common plight.” He further elaborated that both countries could gain cooperation benefits in areas such as joint purchasing of liquefied natural gas (LNG) and carbon capture utilization.
Chairman Chey also emphasized the need for attracting high-quality talent to expand domestic demand. He stated, “If a significant number of skilled professionals enter the country, it will lead to increased consumption and revenue, contributing not only to economic growth but also to enhancing industrial competitiveness.” He advocated for focusing efforts on creating ‘soft money’ with relatively loose borders, recommending an increase in strategic overseas investments and exportation of intellectual property rights.
As a specific implementation strategy, Chey mentioned the concept of a ‘mega sandbox,’ proposing to establish special zones where businesses can be exempt from certain regulations, establish AI infrastructure, and receive substantial incentives. Furthermore, he suggested using incentives to encourage companies to voluntarily participate in addressing social issues.
The Future Industry Forum’s steering committee consists of key industry figures such as Vice Chairman Park Il-jun of the Korea Chamber of Commerce and Industry, Vice President Min Byung-seok of Samsung Global Research, Director Song Kyung-ryeol of SK Management and Economy Research Institute, President Kim Young-min of LG Economic Research Institute, Vice President Kim Dong-wook of Hyundai Motor Group, Vice Chairman Cho Seok of HD Hyundai Electric, President Joo Young-joon of Hanwha Futureproof, Director Kwon Nam-hoon of the Korea Institute for Industrial Economics and Trade, Director Lee Si-wook of the Korea Institute for International Economic Policy, and Director Kim Hyun-jea of the Korea Energy Economics Institute.