SK Group Chairman Chey Tae-won: Export-Driven Growth Reaching Its Limits, Need to Form Bloc with Japan
SK Group Chairman Chey Tae-won: Export-Driven Growth Reaching Its Limits… Need to Form Economic Bloc with Japan
SK Group Chairman Chey Tae-won has emphasized economic cooperation with Japan as a solution to South Korea's low-growth, arguing that the country needs to move away from its existing export-driven growth model. In an interview conducted on October 26, 2025, jointly by YouTube channels SamproTV, Understanding, and Apgwon, Chey, as Chairman of the Korea Chamber of Commerce and Industry and Chairman of the APEC CEO Summit, presented his vision for the future of the South Korean economy. Chey particularly proposed the formation of an economic bloc with Japan as a way to overcome the current economic difficulties, stressing the need to discover new growth engines. This assertion is seen as presenting a direction for the South Korean economy to take amid increasing global economic uncertainty and strengthening protectionism.
In the interview, Chairman Chey diagnosed that the South Korean economy is currently facing a situation where even negative growth is a concern, and that past growth formulas can no longer be applied. He pointed out that the export-driven economic growth model that has been sustained since the 1960s is no longer valid, explaining that it is difficult to expect the same results as in the past due to tariff barriers and other factors. As a way to overcome this situation, Chairman Chey proposed a 'Korea-Japan economic alliance,' emphasizing that new growth engines should be created through cooperation between the two countries. He also suggested a shift in regulations towards growth, expansion of investment in artificial intelligence (AI), improvement of systems to attract foreign talent, and the establishment of mega-sandboxes as new growth strategies for the South Korean economy. This is interpreted as an intention to move away from the existing manufacturing-centered economy towards high-value-added industries and secure future growth engines through innovative technologies and talent.
Chairman Chey paid particular attention to the synergy effects that economic cooperation with Japan could bring, predicting that the two countries could cooperate to create a huge market worth $6 trillion (approximately ₩8,600 trillion). He emphasized that through the formation of this economic bloc, the world's fourth-largest economic power could be secured, and it could respond more effectively to changes in the external economic environment. This is an analysis that it can contribute to improving the structure of the South Korean economy, which is vulnerable to external shocks, and creating a stable growth base. In addition, Chairman Chey expressed a critical view of policies to protect small and medium-sized enterprises, arguing that the policy direction should be changed to selectively supporting companies with high growth potential rather than uniform protection policies. He added that the core supply chains for each industry should be strengthened and policies should be focused on strategic industries such as semiconductors. This assertion is interpreted as emphasizing the government's active role in fostering competitive companies and leading future industries.
Chairman Chey emphasized the importance of continuous investment in the field of artificial intelligence (AI) and said that he would not stop the AI investment competition even amidst geopolitical uncertainty. He warned that falling behind in the AI field could be a major risk factor for the South Korean economy, and emphasized that technological competitiveness should be secured through continuous investment. In addition, Chairman Chey proposed creating an environment for AI technology development and testing by building mega-sandboxes by region, and introducing systems such as 'green cards' to promote the influx of foreign talent. This is expected to lay the foundation for South Korea to become a powerhouse in AI technology and contribute to attracting global talent to create innovative ideas. In addition, Chairman Chey argued that the industrial structure should be shifted away from a manufacturing-centered economic structure to focus on high-margin software products and services. He emphasized that new growth engines should be created through the discovery of 'soft money' such as the industrialization of Korean food.
Chairman Chey expressed his expectations for the APEC CEO Summit, predicting that this meeting will be an important venue for gauging the future direction of US-China relations. He said that about 1,700 global business leaders will attend the APEC CEO Summit to seek solutions for the era of protectionism. In particular, he announced that key business leaders, including Nvidia CEO Jensen Huang, are scheduled to attend, emphasizing that this summit will be a forum for discussing global economic issues. As Chairman of the Korea Chamber of Commerce and Industry and Chairman of the APEC CEO Summit, Chairman Chey is expected to contribute to enhancing the status of the South Korean economy by successfully leading this event. The Lee Jae-myung administration, the President of the Republic of Korea, is also expected to provide active support in line with these efforts by the economic community. Chairman Chey's interview is expected to present the challenges and solutions facing the South Korean economy and trigger discussions on future growth strategies.
