Call for Economic Cooperation Between Korea and Japan

Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry, has emphasized the necessity of economic collaboration between South Korea and Japan to overcome current economic challenges and achieve global competitiveness.

Addressing Economic Stagnation

During his address at the Future Industry Forum, Chey highlighted the stagnation of South Korea's economy, attributing it to its small size and "rule taker" status in the global market. He proposed that uniting with Japan could lead to the formation of an economic bloc comparable to the EU, enabling these nations to set their own rules.

Common Challenges and Opportunities

Chey identified shared challenges such as low birth rates, aging populations, and a manufacturing-focused economy. He suggested joint initiatives in LNG purchases, carbon capture, and semiconductor materials as areas for immediate cooperation, with about 20 potential projects identified.

Strategies for Growth

To boost domestic demand, Chey advocated for attracting high-level talent from overseas. He also recommended increasing exports of intellectual property through cultural products like K-Food and K-Drama to generate "soft money." Additionally, he introduced the concept of a "social performance incentive" to encourage corporate social responsibility.