Time to create new markets in response to world’s breakup: SK chief

SK Group Chairman Chey Tae-won [Source : KCCI]

It is time to create new markets as the world is rapidly shifting toward division and readying to make a “decision to leave” at a time of deepening protectionism on the global trade front, said SK Group Chairman Chey Tae-won, who is doubling as the Chairman of the Korea Chamber of Commerce and Industry (KCCI), the country’s biggest business lobby group.

“The global market is breaking up. We need to come up with measures to deal with the current situation in which many countries are readying to leave each other, which will lead to the collapse of the supply chain,” Chey told reporters at a press conference at the KCCI on Thursday.

“We’re at the greatest risk now, and the solution is to create new markets,” he emphasized.

Chey cited the rapid change in relationships among countries amid deepening protectionism on the global trade front as the biggest challenge.

He suggested that Korea should use the process of seeking global support for Korea’s win to host the 2030 World Expo in Busan as a chance to find common ground with new partners to create new markets.

To better respond to the rapidly changing global economy, ‘internal unity’ is also important, Chey added.

“Rules, regulations, and systems have to be revised in sync with the change in the world. If we refuse to change, national competitiveness will inevitably be threatened,” said Chey.

Regarding the pending issue of a possible cut in Korea’s corporate tax rate, Chey emphasized the need for a broader and balanced perspective.

He also urged all the stakeholders in the related industries and the Korean government to make continuous efforts to reduce any discrimination from the U.S. Inflation Reduction Act.

“I’ve visited Washington D.C. for three to four times this year alone, and I’ve always talked about this there. I know I am not the only one who did so, and every corporate leader in Korea would do,” he added.

Separately, Chey attended a meeting with President Yoon Suk-yeol, Prime Minister Han Duck-soo, and other ministers and business lobby group leaders on the same day and called on the government to come up with supportive measures in response to the global market division.

President Yoon agreed with the need, saying “Markets can be created with new technologies and policies. What is important is the government’s role in improving the efficiency, fairness, and competitiveness of the market.”