SK Group explores strategies for AI ecosystem at 2024 Icheon Forum

Chairman Chey Tae-won of SK Group is attending the SK Group‘s Icheon Forum, held at the Grand Walkerhill in Gwangjin-gu, Seoul, on the morning of the 19th. [Photo by Yonhap]

South Korea’s SK Group kicked off its annual Icheon Forum in Seoul on Monday to explore strategies for expanding the artificial intelligence (AI) ecosystem.

According to the conglomerate on Monday, it kicked off the three-day forum at Grand Walkerhill Seoul in Gwangjin District, eastern Seoul, with a focus on expanding the AI ecosystem and internalizing the SK Management System.

The Icheon Forum is one of SK Group’s core annual gatherings of its top executives, along with the Management Strategy Meeting, which took place in June, and the CEO Seminar scheduled for October.

The forum was established by Chairman Chey Tae-won in 2017 to prepare for the rapidly changing business environment and to develop the conglomerate’s management strategies through open discussions among the affiliates.

Key figures attended the forum on the first day, including Chairman Chey, Executive Senior Vice Chairman Chey Jae-won, SUPEX Council Chairman Chey Chang-won, and chief executive officers of major affiliates, including SK Innovation Co. President Park Sang-kyu, SK hynix Inc. President Kwak Noh-jung, SK telecom Co. President Ryu Young-sang, and SK E&S Co. President Choo Hyung-wook.

About 100 guests and speakers from both Korea and abroad also joined the event., including leaders in the AI field and representatives from the Center for Social value Enhancement Studies (CSES), the Korea Chamber of Commerce and Industry (KCCI), the Ulsan Chamber of Commerce and Industry, and member companies of the K-AI Alliance, a coalition of promising AI startups in Korea.

During the Management Strategy Meeting in June, SK Group decided to secure 80 trillion won ($60.18 billion) in funds by 2026 as part of its business rebalancing (restructuring) efforts. In line with the efforts, the conglomerate plans to make aggressive investments in future growth areas, including AI and semiconductors.

“In the AI gold rush, SK Group will consolidate its entire capabilities and establish leadership in the AI value chain,” said SK telecom President Ryu Young-sang in his keynote speech at the opening ceremony.

To activate the AI ecosystem, SK Group plans to sophisticate the AI value chain further, focusing on AI semiconductors such as high-bandwidth memory (HBM), AI data centers, which are considered essential infrastructure in the AI era, and AI services, including personal AI assistants (PAA).

On the second day, SK Group will hold discussions on developing and internalizing SKMS, SK Group’s core management philosophy.

On the final day, Chairman Chey will review the forum’s outcomes with the participants and discuss ways to routinize AI and SKMS practices.