SEOUL: SK Group chief Chey Tae-won, who also serves as chairman of the Korea Chamber of Commerce and Industry (KCCI), called on South Korean companies yesterday to push for fundamental reforms and develop growth strategies amid the economic shocks caused by the nation’s political turmoil.
“The economic outlook for the coming year is challenging. Several domestic and international research institutions forecast that our economic growth rate could decline to around 1% due to recent events both at home and abroad,” Chey said in his New Year’s address.
Emphasising the necessity for a decisive mindset of “reforming the old and innovating the new,” Chey noted, “with warning signs that low growth is becoming the new normal, past growth formulas are no longer valid.
“It’s time to look beyond our past successes and lay the foundations for future growth through bold innovations.”
Chey urged companies to improve their management structures beyond cost-cutting measures, reassessing long-term growth strategies to include actively nurturing future talent and boosting competitiveness in advanced industries spanning artificial intelligence, green technology and biotech.
“Moreover, it is crucial to stabilise political situation, allowing companies to focus on their core business activities,” he added. The KCCI will exert extraordinary efforts as well.
“As a policy partner to the government and Parliament, we will present rational alternatives, reflecting voices from the industrial field.”
Chey highlighted that the KCCI members will serve as economic diplomats, leading efforts to protect national interests in light of economic and political uncertainties.
“We will support Korea’s successful hosting of the Asia-Pacific Economic Cooperation summit in November 2025, for the first time in 20 years, to demonstrate the resilience of the South Korean economy and open the doors to global prosperity.” — The Korea Herald/ANN
