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(Seoul=Yonhap Infomax) Jung Su-in – Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry and Chairman of SK Group, stated regarding discussions on easing South Korea’s bank-industry separation regulations that, “My view is that we need a new system capable of supporting large-scale AI investments.”
Speaking at the 2nd Corporate Growth Forum, jointly hosted by the Federation of Korean Industries, the Korea Chamber of Commerce and Industry, and the Korea Federation of SMEs at the CCMM Building in Yeouido on the 20th, Chey added, “If the bank-industry separation is at least resolved, it would be good if we could come up with a solution.”
Chey emphasized, “There is a misconception that business leaders keep saying they have no money and are asking for funds, which is being distorted into a demand to abolish the bank-industry separation. That was never our intention.”
Amid intensifying global competition in artificial intelligence, Chey observed, “Countries are making investments at levels we have never seen before.” He noted, “Figures around $100 billion are constantly in motion, and in the U.S., there are plans to invest nearly $2 trillion.”
He continued, “We do not have the capacity or capital to invest at that scale. If we cannot select and focus on specific areas within AI, there is no way to compete in this game.”
Chey pointed out, “The National Growth Fund is being established at a scale of 150 trillion won ($112.7 billion), but even that is insufficient. That is just the first fund—we need to continue creating second, third, and fourth funds.” He argued that without concentrated capital and well-executed plans, it will be difficult for South Korea to survive in the AI race.
sijung@yna.co.kr
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