Latest news with #Chey
Korea Herald
2 days ago
- Business
- Korea Herald
SK Group chief, OpenAI CEO discuss AI cooperation in San Francisco meeting
Chey Tae-won, chairman of South Korea's SK Group, recently met with OpenAI chief executive officer Sam Altman in San Francisco to discuss potential collaboration on artificial intelligence infrastructure and broader strategic partnerships, according to industry sources Monday. Chey visited OpenAI's headquarters in San Francisco in early July and held talks with Altman, marking their first meeting since their last one in Seoul five months ago, the sources said. The two business leaders previously met in February during a closed-door OpenAI workshop event in Seoul. They have maintained a close relationship, having met several times since January 2024. Although specific details of their latest meeting were not disclosed, discussions are believed to have covered SK's ongoing efforts to collaborate with OpenAI on expanding the AI semiconductor ecosystem and boosting AI infrastructure. The meeting may have also covered updates on SK hynix's high-bandwidth memory supply and SK Telecom's AI data center initiatives. Chey also reportedly extended a personal invitation to Altman to attend the upcoming Asia-Pacific Economic Cooperation CEO Summit, which will be held in October in Gyeongju, South Korea. (Yonhap)
Korea Herald
4 days ago
- Business
- Korea Herald
KCCI chief suggests EU-style economic bloc between Korea, Japan
Chey Tae-won says tie-up between neighbors in AI, manufacturing could be key to weathering global economic storm Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry, doubled down on his proposal for a Korea-Japan economic bloc that is akin to the EU, stressing that the two nations must strengthen cooperation in AI and manufacturing sectors as global economic uncertainties intensify. Envisioning a bloc that would unite the two neighbors — both grappling with stagnant domestic economies, aging population and rising global trade barriers — Chey has been advocating such a union would create a $6 trillion economic zone, making it the world's fourth-largest economy, one that would be better places to combat these shared challenges. "The question is: Is Korea okay the way it is? If not, we need to explore new options that we have never tried before," Chey told reporters during a press conference Thursday on the sidelines of the 48th KCCI summer forum held in Gyeongju, North Gyeongsang Province. 'A Korea-Japan economic bloc could be one of those options, and it can grow into a community like the EU,' he added. Chey acknowledged the proposal may meet with mixed public sentiment, but noted that many Japanese business and political leaders he met were not opposed to the idea. He met with Japanese Prime Minister Shigeru Ishiba in May, advocating for deeper economic cooperation between the two countries. 'Japan thinks a lot more in terms of economic security and it is my understanding that Prime Minister Ishiba is also putting a lot of efforts and interest into it as well," he said. Chey pinpointed artificial intelligence and manufacturing as two critical areas where Korean and Japanese expertise could combine forces. 'To do AI well, we have to join hands with Japan and exchange data with each other,' he said, noting Korea's domestic industry, manufacturing scale and data alone are not big enough on their own. 'When Korea and Japan combine data together, we can even achieve at least some competitiveness," he said. 'There are many issues South Korea cannot resolve alone.' He believes AI could be the very key to tackle Korea's dwindling manufacturing industry. 'In this era of AI, if Korea fails to rebuild its manufacturing industry through AI, a large portion of Korea's manufacturing industry could be wiped out within a decade, he said. 'It's a grim scenario, but AI is our only hope at this point.' Chey raised alarm over China's rapid adoption of AI. "In AI, China is catching up and applying it faster than we are. Korea needs to catch up as soon as possible to stay competitive," he said. On the domestic front, Chey called for efforts to scale Korea's AI ecosystem, including the development of infrastructure, the cultivation of talent and the nurturing of a vibrant startup environment. 'What I want to ask the government is this: Create a market. We need public sector-led AI projects," he said. "Once these projects are launched, startups, mid-sized firms and large companies can all participate and make something. That's how we can increase the number of people with experience and training in AI." To that end, infrastructure is critical, he added. 'We need to make many applications for accessible AI, but more importantly, we need the infrastructure to support them, like AI data centers with GPU capacity," he added. Such resources should be publicly available for startups and SMEs to train AI models and develop practical product. Chey, who is hosting the upcoming APEC CEO Summit in October in Gyeongju, said he hoped the event would promote international cooperation not only in AI, but also in solving broader challenges such as trade issues. 'One thing I would like to see come out of APEC is a clear solution to the tariff issues,' he said but adding it would be ideal if the matter could be resolved before the summit. 'If tariff issues are resolved, it would be a strong signal that economic threats are easing. Beyond tariffs, Chey said he expressed home for new types of cooperation in AI, semiconductors, shipbuilding, steel and automobiles. Chey said he is putting all out efforts to invite many global business leaders to the upcoming meeting. "Our approach now is to ask the (leaders) who they want to meet when they come to Korea," he said. "If they believe they can meet someone important to them here, the likelihood of attendance will increase. Because ultimately, they need a clear reason to come."
Korea Herald
5 days ago
- Business
- Korea Herald
SK chief says China is biggest AI threat in manufacturing
GYEONGJU, North Gyeongsang Province — South Korea needs to deepen data collaboration with Japan to counter China's growing dominance in AI manufacturing, according to Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry. 'China is emerging as the biggest threat in AI in the manufacturing sector. In order for South Korea's manufacturing to survive, it has to outperform,' Chey said during a session on AI at the KCCI's annual summer forum in Gyeongju, North Gyeongsang Province, on Friday. Chey stressed that while Korea possesses a wealth of manufacturing data, China has far more. 'If their learning ability becomes faster and greater, Korea's manufacturing industry will inevitably be hit harder.' Emphasizing the importance of data — which Chey described as "food" to make AI strong and healthy — called for a partnership with Japan. 'Japan has a vast amount of manufacturing data. If the two countries can exchange and co-train this data, we can make a better AI,' he said. The session, titled 'AI for All, AI for Us,' brought corporate executives, startup founders and AI experts together to discuss the real-world application of AI business. Kakao CEO Chung Shin-a, who moderated the session, also highlighted the growing value of data, calling it the 'core competitiveness and resource in the AI era.' Chung added that the AI models have now surpassed the knowledge level of the average person and are capable of reasoning, which opens up new business opportunities using AI. Still, she cautioned that AI is only as strong as its data foundation. 'If the model doesn't study enough data, its performance will deteriorate and the probability of finding the right answer decreases,' said Chung. 'Even if the model has learned enough, if the bias is reduced, there is an issue of accuracy.' Chung also touched on the Industry Ministry's recently announced plans to expand more AI-powered factories in the country. "In return for free cloud services, US tech giants are said to have requested Korean factories to provide manufacturing data,' said Chung. She noted that the US, with its relatively weak manufacturing base, is trying to secure data on variables such as defect rate, temperature and humidity, to study their correlation. The session also featured Korean startups showcasing AI deployments across industries, including Washwat, a laundry service startup that uses AI to process 30,000 care labels daily to provide quality service for consumers. Another startup, Liner, provides a specialized AI search engine for academic research. Vuno predicts heart age, cardiac arrest risk and other diagnoses by AI studying X-rays, MRIs and other hospital data. Going forward, Chey emphasized the urgent need to cultivate talented AI professionals through education and by attracting high-skilled workers abroad for Korea to lead the AI race. 'We need more than 100,000 AI engineers for Korea to stay competitive. And potentially, one million or even 10 million AI experts in the future,' said Chey. To nurture such talent, Chey proposed making AI a required course in universities and tapping into global talent, as education alone takes time and does not always guarantee high-caliber engineers. 'One of the reasons why South Korea isn't growing is brain drain. We raise brilliant minds, only to see them leave for global opportunities,' he said, stressing the need for Korea to become more welcoming to overseas professionals. Chey also called for electricity prices to be cheaper and the adoption of differentiated pricing. Running an AI data center takes enormous power, he said, which is almost like a power plant, referring to SK Group's data center in Seoul's Gasan-gu. 'About 85 percent of the operating cost is just electricity bills,' he said. 'I have repeatedly asked for cheaper electricity.' He also advocated for a market-based electricity pricing system, which charges more for areas far from power generators and less for those nearby. Chey cited the oil prices liberalization in 1980s, which changed from standardized prices nationwide to market-based pricing, suggesting electricity should be the same.
Hans India
22-06-2025
- Business
- Hans India
SK Group chairman calls for AI-led growth amid industrial revolution
Seoul: SK Group Chairman Chey Tae-won has called for a stronger focus on artificial intelligence (AI) as a new growth engine, urging the group to take a leading role in the AI-driven industrial revolution, the company said on Sunday. "The sustainable survival of companies depends on how they adapt to AI," Chey was quoted as saying during a recent groupwide business strategy meeting. "We should broaden our horizons by applying AI not only in information technology (IT) but also in areas such as electricity, energy and biotechnology." His remarks align with SK Group's long-term strategy to accelerate its "fourth quantum leap" by integrating AI into all aspects of business operations, spanning AI data centers, AI agents, robotics, manufacturing, energy and bio, reports Yonhap news agency. The group previously announced plans to invest 82 trillion won (US$59.7 billion) in AI and semiconductor sectors by 2030. As a first step, SK Group last week unveiled a partnership with Amazon Web Services (AWS) to build a hyperscale AI data center in Ulsan, about 305 kilometers southeast of Seoul. The facility is scheduled to begin operations by 2027 and is expected to create up to 78,000 direct and indirect jobs over time as it scales. The project reflects SK Group and AWS' joint commitment to advancing cloud infrastructure to support AI innovation, the company said. The project brought together key SK Group affiliates, including SK Telecom Co., SK hynix Inc. and SK Gas, combining the group's strengths in ICT, energy and semiconductors. The new data center is expected to enhance the group's capabilities to meet growing demand for generative AI through compute, storage, database and edge computing solutions. "Hyperscale AI data centers are core national assets that can strengthen our geopolitical position amid intensifying global tech competition and trade pressure," the group said. "Given that AI data centers typically operate for decades, this large-scale investment by a global tech giant underscores confidence in Korea's political and economic stability and long-term growth potential."
Korea Herald
18-06-2025
- Business
- Korea Herald
Korea pushes China-free supply chains with new US investments
Korea Zinc expands US ties with rare metal exports, mining deal Corporate Korea is closely monitoring the new Lee Jae Myung administration's diplomatic maneuvers, particularly how Seoul will go about bolstering its economic partnership with Washington DC amid the ongoing US-China trade spat. A meeting between the Korean and US presidents did not take place as planned on the sidelines of the G7 summit in Canada this week, as US President Donald Trump returned to America earlier than scheduled. However, political and diplomatic stakeholders expect a summit between Lee and Trump at the upcoming NATO summit next week. Since President Lee's inauguration earlier this month, Korea and the US have emphasized the importance of strengthening their economic ties. The two countries are expected to seek cooperation in shipbuilding, energy and critical minerals, as well as negotiate the US-imposed tariffs on Korean exports. The US' attempt to restructure global supply chains away from China has led to an ongoing trade dispute between the US and China and opened up new opportunities and risks at the same time for all economies involved, including Korea. China recently resumed rare earth metals exports to the US but decided to allow them for only six months, meaning the tension over the global supply chain and ongoing trade war between the US and China will likely persist. Korea's business sector has been swiftly taking various measures to cope with the rattling economic security. SK Group Chairman Chey Tae-won, who also serves as the head of the Korea Chamber of Commerce and Industry, met with President Lee to discuss the six strategies industries -- shipbuilding, energy, nuclear power, artificial intelligence, semiconductor and mobility -- that the country can create synergy in partnership with the US. Chey explained how Korean companies have practically contributed to the US economy. In accordance with Chey's remarks on Korean firms benefiting the US' push to remove the reliance on China-involved supply chains worldwide, Korea Zinc announced on the previous day that it had invested $85 million to acquire a 5 percent stake in The Metals Company, a Nasdaq-listed Canadian deep-sea mining exploration company focused on extracting metals required for electric vehicles and low-carbon energy. 'With this investment, Korea Zinc can become one of the pillars that hold up supply chains excluding China,' said Korea Zinc. '(The Metals Company) also places an important value on the partnership with us, having China-unrelated assets and technologies.' Earlier in the week, Korea Zinc revealed that it had shipped its first export of antimony to the US. Antimony, a key chemical element material used in electronics and military products, is designated as a strategic element. The shipment marked Korea Zinc's entrance into the US market and its intention to expand its network in the US. "Once allied economies such as Korea and the US begin discussing specific areas of cooperation through summits, companies are projected to be in step with them and move quickly," said an industry official. "Due to the escalating tension between the US and China, sectors related to economic security, such as energy, minerals, shipbuidling, defense and intermediate goods, are likely to be continuously emphasized moving forward."
