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Korea Herald
a day ago
- Business
- Korea Herald
Lee likely to meet business leaders later this week ahead of G7 summit
President Lee Jae-myung is expected to meet with top business leaders and heads of major economic organizations later this week, ahead of his participation in the Group of Seven summit in Canada, industry sources said Monday. According to the sources, the presidential office is arranging the meeting for Thursday or Friday, with the Korea Chamber of Commerce and Industry coordinating final details on behalf of the business community. The gathering is expected to bring together the heads of South Korea's five major conglomerates -- Samsung Electronics Co. Chairman Lee Jae-yong, SK Group Chairman and KCCI Chairman Chey Tae-won, Hyundai Motor Group Chair Euisun Chung, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin. Other business leaders expected to attend include Sohn Kyung-shik, chairman of the Korea Enterprises Federation, and Yoon Jin-sik, chairman of the Korea International Trade Association. The meeting appears to be aimed at reviewing both domestic and global economic conditions and gathering input from the business community on key pending issues ahead of Lee's participation in the G7 summit, scheduled for June 15-17 in Alberta, Canada. On his first day in office, Lee ordered the formation of an emergency economic task force, and was briefed on the current state of the local economy and the potential impact of a supplementary budget, underscoring his administration's focus on economic recovery as a top policy priority. (Yonhap)
Korea Herald
27-05-2025
- Business
- Korea Herald
KCCI chair meets Japan PM, calls for closer trade ties
Korea Chamber of Commerce and Industry Chairman Chey Tae-won, who also heads SK Group, met with Japanese Prime Minister Shigeru Ishiba on Tuesday in Tokyo, calling for close economic cooperation between the two countries. The meeting came as Seoul and Tokyo mark the 60th anniversary of the normalization of diplomatic relations, according to the KCCI. Chey was joined by Park Il-joon, executive vice chairman of KCCI and Lee Hyung-hee, vice chairman of Seoul Chamber of Commerce and Industry and president of SK Supex Council. 'At a time when both Korea and Japan are facing difficulties due to the spread of global protectionism, including reciprocal tariffs from the US, there is a need for the two countries to deepen bilateral economic cooperation,' Chey was quoted as saying to Ishiba, requesting the Japanese government's support and attention for corporate activities for both countries. Chey also asked for Ishiba's interest in the upcoming APEC CEO Summit to be held in Gyeongju, North Gyeongsang Province, in October, hosted by KCCI. He also requested participation from leading Japanese companies. Following the meeting with Ishiba, Chey visited the Japan Chamber of Commerce and Industry, where he met with Chairman Ken Kobayashi. The visit was Chey's first to the JCCI in three years, with discussions centering on the upcoming bilateral chamber meeting and ways to enhance collaboration between the two organizations. The 14th chairs' meeting of the KCCI and JCCI is expected to take place in South Korea later this year. Chey is also expected to attend the 30th Nikkei Forum on the Future of Asia from Thursday to Friday. Last year, he participated as a speaker and stressed the importance of Korea-Japan cooperation.
Korea Herald
15-04-2025
- Business
- Korea Herald
Experts call for deeper Korea-US ties in AI, semiconductors amid trade tensions
As global economic uncertainty deepens, fueled by US President Donald Trump's sweeping tariff policies, experts and business officials from South Korea and the US called for expanded cooperation in artificial intelligence and semiconductors. At the Korea-US Industrial Cooperation Conference, co-hosted by the Korea Chamber of Commerce and Industry and the Korea-America Association in Seoul on Tuesday, industry officials underscored the importance of deeper partnerships in key sectors, including AI, semiconductors, shipbuilding, defense and energy, to navigate an increasingly complex and uncertain trade environment. 'Korea is a global leader in semiconductors, nuclear energy, shipbuilding and other manufacturing industries,' said Choi Joong-kyung, chair of the Korea-America Association and Korea's ambassador for international investment cooperation. 'By combining Korea's manufacturing capability and US advanced technological power, both countries can benefit from a strong synergy effect.' Park Il-jun, executive vice chairman of the KCCI, noted that the two countries were moving from a "period of uncertainty to a time for negotiation." "The fundamental solution to issues such as the trade deficit and boosting domestic manufacturing in the US is to create strategic synergy through industry cooperation between the two countries," he said. In the areas of AI development and semiconductors, experts emphasized that rather than developing foundational models from scratch, Korean companies can work with American big tech companies to build on top of existing models to tailor them to Korea's specific needs. 'It is important to cooperate so that Korean firms can utilize AI models in which the US is leading," said Kim Chang-wook, managing director and partner at Boston Consulting Group. 'In return, we can consider sharing the costs when big tech firms build data centers in Korea or rent GPUs.' Martin Chorzempa, senior fellow at the Peterson Institute for International Economics, echoed that sentiment, noting that foundation models –- which are highly competitive and expensive -- could be like a 'commoditized utility' going forward, with much of the economic value residing in the applications built on top of them. 'There's an incredible opportunity for Korea to build on top of those US and other foundation models and use those GPUs for deployment of AI models,' said Chorzempa, noting Korea is one of a very few countries that have obtained top tier status under the AI diffusion rule, which allows unrestricted access to the advanced US-made GPUs that are critical in AI computing. Mike Yeh, regional vice president for Microsoft's corporate external and legal affairs in Asia, also agreed that Korea could find opportunities in developing AI applications, particularly in the areas of cybersecurity, productivity and demographics. During the discussion, Chorzempa also addressed growing concerns about the future of the Biden-era CHIPS Act. Korean chipmakers like Samsung Electronics and SK hynix have committed to building manufacturing facilities in the US in exchange for billions of dollars in subsidies. 'Although Trump has criticized the CHIPS Act in the past, it now seems that instead of being repealed, it might actually be expanded in terms of at least the tax credit element of the CHIPS Act, which is going to be the largest subsidy component by far,' said Chorzempa. He added that the real challenge to the semiconductor industry lies in tariffs, which could drive up the cost of training AI and building fabs in the US.
Korea Herald
18-03-2025
- Business
- Korea Herald
APEC Summit in Gyeongju to boost economy by W7.4tr: KCCI
The Korea Chamber of Commerce and Industry, in collaboration with Deloitte Consulting, has projected that the upcoming Asia-Pacific Economic Cooperation Summit in Gyeongju, North Gyeongsang Province, in October will generate an estimated 7.4 trillion won ($5.1 billion) in economic benefits. According to an analysis released on Tuesday, the short-term direct effects -- including economic stimulation and increased domestic consumption -- are expected to amount to 3.3 trillion won. Meanwhile, the medium-to-long-term indirect effects, encompassing economic and social benefits, are estimated to reach 4.1 trillion won. Additionally, the summit is expected to create about 22,634 jobs. To maximize APEC's economic impact and invigorate regional industries, KCCI is planning a series of events, including the Future Tech Summit, which will highlight cutting-edge technology; the K-Tech Showcase, where Korean companies will exhibit their technological capabilities; and a Learning Program aimed at fostering cultural exchange and networking. APEC, an international forum established to enhance economic cooperation among countries in the Asia-Pacific region, comprises 21 member economies. During the APEC Summit, KCCI will host the APEC CEO Summit, a high-profile gathering of global business leaders and government representatives, as well as meetings of the APEC Business Advisory Council. To ensure the smooth execution of the events, KCCI has established the APEC CEO Summit Organizing Committee and the ABAC Korea Secretariat. KCCI Chairman Chey Tae-won, who is also chairman of SK Group, visited Gyeongju on Monday to oversee preparations for the 2025 APEC CEO Summit. Chey, who chairs the 2025 APEC CEO Summit, conducted a two-day inspection of the summit venues, accompanied by KCCI Vice Chairman Park Il-jun and Seoul Chamber of Commerce Vice Chairman Lee Hyung-hee. During a roundtable discussion on Economic Revitalization through the APEC CEO Summit, attended by North Gyeongsang Province Governor Lee Cheol-woo and Gyeongju Mayor Joo Nak-young, Chey underscored the significance of the event. 'The APEC CEO Summit is a crucial platform where economic leaders of the Asia-Pacific region will gather to discuss future growth and cooperation strategies,' he said. He further stressed, 'I hope local governments and businesses will collaborate closely to ensure that the summit catalyzes a revitalization not only of Gyeongju and North Gyeongsang Province but also the broader regional economy.' Ahead of the meeting, Chey visited the Gyeongju Arts Center, one of the candidate venues for the APEC CEO Summit, where he conducted an on-site inspection of key facilities, including participant accommodations, the welcoming banquet venue and other auxiliary event locations. 'The APEC business event is a critical opportunity to showcase Korea's innovation capabilities and future vision. We will work closely with the government, local authorities, and businesses to ensure a successful and impactful summit,' a KCCI official said.
Korea Herald
06-03-2025
- Business
- Korea Herald
K-food exports grow 8% annually in past 10 years
South Korea's exports of food, led by instant noodles, grew an average of 8 percent annually over the past 10 years on the growing global popularity of K-culture, a business organization said Thursday. K-food shipments doubled to $7.02 billion in 2024 from $3.51 billion in 2015, with instant noodles, or "ramyeon" in Korean, leading the growth, according to a report released by the Korea Chamber of Commerce and Industry. Ramyeon exports increased by an average of 20 percent a year in the past decade, helped by strong demand for K-pop and other K-content, as well as a growing preference for easy-to-cook and inexpensive meals amid an economic slowdown, the report said. Last year, ramyeon topped other items with exports reaching $1.36 billion, followed by home meal replacement products at $980 million, beverages at $940 million and health functional foods at $820 million. The United States, China and Japan were the top three importers of Korean ramyeon products last year. In the US, some Korean food products, including Samyang Foods Inc.'s Buldak spicy ramyeon series, have landed on the shelves of Costco Wholesale and other major discount store chains, a KCCI official said. "A combination of increased sales networks in major markets and aggressive marketing has helped drive up the demand for Korean instant-ramyeon products overseas," the official added. (Yonhap)
