Seoul: SK Group Chairman Chey Tae-won highlighted the necessity for South Korea to overhaul its business policies to facilitate large-scale investments in the artificial intelligence (AI) sector. During a televised business forum, Chey stressed the importance of speedy and timely investments as essential to maintaining competitiveness in the global AI landscape.

According to Yonhap News Agency, Chey, who also serves as the head of the Korea Chamber of Commerce and Industry (KCCI), emphasized that economic security hinges on leadership in the AI sector, where the success of investments is determined not only by their scale but also by their speed. The business community has been urging the government to relax financial regulations to enable fundraising for substantial investments in advanced industries.

Chey further asserted that adopting business-friendly policies is imperative, as the South Korean economy could potentially experience negative growth from 2030 onward. He warned of severe consequences if effective measures are not implemented promptly to address this issue.

Chey also criticized the current regulatory environment, stating that while the Fair Trade Act has been active in regulating business groups, it has not been successful. He advocated for a new regulatory framework that aligns better with South Korea's economic ambitions and growth objectives.