Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI) and SK Group, said the Korean government should directly enter the industrial competition like its counterparts in the United States and China, expanding direct support such as investment and institutional improvements to strengthen corporate competitiveness.
Attending the 7th National Assembly Future Industry Forum held at the National Assembly Members' Office Building in Yeongdeungpo-gu, Seoul, on Monday, Chey said, "In the past, our (Korean companies') competitors or partners were companies, but recently, governments of various countries have stepped forward as players themselves, drawing in corporate investment and at times applying direct pressure." He added that "our government's industrial support policy needs to shift toward directly entering the game, competing alongside various players, and providing the pinpoint support that companies need."
His remarks come as the U.S. government imposes global tariffs and induces Korean companies to invest in local factories, moving aggressively to protect its own industries. The Korean government, he argued, also needs more proactive support measures. "Governments around the world are rewriting the rules of the game to protect their own companies, and are even carrying out direct investments," Chey said. "We too can no longer remain in coaching or assisting roles — we must participate directly in the game."
He elaborated, "The existing indirect support approach or general policies that lump entire industries together no longer work. Even within the same industry, each company has a different strategy, so pinpoint support tailored to individual companies is now needed."
