Chey Tae-won, chairman of the Korea Chamber of Commerce and Trade and chairman of SK Group, has publicly demanded a full reexamination of the present company regulatory regime, together with the Truthful Commerce Act, that he says blocks the expansion of home firms. He additionally mentioned that, as survival within the synthetic intelligence (AI) transition race requires tons of of trillions of received in funding, a brand new and extra concentrated large-scale financing system should be established to help it.
On the 2nd Company Development Discussion board held on Nov. 20 on the CCMM Constructing in Yeouido, Seoul, Chey mentioned, “The Truthful Commerce Act has labored exhausting to control company teams, however I don’t suppose it has been profitable,” including, “Financial focus amongst giant firms has truly intensified.” The discussion board was collectively hosted by the Federation of Korean Industries, the Korea Chamber of Commerce and Trade, and the Federation of Center Market Enterprises of Korea.
Chey argued particularly that if the Truthful Commerce Act doesn’t match the present state of affairs wherein company progress is critical, it must be drastically revised. Chey mentioned, “We want to consider what goal it was created for and whether or not it nonetheless serves as a legitimate regulation underneath future progress patterns, and if not, how it may be revised and adjusted,” including, “We must always protect what has good intentions and stays legitimate, but when our targets — which we think about to be progress — are more likely to shift, then this additionally must be addressed.” His remarks are interpreted to imply that, if current laws turn into obstacles at a time when new progress fashions are required, a brand new framework should be created.
Chey’s remarks had been interpreted as a public name to start discussions on revising the Truthful Commerce Act, provided that the discussion board was attended by Deputy Prime Minister and Minister of Economic system and Finance Koo Yun-cheol, Han Jeoung-ae, chairman of the Democratic Get together of Korea’s coverage committee, and Kim Do-eup, chairman of the Individuals Energy Get together’s coverage committee.
Chey additionally emphasised {that a} new system able to elevating large-scale funds should be ready to advertise funding within the AI and semiconductor industries. He mentioned, “Individuals hold saying that businesspeople don’t have cash and ask for cash, and that has been distorted into an argument for stress-free the separation of business and monetary capital,” including, “What I’m asking for is a brand new system able to supporting large-scale AI funding.”
