Korea Chamber of Commerce and Business (KCCI) Chairman Chey Tae-won shares his views on the financial system throughout a TV interview, Sunday. Courtesy of KCCI
Korea Chamber of Commerce and Business (KCCI) Chairman Chey Tae-won has known as for the necessity for a bilateral passport-free journey settlement between Korea and Japan, saying such a transfer may generate huge financial synergies for each international locations.
In a televised present, Sunday, the KCCI chief offered the proposal as an choice to invigorate the sagging financial system, underscoring an strategy that each international locations are a “unified financial neighborhood.”
“As soon as Korea and Japan signal a Schengen-style settlement like within the European Union (EU), it might create added worth value 3 trillion gained ($2.03 billion),” he stated.
The Schengen Space refers to a journey zone in Europe that makes use of a standard visa coverage for worldwide journey, permitting residents and guests to maneuver freely throughout most inside borders inside the EU and collaborating nations with out passport checks.
“We must always consider the 2 international locations as one single financial neighborhood,” he stated. “This might create extra financial synergies for each international locations.”
He additionally stated that an “excessively excessive” variety of financial guidelines in Korea creates dangers for enterprise homeowners. Chey additionally serves as chairman of SK Group.
“When corporations make investments, they calculate detailed numbers, comparable to estimated returns, timeline and scale,” he stated. “Nonetheless, such a course of means nothing when corporations embrace the potential of imprisonment of high administration as a possible danger throughout their funding course of.”
Chey additionally underlined the significance of constructing a global-scale AI infrastructure for Korea to attain sustainable progress and maintain enhancing its AI competitiveness.
“AI shouldn’t be a easy technological progress however a civilization-level change, so the brand new tech paradigm is a core aspect when constructing nationwide methods,” he stated.
“There’s a clear restrict to AI infrastructure accessible solely in Korea. They need to be accessible all throughout the globe. This may make sustainable AI-driven industrial progress and funding attainable right here.”
Korea has to date achieved financial progress largely pushed by manufacturing exports, however the nation must construct a state-level progress mannequin by converging cultural property, AI applied sciences and software program capabilities, Chey added.
