Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, emphasized during the 'Economic Leap Forward Meeting' on July 1 in Seoul that a predictable legal and regulatory environment is essential for companies to invest and innovate in the AI era. He stated, "Our economy is creating new opportunities in advanced industries, including semiconductors and AI. Industries and companies that have already proven their competitiveness in the global market are preparing for the future, and the key now is to connect that competitiveness to the next phase of growth."
He further stressed, "It is crucial that the legal and regulatory environment is established in a timely manner so that companies can make decisions and take actions on adopting new technologies, investing, and nurturing talent without delay."
Choi noted that predictability is a significant concern for business leaders, stating, "In a predictable environment, companies can plan further ahead and act more swiftly."
This meeting marked the first official gathering between the National Assembly and the business community since Chung took office. It was organized to explore collaborative measures for economic recovery and sustainable growth.
Attendees from the business sector included Choi, Lee Hyung-hee of SK, Park Seung-hee of Samsung Electronics, Sung Kim of Hyundai Motor, Ha Beom-jong of LG, Woo Ki-hong of Korean Air, and Kim Seung-mo of Hanwha.
During the closed-door meeting, business representatives called for support to foster a physical AI and robotics ecosystem. They specifically requested the expansion of national strategic technology designations in advanced industries like AI and data centers, the designation of special zones, government financial support, and the streamlining of lengthy administrative procedures involved in project approvals.
Additionally, they sought policy support for traditional industries such as retail and petrochemicals, as well as tax incentives to create quality jobs for young people.
In response to the business sector's proposals, Speaker Chung expressed his agreement, stating, "We will do our best to reflect the parts that can be considered at the National Assembly level." He also suggested establishing a permanent cooperation framework for regular communication between the National Assembly and the business community, a proposal that attendees reportedly supported.
* This article has been translated by AI.
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