Chairman Chey Tae-won Stresses the Importance of Overseas Investments to Bolster Korea’s Industrial Fundamentals and the Need to Host World Expo in Busan

Chairman Chey Tae-won emphasized the importance of overseas investments to boost the competitiveness of industrial fundamentals in Korea and stressed the need to host World Expo 2030 in Busan, which is one of the priorities on the national agenda.

 

 

 

 

 

#SK to Continue Active Domestic and Overseas Investments in the BBC Sectors

 

“SK Night,” an event organized to promote the competitiveness of SK and Korea, was held on September 21 (local time in the U.S.). In a press conference that preceded the event, Chairman Chey Tae-won said, “Investments in overseas markets are essential in order to safeguard the domestic investments. We must create a virtuous cycle of investing in and internalizing technologies that we lack such as advanced packaging and leveraging those technologies for domestic investments, which will boost the competitiveness of Korean companies.”

 

In other words, SK’s investments in the U.S. are not a simple matter of selecting a country to invest in but a decision based on consideration of a comprehensive list of factors that include R&D partnerships, acquisition of supply chains and clients, and development of new growth engines for the nation.

 

Chairman Chey Tae-won noted that 70% of the recently announced investment of KRW 257 trillion, which translates to KRW 179 trillion, is domestic. “Times of growing uncertainty like now require individuals and companies to transform themselves in order to survive,” said Chairman Chey Tae-won. He continued to state that SK will actively engage in domestic and overseas investments in the so-called “BBC (battery, bio, and chips)” sectors.

 

With regard to current affairs related to Inflation Reduction Act (IRA), the CHIPS and Science Act, and the U.S.-led Chip 4 Alliance, Chairman Chey Tae-won said, “Various developments surrounding the key industries of Korea can offer both opportunities and risks. We will carefully monitor the situation until relevant bills and policies are finalized so that we can formulate appropriate response measures.” Chairman Chey Tae-won’s statement is intended to call for public-private partnerships and support as the government and the industry cannot have differing views on these issues.

 

Serving as the chairman of the Korea Chamber of Commerce and Industry and the co-chair of the World Expo 2030 Busan Bid Committee, Chairman Chey Tae-won expressed his opinion on the prospects of a successful bid to bring World Expo to Busan. “We still have a year to go, and I believe we stand a good chance of winning the bid by promoting the unique strengths of Korea in our own ways.”

 

 


Chairman Chey Tae-won giving his welcome speech at SK Night, held in the SK office in Washington D.C. on the evening of September 21 (local time).

 

 

 

 

#Emphasis on the Korea-U.S. Partnership and Strong Advocacy for Busan World Expo at SK Night

 

At the SK Night event that followed on the early evening of September 21 (local time) in the SK office in Washington D.C., Chairman Chey Tae-won stressed the need to strengthen the bilateral partnership between Korea and the U.S., including SK’s investments in the U.S.

 

In his welcome speech, Chairman Chey Tae-won said, “I had a meeting with President Biden this year to present SK’s plan to invest a total of USD 30 billion and create over 20,000 jobs in the bio, chips, and green energy sectors. SK’s success in the U.S. would not have been possible without our trusted partners in the country.”

 

In addition, Chairman Chey Tae-won shared SK’s blueprint for net zero that aims to “contribute to cutting 200 million tons of carbon emissions, which is 1% of the total carbon reduction target by 2030.” Chairman Chey Tae-won emphasized that “a significant portion of SK’s investments is targeted at carbon reduction efforts, and SK will continue to work together with its various partners to create a sustainable future for the next generation.”

 

SK Night was attended by over 300 political leaders, government officials, and leaders from the finance sector including Senator Chris Coons from Delaware, Senator Jon Ossoff from Georgia, and Congressman Dan Kildee from Michigan.

 

The event was also attended by key members of the leadership in SK including Chief Vice Chairman Chey Jae-won, Head of U.S. Corporate and Government Affairs Yu Jeong-joon at SK Group(Vice Chairman of SK E&S), Vice Chairman & CEO Kim Jun of SK innovation, and Vice Chairman of SK square and SK hynix Park Jung-ho. The leadership team from SK presented on SK’s business status and its competitiveness in the global market to have detailed discussions on future cooperation with the attendees from the U.S.

 

Having been proposed by Chairman Chey Tae-won and launched in 2018, SK Night has established itself as an opportunity to promote SK’s competitiveness in the global market to key leaders in the U.S., where capital, technology, and talent are brought together. Resumed after three years due to the Covid-19 pandemic, SK Night gathered more attendees than any other year for exchanges and communication.

 

SK Night also served as a chance to promote the unique strengths of Busan Expo as the promotional video for the bid to host World Expo in Busan, played on a large screen at the venue, drew a great response from the audience.

 

 

 

 

#Chairman Chey Tae-won Highlights to UN Ambassadors the Bid to Host Busan Expo as an Attempt to Contribute to the World

 

At “Korea Night,” organized by the Korea Chamber of Commerce and Industry on September 23 (local time in the U.S.), Chairman Chey Tae-won met with UN ambassadors from the member countries of the Bureau International des Expositions (BIE) to ask for their support and cooperation with Korea in its bid to host World Expo in Busan.

 

Held in a Korean restaurant in New York, the event brought together business leaders including Vice Chairman Yu Jeong-joon of SK E&S, CEO Choi Kyung-sik of Samsung Electronics North America, and Director Lim Byung-dae of LG Electronics Washington Office and Ambassador Hwang Joon-kook of the Permanent Mission of the Republic of Korea to the UN. Over 10 delegates from the UN attended the event including the permanent representative of Zambia and deputy permanent representatives of the U.S., Japan, Switzerland, Estonia, Israel, and Mexico.

 

“Korea would not be where it is today if it were not for the UN. Keeping in mind that Korea owes its success it enjoys today to the international community represented by the UN, I believe that Korea must contribute to the world in one way or another,” said Chairman Chey Tae-won. He then added, “Korea’s bid to host World Expo 2030 Busan is not merely aimed at financial rewards and short-term gains, but it is an attempt to contribute to the world through a ‘platform’ that allows us to achieve universal values and respond to our shared challenges.”

 

Another noteworthy aspect of the meeting between Chairman Chey Tae-won and the UN ambassadors was its culinary theme. Reflecting Chairman Chey Tae-won’s emphasis of commercialization of Korean cuisine, the event was held in a fusion Korean restaurant instead of a hotel in New York