Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, has urged South Korea to implement major regulatory reforms to address slow economic growth and increase competitiveness. He argues that the current system creates barriers that discourage companies from expanding and investing, especially in high-growth sectors. According to Choi, reform is essential for revitalizing the economy and maintaining South Korea’s global standing.
A key concern he highlights is the “step-like” nature of the regulatory environment, where businesses face increasingly strict rules as they grow. This can create a disincentive for firms to scale up, as the cost of compliance and risk of penalties can outweigh potential benefits. Choi believes this structure undermines entrepreneurial ambition and slows the development of new industries.
Choi also stressed the importance of a comprehensive national strategy for artificial intelligence. He believes AI should be treated as a core pillar of economic policy, with coordinated investment in infrastructure, talent development, and innovation. Without a clear and bold AI roadmap, South Korea risks falling behind other nations that are aggressively building their AI ecosystems.
In addition to regulation and AI policy, Choi suggested that South Korea should strengthen regional collaboration and support policies that retain talent. He emphasized that attracting and keeping skilled workers is vital for sustaining innovation and long-term growth. Overall, his comments reflect growing concern among business leaders that policy change is urgently needed to prepare the economy for the AI era.
