Gyeongju: SK Group Chairman Chey Tae-won announced that the upcoming APEC CEO Summit in South Korea will provide a platform for global companies to tackle the challenges posed by protectionism. Chey, who also leads the Korea Chamber of Commerce and Industry (KCCI), emphasized the importance of the summit during a group interview with various YouTube channels.

According to Philippines News Agency, the KCCI will host the APEC CEO Summit from Tuesday to Friday in Gyeongju, approximately 275 kilometers southeast of Seoul. This event will coincide with the APEC summit, which unites delegations from 21 member economies. Chey highlighted the summit’s significance, particularly regarding the evolving dynamics between the United States and China.

Chey noted that the APEC summit will witness crucial discussions involving leaders from member economies, including U.S. President Donald Trump and Chinese President Xi Jinping. This meeting is particularly notable as it marks their first encounter amidst rising trade tensions.

Chey also discussed the implications for South Korea’s economy, stressing the importance of enhanced cooperation with Japan to combat protectionism and economic fragmentation. He argued that the traditional free trade model under the World Trade Organization no longer suffices due to current tariff challenges.

Chey proposed that South Korea and Japan could establish a substantial market valued at US$6 trillion by collaborating to address external economic uncertainties. Furthermore, he advocated for increased investment in South Korea’s artificial intelligence industry to drive economic growth.

Chey drew parallels between the ongoing investment competition in AI by the United States and China and the Cold War-era military spending race between Washington and Moscow. He emphasized the necessity of continued investment in AI despite geopolitical uncertainties, warning of the risks of lagging behind in this critical sector.