Global Economic Times

KCCI Jeju Forum Opens: Chairman Chey Tae-won Urges Businesses to Catch the AI Wave Before It Becomes an Insurmountable Wall: KO YONG-CHUL Reporter / Updated : 2026-07-18 08:53:54

At the 49th annual gathering of South Korea’s top business leaders, SK Group and KCCI chief emphasizes workflow redesign over simple tool adoption, calling for inclusive growth across supply chains.

JEJU ISLAND — Artificial Intelligence will serve as a revolutionary starting line for those who leap onto its wave early, but it will morph into an insurmountable wall for those who stand aside. South Korea, a nation that historically transformed the massive waves of industrialization and informatization into economic miracles, must absolutely ensure it does not miss this pivotal AI turning point.

This urgent call to action was delivered by Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI) and Chairman of SK Group, during his opening keynote speech on July 15 at the 49th KCCI Jeju Forum. As South Korea's premier annual economic gathering, the prestigious four-day forum convened over 500 prominent business leaders, including chairpersons of regional chambers of commerce and top executives from both conglomerates and small-and-medium enterprises (SMEs), to aggressively chart new growth strategies for the national economy.

In his opening address, Chairman Chey emphasized that maximizing the returns on AI investments requires a fundamental shift in executive mindset. He noted that corporate leadership must deeply understand the mechanics of AI to pose the right strategic questions. "AI works precisely as much as you ask it," Chey asserted. "The individuals who excel in this new era are those who recognize exactly what they do not know, understand what questions to ask, and possess the capability to bridge humanity and AI through high-quality questioning."

Chey strongly cautioned against the superficial deployment of AI tools within legacy frameworks, warning that merely adding AI applications to existing operational structures yields highly restricted productivity gains. "Simply tossing questions at an AI tool will not complete the necessary transformation," Chey explained. "What is urgently required is a comprehensive restructuring—a complete workflow redesign—to rebuild our entire way of working from the ground up so that it natively aligns with AI capabilities."

To illustrate his point, Chey drew an illuminating historical parallel from the dawn of the second industrial revolution. When electricity was first introduced to manufacturing, factories that merely swapped out old steam engines for electric motors experienced only marginal gains in output. In stark contrast, the industrial facilities that achieved exponential leaps in productivity were those that completely reconfigured their entire assembly lines and logistical layouts to optimize for electrical power. Chey stressed that AI demands a similarly radical overhaul of organizational architectures and operational processes to trigger genuine productivity breakthroughs.

Beyond technological innovation, Chairman Chey focused heavily on the social responsibility of corporations, arguing that the fruits of macroeconomic growth must not remain exclusively concentrated within a select few elite conglomerates. He advocated for a highly integrated and empathetic ecosystem where technological advancements ripple constructively through the broader economy. "True economic growth is only realized when the expansion of a major enterprise flows down seamlessly to benefit its suppliers, generate new employment opportunities, and revitalize local commercial districts," Chey remarked. "When corporations, the government, the National Assembly, and the general public row the economic boat together in unison, the nation can sail smoothly into a much vaster ocean of shared prosperity."

This year’s Jeju Forum is organized under the overarching slogan, "SUMMER FLOW, Into the Ocean of Growth." The comprehensive four-day program is structured around four distinct thematic tracks: Foundations of Growth, Challenges of Leaders, Opportunities Opened by Technology, and Transformations Spreading to Society. These tracks are designed to address both the immediate operational challenges of business leaders and the long-term structural adjustments required by South Korean society.

A major highlight of the forum is scheduled for July 17, when Chairman Chey will host a highly anticipated, deep-dive panel discussion on AI. He will be joined by Lee Jae-wook, Director of the Seoul National University AI Research Institute, and Kwon Seok-joon, a renowned professor of chemical engineering at Sungkyunkwan University. The high-level dialogue is expected to cover a wide spectrum of urgent national issues, ranging from the practical execution of AI Transformation (AX) within the traditional manufacturing sector to the fundamental overhaul of the national educational curriculum to cultivate AI-literate talent.

Reflecting the critical nature of the event, the 49th forum has drawn an exceptionally distinguished lineup of policymakers, academics, and cultural figures. Key speakers and attendees include National Assembly Speaker Jo Jung-sik, Minister of Trade, Industry and Energy Kim Jung-gwan, and Minister of Culture, Sports and Tourism Choi Whi-young. From the technical and advisory sectors, Seok Cha-ok, Professor at Seoul National University and CEO of Galux, alongside Jang Jin-seok, Managing Director and Partner at Boston Consulting Group (BCG) Korea, will provide specialized industrial insights. Furthermore, representational leadership from the next generation of business executives is highlighted by Jung Kyung-sun, Vice President of Hyundai Marine & Fire Insurance, while renowned philanthropist and singer Sean will address social contribution and corporate civic duties, reinforcing the forum's core message of shared societal growth.