South Korean business leader advocates for joint semiconductor production with Japan, proposes mutual liquefied natural gas acquisitions from the United States.
SK Group Chairman Chey Tae-won, who concurrently holds the position of chairman for the Korea Chamber of Commerce and Industry (KCCI), advocates for policy measures during discussions with the People Power Party presidential candidate, Kim Moon-soo, and prominent South Korean business organizations. The meeting took place at the KCCI building in Seoul on May 22.
Chey's policy suggestions focus on fostering South Korea's industrial competitiveness, reinforcing sector resilience, and forging closer ties with Japan in high-technology and energy sectors.
In the realm of semiconductors, Chey underlines the necessity of integrating South Korea and Japan's ecosystems, drawing attention to Japan's strength in semiconductor equipment and materials. He aspires for SK hynix to rely more on Japanese companies, particularly for high bandwidth memory (HBM), which it currently dominates with a 70% market share. Chey argues that superior chips are not only determined by cost but also by collaborative developments tailored to meet specific customer needs.
Moreover, Chey signifies a proactive role for SK hynix in the Japanese semiconductor industry through strategic investments in Kioxia, the former Toshiba Memory, which SK hynix already partially owns.
Advocating for an expanded economic partnership between South Korea and Japan, Chey stresses the importance of collaboration that extends beyond trade to encompass technology, innovation, and supply chain resilience. He also proposes joint purchases of liquefied natural gas (LNG) from the United States as a means to bolster energy security and leveraging collective bargaining power.
In response to a recent hacking incident at SK Telecom, Chey publicly acknowledges the issue, announcing a company-wide security overhaul. He establishes an "Information Protection Innovation Committee" under the SK Supex Pursuit Council to identify security vulnerabilities and revamp response mechanisms across all group companies. Chey emphasizes that security is a matter of national defense, not just corporate responsibility, and highlights the importance of recruiting external experts for independent oversight.
By extension, Chey's suggestions aim to enhance industrial competitiveness, strengthen critical sectors, and deepen cooperative ties with Japan in advanced and energy-related technologies.
Relevant enrichment data:
- Chey advocates for developing chips in collaboration with customers to better meet their needs.
- He desires SK hynix to rely more on Japanese companies, especially for high bandwidth memory (HBM).
- Chey views security as a national defense issue, implying a potential broader strategy in cybersecurity measures.
- Chey Tae-won, the SK Group Chairman, proposes fostering South Korea's industrial competitiveness, including collaborative chip development with customers to better meet their needs.
- In line with this, Chey aspires for SK hynix to rely more on Japanese companies, particularly for high bandwidth memory (HBM), which it currently dominates with a 70% market share.
- Chey also advocates for an expanded economic partnership between South Korea and Japan, emphasizing on collaboration beyond trade, to encompass technology, innovation, and supply chain resilience.
- In response to a recent hacking incident at SK Telecom, Chey prioritizes national defense by establishing an "Information Protection Innovation Committee" to identify security vulnerabilities and revamp response mechanisms across all group companies.
- By forging closer ties with Japan in high-technology and energy sectors, Chey aims to strengthen South Korea's industrial competitiveness, particularly in the semiconductor industry and energy security.
