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by IANS |
Seoul, Dec 29 (IANS) South Korea must move fast to secure global competitiveness in artificial intelligence (AI) through aggressive investments in 2026, the country's leading business lobbies said on Monday, highlighting AI as a key growth sector for the nation.
"In order to secure global-level competitiveness in the AI and green transformation sectors, it is essential to build the capability to pursue major investment projects swiftly," Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), said in a New Year's message.
Chey, who also heads SK Group, said such efforts are crucial as South Korea faces various challenges, including low growth and uncertainties in global geopolitics, reports Yonhap news agency.
The chairman has been calling on the government to revamp local fair trade laws to help chipmakers raise cash for major investment projects, including easing shareholding regulations when launching subsidiaries aimed at attracting outside investment.
"We need to improve the predictability of local policies so that businesses, which are the main drivers of growth, do not face hurdles when carrying out investments or pursuing innovation," the KCCI chief said, adding that companies should not face heavier regulations as they grow in size.
The head of the Federation of Korean Industries (FKI), another major business lobby, highlighted the need for strengthened public-private cooperation in the field of AI.
"The FKI will present a new growth path for the Korean economy, including institutional innovations to strengthen competitiveness in new growth sectors such as AI," Ryu Jin, chairman of the federation, said in a separate message.
Yoon Jin-sik, head of the Korea International Trade Association, meanwhile, projected global economic uncertainty to continue in 2026 and pledged to support South Korean companies' overseas expansion by advancing and developing various AI-based export support infrastructure, said the report.
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