"Did AI write those questions? They are quite sharp," Chey Tae-won, chairman of SK Group, remarked on November 5 during a special lecture at Seoul National University's Department of Economics.
Students filled the central hall of the College of Social Sciences, posing a wide range of questions about university education in the AI era, SK's artificial intelligence transformation (AX) strategy, U.S.-China power competition, and Korea-Japan economic cooperation. Chey expressed surprise at the quality of the questions and continued to respond to them. After the lecture, students requested selfies with him as he was leaving.
During his lecture titled "AI Era, Changes in Global Economic Paradigms, and Korea's Vision," Chey identified his primary concern as whether AI can continue to develop as it has. He noted that as AI evolves, the necessary computing power will increase, leading to sustained investment in the field.
However, he pointed out that the macroeconomic environment could be a variable affecting this investment. If the macroeconomic situation becomes unstable, the pace of AI investment and adoption could slow down.
Regarding companies developing AI models, such as OpenAI and Anthropic, Chey predicted they would maintain competitiveness through funding and improvements in their business models. However, he referred to them as startups, suggesting they have less capacity to respond to macroeconomic shocks compared to larger cloud companies. Unlike those larger firms, which generate revenue from other businesses and have established assets and customers, these startups may lack the buffer to withstand economic disruptions.
When asked about the potential impact of the U.S. midterm elections on SK Hynix and other affiliates, Chey noted the day's stock market decline, highlighting how market anxiety can amplify reactions to even minor signals before actual policy changes occur. He stated, "The liquidity released after the financial crisis and COVID-19 has increased volatility in the asset market."
Chey elaborated on SK's AX strategy, explaining the use of AI agents for organizational management. He said, "We will be able to see at a glance what 1,000 employees have done throughout the day," adding that it would allow for immediate instructions to reduce redundant tasks. This approach aims to enhance efficiency by exchanging information among AI agents to monitor work status and minimize duplication.
He emphasized the importance of smart factories utilizing AI and simulations in semiconductor manufacturing. "We can know the results at any point during the process, not just at the end," he explained, noting that simulations and AI can lead to more effective processes.
In his lecture, Chey addressed the limitations of Korea's existing growth model amid U.S.-China power competition and the AI industrial revolution, proposing four solutions: a new capitalism, transitioning to an AI-centered nation, expanding economic zones, and changing the economic and social system through incentive structures.
He argued for a "new capitalism" that measures social value and provides incentives based on those measurements, stating, "We need to give incentives proportional to the measured social value."
Chey also stressed the need to adapt the entire social system, including education and labor, to align with the AI era. He emphasized the importance of rapidly developing applications that can be applied to real life and industry based on AI infrastructure.
Furthermore, he highlighted the necessity of expanding economic zones through cooperation with Japan. "The most needed partner for Korea's current issues is Japan," he asserted, emphasizing that collaboration is essential. Both Korea and Japan face similar challenges, such as low birth rates and aging populations, and expanding cooperation could create growth opportunities and reduce costs.
Finally, he advocated for an incentive system that benefits companies as they grow. He pointed out that the current structure, where support decreases and regulations increase as companies expand, diminishes the motivation for growth. "There should be benefits for those who are growing," he stressed, calling for a shift towards supporting growth.
* This article has been translated by AI.
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