Chairman Chey Tae-won (middle), chairman of the Seoul Chamber of Commerce and Industry, presides over his first meeting with chairmen of regional chambers of commerce on line on March 18. “We will launch a new regional economic team to promote regional economies,” Chey says. Woo Tae-hee (left), vice chairman of the Korea Chamber of Commerce and Industry (KCCI), says that he will listen to various pending issues surrounding regional economies and set directions for the KCCI. (Photo: KCCI)

Chey Tae-won, chairman of SK Group and chairman of the Seoul Chamber of Commerce and Industry, held his first meeting with chairmen of regional chambers of commerce.

The chairman of the Seoul Chamber of Commerce and Industry doubles as the chairman of the Korea Chamber of Commerce and Industry (KCCI).

The Seoul Chamber of Commerce and Industry announced on the afternoon of March 18 that it held a meeting among heads of local chambers of commerce and industries across the nation.

This event marked the first time the new chairman of the Seoul Chamber of Commerce and Industry greeted other heads of regional chambers of commerce and industries.

In consideration of the COVID-19 situation, it was held online.

“A chamber of commerce and industry has to fulfill its responsibilities not only to protect the rights and interests of its members but to contribute to social development.”

Chairman Chey Tae-won said in an introductory speech. “I need good advice and cooperation from heads of other local chambers of commerce and industry more than ever.”

“The Korean economy is in a very tough time and I am not sure if the Korean economy can recover to the previous level,” Chey added.

“I think sales are more sluggish in regional areas than in the Seoul metropolitan area and regional economies are going through more difficult times than the Seoul economy.

The Korea Chamber of Commerce and Industry will begin to rev up regional economies by establishing a regional economic team.”

SK Hynix’s Profitabilty Improves Significantly Despite COVID-19

In the semiconductor industry, SK Hynix logged 32 trillion won in sales and 5 trillion won in operating profit despite an unfavorable business environment in 2020.

The chipmaker’s profitability improved significantly compared to 2019 based on the rapid development of cutting-edge technologies, stable mass production of its flagship products, and industry-leading quality competitiveness.

In particular, the DRAM sector, the proportion of 1z-nm and 1y-nm processes, approached 40 percent at SK Hynix at the end of 2020. The chipmaker plans to it to more than 75 percent of its production by the end of 2021.

In addition, it will continue to strengthen its technology leadership by introducing 1a-nm products that improve productivity by 40 percent compared to 1z-nm products this year.

Chey continued to invest with the new drug development organization under his control. Industry insiders estimate that stellar performances suggest that SK Group's new drug affiliates have gone beyond the stage of laying the foundation and are on the right track to stable growth.

As SK Bioscience has become a sensation, SK Group can expect to record back-to-back homers following SK Biopharm listed on the securities market in July 2020 and currently has a market capitalization of 8.3 trillion won.

In the meantime, the SK Consortium will attract 2.1 trillion won worth of direct investment and investment in order to set up a start-up cluster and data center in the Saemangeum Industrial Complex and receive business rights to 200MW power generation by floating solar power generators as incentives for its investment.

The Saemangeum Development and Investment Agency said it signed an investment agreement at the Gunsan Saemangeum Convention Center with Chey and senior government officials attending in November 2020.

The Saemangeum Development and Investment Administration selected the SK Consortium as a preferred bidder for the Industrial Investment-Type Development Project on September 16, 2020 and confirmed the project’s details and schedule and collateral for the project through close negotiations.

The nub of the project is that SK Consortium will build a start-up cluster worth 100 billion won by 2023, a 1-trillion won data center (including power supply infrastructure) by 2025, and expand its business with an additional one trillion won by 2029.

The Saemangeum Development and Investment Administration expects the project to attract more than 370 companies and create 20,000 jobs and generate economic effects of eight trillion won over the next 20 years.