Economy needs “speedy changes”

[Anchor]

Ahead of the launch of Trump's second administration, Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, highlighted concerns of trade pressures and diagnosed that it is time to change our export-driven economy.

He stated that just as the sport changes from wrestling to swimming, the international order is completely changing, and we also need to adapt quickly.

Reporter Ha Nuri has the details.

[Report]

'Is the South Korean economy in crisis right now?'

Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, responds as follows.

[Choi Tae-won/Korea Chamber of Commerce and Industry Chairman: "There are three significant risk factors that could have a considerable impact. I use the term 'triangular wave.'"]

The 'triangular wave' refers to U.S. tariffs, the resulting inflationary pressures, and artificial intelligence (AI).

He explained that the export-driven economy must change, especially with Trump's second term approaching.

["I am saying that the entire export-driven system is not functioning well. During Biden's four years, we had a trade surplus of about $150 billion with the U.S. There is a significant possibility of claims from the U.S."]

He likened the spread of protectionism to changing the sport from 'wrestling' to 'swimming.'

["It's like we are in a wrestling match, and then we switch to swimming. I feel that a different game is starting now. Our voices are now needed."]

As alternatives for our economy, he suggested diversifying investments, leveraging K-culture as soft power, and boosting domestic demand through foreign influx.

Chairman Choi also mentioned his meeting with Jensen Huang, CEO of NVIDIA, which has garnered attention.

["The speed at which new products are released is something that CEO Jensen Huang emphasizes significantly, so we are always a bit behind NVIDIA...."]

To respond to the crisis, he stated that 'speedy' changes are necessary.

This is KBS News, Ha Nuri.