Cui Taiyuan, chairman of South Korea's second largest enterprise group SK Group, calls on that South Korean companies must adopt a market diversified strategy instead of focusing on the Chinese market, so that South Korea can maintain industrial competitiveness.
According to Bloomberg, the South Korean billionaire said on a press conference held with foreign media on Wednesday (July 26), "China is undoubtedly the largest trading partner in South Korea. At presentIt is our irreplaceable market. "He said: "However, even if we want to promote the trade with China, in view of China's internal problems and other geopolitical risks, there are limitations."
Cui Taiyuan said that South Korean companies must find a alternative market., And expand to a more new industry, such as business involving artificial intelligence.
China has always been the largest buyer of Korean products such as semiconductors and displays. However, as China's economic growth slows down and Chinese companies move to the upper reaches of the value chain, the share of Korean products purchased by China has been declining.
"The current market is fragmented, and it is no longer constrained by the world trade organizations as in the past," Cui Taiyuan said."This is even more difficult for countries like us to rely on exports. We need to truly understand what the small market needs."
SK Group has invested a lot of investment in China.According to the company's annual business report, about 27%of the annual revenue of semiconductor subsidiary SK Hynix last year came from China.
