FKI in emergency mode under acting chairman Kim Byong-joon

Acting chairman Kim Byong-joon, a policy expert and chairman of the Community Chest of Korea [Photo of FKI by Lee Seung-hwan, Photo of Kim Byong-joon provided by FKI]

The Federation of Korean Industries (FKI), South Korea’s major business lobby group, will seek reform under acting chairman Kim Byong-joon, a policy expert and chairman of the Community Chest of Korea.

According to the FKI on Sunday, it will announce Kim as the acting chairman and head of the emergency measure committee in a meeting on Thursday. Kim, an honorary professor at Kookmin University who served as a policy secretary to late President Roh Moo-hyun, will lead the FKI for about six months and bring about an organizational reform.

“I met with Lee Woong-yeol, head of the FKI’s chairman nomination committee, and decided to work together to expand liberal democracy and tighten market economy,” Kim said in an interview with Maeil Business Newspaper on Friday. “I will focus on reframing the organization for about five to six months. The FKI then should be led by a figure in the conglomerate circle.”

There have been calls for innovation and top-down change by the FKI members as the status of the business group has fallen from the past following the dropping out of big four business groups.

“Kim has a vision of a free market economy that echoes what the FKI is seeking,” said an FKI official who asked to be unnamed.

Industry insiders note that Kim is capable of suggesting a roadmap for the FKI based on his policy background and experience. Kim is also expected to seek active communication with the presidential office in Yongsan, Seoul, government ministries, and the National Assembly. He led the election campaign committee for then presidential candidate Yoon Suk-yeol.