Poongsan chief Ryu named to head Korea-U.S. Economic Council

Poongsan Group Chairman Ryu Roy Jin [Photo provided by Poongsan]

The Federation of Korean Industries named Poongsan Group Chairman Ryu Roy Jin as the new chairman of the South Korean side of the Korea-U.S. Economic Council.

Ryu, currently lobby group’s vice chairman and a prominent figure in the South Korean business community, will participate in President Yoon Suk Yeol’s state visit to the U.S. starting Mon as part of an economic delegation, playing a key role in promoting economic cooperation between the two counties and preparing meetings between U.S. and Korean business leaders, the Korean business lobby group said on Sunday.

The Korea-U.S. Economic Council is a joint economic cooperation organization founded by the federation and the U.S. Chamber of Commerce in 1988.

Ryu has a strong relationship with the U.S. and has interacted with high-level officials such as former Secretary of State Condoleezza Rice, former Secretary of State Colin Powell, former U.S. Ambassador to Japan Caroline Kennedy and former President Barack Obama. Sources said Ryu has established connections with various U.S. officials and experts through his father-in-law and former Prime Minister Lho Shin-yong.

Before Ryu’s appointment, former Chairman Huh Chang-soo had been serving as the chairman of the council since 2018. The U.S. side is currently chaired by Octávio Simões, chairman of liquefied natural gas company Tellurian.

The FKI said Ryu’s appointment comes as the Korea-U.S. alliance marks its 70th anniversary and South Korean president’s first state visit to the U.S. in 12 years.

As the new chairman of the Korea-U.S. Economic Council, Ryu is expected to strengthen economic ties between the two countries and pave the way for more cooperation in various fields. He already started activities for upcoming meetings between Korean and American business leaders, including a luncheon meeting with the Center for Strategic and International Studies, a U.S. think tank.

The council’s next meeting, the 35th Korea-U.S. Economic Council, is scheduled to be held in Washington D.C. in October.