Poongsan Chairman Ryu Jin likely to be named the next FKI leader

Poongsan Group Chairman Ryu Roy Jin. [Photo by Kim Ho-young]

An official dinner for the president members of the Federation of Korean Industries (FKI) took place in Yeoyuido, Seoul, on Thursday. The gathering was attended by a group of business representatives, including FKI Acting Chairman Kim Byong-joon, Kolon Group Honorary Chairman Lee Woong-yeol, Poongsan Group Chairman Ryu Roy Jin, and Samyang Holdings Chairman Kim Yoon. Lotte Group Chairman Shin Dong-bin and Hanwha Group Chairman Kim Seung-yeon were not present.

One of the key agendas in the meeting involved an appointment of the next chairman and the future paths the organization should take. As Kim’s tenure draws to a close at the end of August, Poongsan’s Ryu is speculated to be the favored candidate for the FKI’s next leadership role. When approached by Maeil Business Newspaper regarding the possibility of his appointment, Ryu responded, “Nothing has been decided yet,” leaving the door open without outright denial.

Ryu’s reputation is bolstered by his deep connections with the U.S., particularly in his role as chairman of the South Korean side of the Korea-U.S. Economic Council. His association with the Center for Strategic and International Studies (CSIS), a prominent U.S. think tank, since 2020, and his recognition with the prestigious James A. Van Fleet Award by the Korea Society last year, a nonprofit organization promoting Korea-U.S. relations, further enhance his credentials. Ryu has committed to a strong tie with the CSIS and Korean business circles by joining President Yoon Suk Yeol‘s U.S. state visit in April.

The FKI will convene an ad-hoc meeting to elect a new president and propose a name change on August 22. The organization plans to merge with the Korea Economic Research Institute (KERI).

Meanwhile, the country’s big four conglomerates will likely reengage with the association. Samsung Electronics Co. Executive Chairman Jay Y. Lee attended the Korea-U.S. Business Roundtable in April, following the Korea-Japan Business Roundtable organized by the FKI and its Japanese counterpart Keidanren in March. In addition, Hyundai Motor Group Executive Chair Euisun Chung participated in an event organized by the FKI in May.