FKI strives to play key role in future growth under new chief

Poongsan Group Chairman Ryu Jin. [Photo by MK DB]

The Federation of Korean Industries (FKI), South Korea’s major business lobby group, is expected to start anew under the leadership of Poongsan Group Chairman Ryu Jin.

The FKI announced Monday that it will name Ryu as its new chairman during an ad-hoc general meeting on August 22.

“A consensus on Ryu’s chairmanship was made at the meeting of member chairmen last Thursday,” said an unnamed official from the FKI.

Ryu is known as one of the business figures that has committed to recovering the FKI’s reputation following an influence-peddling scandal in 2016. He has been actively involved in numerous international events within the business community.

In addition to his connections with the international community, Ryu’s experience, knowledge, and network on the global stage make him the ideal leader for the FKI, the official said.

Ryu is expected to put emphasis on globalization as the FKI faces a growing need to take steps toward the next generation.

Critics, however, note that Ryu leading the FKI may not carry the same level of influence or significance as in the past as Poongsan does not belong to the list of the country’s top 10 conglomerates.

The previous leaderships in the FKI had been held by the chairpersons of well-established conglomerates, including Samsung Group Founder Lee Byung-chull and Hyundai Group Founder Chung Ju-yung, the founder of Hyundai Group.

Industry insiders note that the top four conglomerates that walked away from the FKI should return for the business lobby group to boost its influence in the business world.

The top four conglomerates are Samsung, SK, Hyundai Motor, and LG.