FKI proposes Korea, U.S., Japan trilateral economic alliance

Ryu Roy Jin, Chairman of FKI [Courtesy of FKI]

Ryu Roy Jin, Chairman of the Federation of Korean Industries (FKI), proposed the formation of a trilateral economic alliance between South Korea, the United States, and Japan at a press conference commemorating the 100th day of FKI’s rebranding held at the FKI Tower in Seoul on December 20, 2023.

Expressing his intentions, Ryu said, “We will lead the establishment of a business partnership between the American Chamber of Commerce (AMCHAM), Japan Federation of Economic Organizations (Keidanren), and FKI to forge a trilateral economic alliance among the three countries in 2024,” emphasizing the need for substantial cooperation in areas such as supply chains, advanced industries, energy infrastructure, and trade.

FKI is planning to formalize a regular ‘Korea-U.S.-Japan Business Summit’ in collaboration with AMCHAM and Keidanren moving forward, which aims to align with the economic cooperation partnership envisioned during the Korea-U.S.-Japan summit held in August at Camp David in the United States.

The organization also aims to bolster its role as a global think tank, with Ryu announcing the appointment of Chul Chung, Vice President of the Korea Institute for International Economic Policy (KIEP), as FKI’s Research Director and head of Korea Economic Research Institute (KERI).

It formed several subdivisions, including the Future Strategy Task Force (TF), Global Risk Team, and Economic Education Team and plans are underway to periodically set up and manage a Global Project TF.

Ryu emphasized FKI’s commitment to foresee global trends accurately and take a leading role in enhancing the collective global response capacity of businesses and governments together.

Highlighting one reason for FKI’s swift recovery in functions, Ryu mentioned the re-entry of four major groups into the organization, considering it a significant factor contributing to its recent progress and expressed is intention to strengthen the role of the Ethics Committee within the FKI. The organization formed the Ethics Committee in October 2023 to reinforce ethical practices within its operations.