Samsung to pay membership fees to FKI

(FKI)

South Korean onglomerate Samsung Group has decided to pay membership fees to the Federation of Korean Industries (FKI), a major business lobbying group in the country.

The move means all four Korean major conglomerates are now paying members of the FKI as LG Group recently completed its payment.

According to industry sources on Thursday, Samsung Electronics Co. held a board meeting on the same day and approved the agenda item to pay the FKI membership fee.

Other Samsung affliates, including Samsung SDI Co., Samsung Life Insurance Co., and Samsung Fire & Marine Insurance Co., also plan to pay the fee.

The annual membership fee is reported to be around 3.5 billion won ($2.55 million).

Samsung’s Compliance Committee had expressed agreement on the need for its affiliates to pay the membership fee as an obligation of FKI membership in August 2024 and recommended that each affiliate make its own decision.