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| From left, Lotte Group Chairman Shin Dong-bin, LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Chung Euisun, SK Group Chairman Chey Tae-won, and Samsung Electronics Chairman Lee Jae-yong attend a Korea-Japan business round table held at the Keidanren Hall in Tokyo on March 17. Yonhap |
By Kim Hyun-bin
The Federation of Korean Industries (FKI) succeeded in bridging Korea-Japan economic ties by hosting a meeting between major business conglomerates in the two countries last week.
The heads of four major Korean conglomerates, including Samsung Electronics Chairman Lee Jae-yong, took part in the FKI event, which signaled a resumption in the role of the business lobby group after it was embroiled in a national corruption scandal seven years ago that put former President Park Geun-hye behind bars, prompting major conglomerates to withdraw their memberships.
All eyes are now on whether these companies will rejoin the FKI, which is the main task the organization needs to achieve to become the country's leading business lobby group once again, according to officials, Monday.
The FKI led an exchange event with the Japanese business community during President Yoon Suk Yeol's visit to Japan and is known to be preparing for a meeting with the U.S. business community during Yoon's visit to the Washington, D.C. next month.
"The FKI is in favor to host the U.S. business roundtable as they have a strong network in the U.S.," an industry official familiar with the matter said. "The FKI has strong connections in both Japan and the U.S."
Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo attended an event hosted by the FKI in Tokyo on March 17 along with Keidanren (Japan Business Federation) representatives.
Industry officials believe the FKI is aiming to make a turnaround to regain friendly ties with the government by appointing as its acting chairman Community Chest of Korea Chairman Kim Byong-joon. Kim served as the head of Yoon's election committee during the last presidential election.
"It is crucial to regain the public's support for the FKI, so that not only the four major groups but also those who run companies in Korea feel that they should work together with the Federation of Korean Industries," FKI Acting Chairman Kim Byong-joon said during a press conference on February 23.
In 2016, the four major business groups withdrew from the FKI, rapidly weakening its status and excluded the lobby group from main events held during the former Moon Jae-in administration.
"It is true that the FKI is boosting its presence in line with the improving Korea-Japan relations backed by acting chairman Kim Byung-joon heading the FKI," another industry official said. "From the perspective of the FKI, it is an opportunity to strengthen its status."
The Korea Chamber of Commerce and Industry (KCCI) has served as the leading economic organization by hosting key business events, with SK Group Chairman Chey Tae-won serving as the head.
Chey is also the head of a private-sector bidding committee for Busan to host the World Expo 2030. However, the FKI is seeking to compete with KCCI to regain its status in the business community.
The business world is paying attention to the possibility of the four major groups rejoining the FKI. It is crucial for the FKI to be supported by the four major conglomerates to function as the key business lobby organization.
However, officials at four major groups drew the line, saying, "We are not thinking about rejoining yet, and there is nothing currently being discussed."
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