'5th Term' Chairman Heo Chang-soo: "Federation of Korean Industries' 60th Anniversary, Renewal with the Spirit of Reestablishment"

The 60th Founding General Assembly of the Federation of Korean Industries on the 26th

[Asia Economy Reporter Suyeon Woo] Huh Chang-soo, chairman of the Korea Federation of Business Associations (KOFBA), who is serving his fifth consecutive term, emphasized in his inaugural speech that he will revitalize KOFBA with a mindset of reestablishment on its 60th anniversary. Attention is focused on whether Chairman Huh can overcome the crisis faced by KOFBA, which has been struggling since being embroiled in the political scandal.

On the 26th, Chairman Huh delivered his inaugural address at the '60th General Assembly' held at the KOFBA Conference Center in Yeouido, Seoul. He said, "The future demands a completely new form from KOFBA, not the familiar ways of the past," adding, "On the occasion of the 60th anniversary, we will renew everything with the spirit of reestablishment."

Huh Chang-soo, Former Chairman of the Federation of Korean Industries

To this end, Chairman Huh emphasized three major focus projects: ▲realizing a renaissance of entrepreneurial spirit ▲enhancing corporate social value (ESG) ▲presenting a structural vision for the Korean economy. Referring to the crises and uncertainties inside and outside the economy, he said that an entrepreneurial spirit that does not shy away from challenges is necessary to find solutions.

Chairman Huh stated, "The entrepreneurial spirit of confidently diving into new businesses with the belief that 'we can do it' is the driving force that breathes life into our economy," and added, "During my term, I will do my best to realize a 'renaissance of entrepreneurial spirit.'"

He then emphasized the recently prominent management theme in the business community, 'corporate social value.' Chairman Huh said, "The importance of ESG management is growing day by day in the global market," and added, "We will discover advanced best practices and create an environment where our companies can expand ESG investments."

He also raised the issue of the need for structural reform of the Korean economy. Chairman Huh said, "To overcome the low-growth crisis and leap forward vigorously in the post-COVID era, a major reform of the economic system is necessary," adding, "We will diagnose and find improvement measures for issues in five key areas: the overall economy, taxation and finance, labor market, regulatory system, and social infrastructure."

Celebrating its 60th anniversary this year, KOFBA was once known as the 'eldest brother' of the business community and was a representative economic organization voicing the opinions of companies. However, its status plummeted sharply after being involved in the 2016 political scandal, and recently, voices advocating for a merger with the Korea Employers Federation have emerged.

In this situation, KOFBA once again nominated Chairman Huh as its 38th chairman. A KOFBA official explained the reason for his appointment, saying, "In the rapidly changing economic environment and amid difficulties inside and outside KOFBA, Chairman Huh, who knows KOFBA better than anyone else, is the best candidate."

Thus, Chairman Huh has become the longest-serving chairman by holding the KOFBA chairmanship for six consecutive terms since 2011. It is known that he expressed his intention to resign again during this next appointment but accepted the extension due to the inability to find a successor. Chairman Huh emphasized, "KOFBA, celebrating its 60th anniversary, has been part of creating the miracle history of the Korean economy," adding, "We will continue to devote ourselves to writing a new myth of economic growth and actively promote change and innovation within KOFBA."

This content was produced with the assistance of AI translation services.