FKI Attends B7 Summit as Representative of Korean Business Community... "Chairman Huh Chang-soo Invited"

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

[Asia Economy Reporter Jeong Hyunjin] The Federation of Korean Industries (FKI) announced on the 17th that it will attend the B7 Economic Leaders' Meeting held via video conference in May, representing the Korean business community. This meeting takes place ahead of the G7 Summit scheduled for June 11-13 in the United Kingdom, with Chairman Huh Chang-soo and Vice Chairman Kwon Tae-shin, who were invited, set to participate.

The B7 Summit is hosted by the Confederation of British Industry (CBI), the UK’s leading business organization and the chair of the G7. The FKI reported that CBI Chairman Karan Bilimoria personally emphasized the importance of the meeting when inviting Chairman Huh and Vice Chairman Kwon. The FKI stated, "Given the critical need for discussions among major economies to overcome the current global economic situation, we have decided to attend as representatives of Korea’s business community."

The B7 Summit is attracting attention because it precedes the G7 Summit in the UK in June. It is the first in-person meeting among major countries since the COVID-19 pandemic, generating significant global expectations and interest. Korea, along with Australia and India, is known to have received special invitations.

Alongside the B7 Summit, the FKI also participates and engages as a representative of Korea’s business community in multiple multilateral meetings, including the Business and Industry Advisory Committee (BIAC) to the OECD, the Global Business Coalition (GBC) composed mainly of private economic organizations from 16 major countries, and the Asia Business Summit (ABS), a coalition channel of Asian economic organizations.

At BIAC, an economic advisory body under the OECD, Chairman Kim Yoon of Samyang Holdings serves as a director. The ABS plans to hold a general assembly in Korea this November, inviting 16 Asian economic organizations from countries including Japan and China. Additionally, the GBC Seoul General Assembly, postponed last year due to COVID-19, is expected to be rescheduled following the end of the pandemic.

The FKI annually promotes 32 bilateral joint meetings with 31 major countries, including Korea-US, Korea-Japan, and Korea-China business meetings. This year, the schedules for the Korea-US and Korea-Japan business meetings have been confirmed for November. With the inauguration of the Joe Biden administration and changes in the global economic environment, practical consultations have begun to decide the agendas for these private-sector bilateral joint meetings. Kim Bong-man, head of the FKI’s International Cooperation Office, emphasized, "Given the rapidly changing international situation surrounding Korea, private-sector exchanges and networking are more important than ever."

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