Chamber of Commerce Head Chey Tae-won: "No Rivalry with Federation of Korean Industries... Conditions for Rejoining Not Met"

Yoon Emphasizes 'Public-Private Collaboration,' Interpreted as Signal for Private Sector's 'Role Change'
'Passive' Policy Messenger → 'Active' Policy Decision Participation

No Conflict with FKI... "It's Time for Economic Groups to Work Together"
Regarding SK's Rejoining FKI, "Conditions Are Not Yet Ready"

Transfer to Trade Ministry "A Matter of Whether the Side Understanding Companies Takes Charge"

Ukraine Crisis "Concerns Over Domino Effect of Raw Material Price Increases and Social Issues"

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is seen answering questions from reporters at a press conference marking the first anniversary of his inauguration, held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, at 4 p.m. on the 23rd. (Photo by Korea Chamber of Commerce and Industry)

[Asia Economy Reporter Moon Chaeseok] Choi Tae-won, chairman of SK Group and head of the Korea Chamber of Commerce and Industry (KCCI), emphasized that there is no rivalry with the Federation of Korean Industries (FKI) and that public-private cooperation should be increased for the development of the Korean economy in the era of the Yoon Seok-yeol administration.

Regarding SK's potential rejoining of the FKI, he drew a clear line, stating that none of the conditions necessary for membership are currently met. The so-called 'Big 4 Groups' including SK, Samsung, Hyundai Motor, and LG withdrew from the FKI after it was revealed that they were involved in the establishment of the Mir and K-Sports Foundations, which were the starting point of the 2017 Park Geun-hye government’s state affairs manipulation scandal.

"No Conflict Between KCCI and FKI... Conditions for 'SK Rejoining' Not Met"

Chairman Choi Tae-won of the Korea Chamber of Commerce and Industry (left) and Chairman Huh Chang-soo of the Federation of Korean Industries (right) are seen conversing during a luncheon meeting between President-elect Yoon Seok-yeol and the heads of six economic organizations held on the 21st at the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul. Photo by Yoon Dong-joo doso7@

Chairman Choi made these remarks at a press conference marking his first anniversary as KCCI chairman, held at the KCCI in Jung-gu, Seoul, at 4 p.m. on the 23rd. In response to reporters' questions about SK's rejoining of the FKI, he said, "If conditions are met, it might be considered," but added, "However, the preparation of those conditions involves various considerations, and at this point, none of those conditions are met." He further clarified, "In other words, it means there are currently no plans to join."

Earlier, at the first luncheon meeting after the presidential election held on the 21st between President-elect Yoon and heads of economic organizations, when asked whether the FKI’s role as a liaison might increase its authority among economic organizations, he refrained from commenting. Chairman Choi said, "There is absolutely no concept of rivalry between the FKI and KCCI," and added, "I believe this is a time when economic organizations should unite and work together energetically, and there is no discord or conflict among the organizations."

Yoon's Expansion of 'Public-Private Cooperation'... "Private Sector 'Role Change'"

Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry (left) is seen giving a greeting at a meeting between President-elect Yoon Seok-yeol (right) and the heads of six economic organizations held on the 21st at the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul. Photo by Yoon Dong-ju doso7@

Regarding the Yoon administration’s policy response, he stressed the need to expand 'public-private cooperation.' Unlike in the past, when the government presented policy guidelines and economic organizations passively communicated them to companies, the private sector should actively participate from the policy-making process.

Chairman Choi said, "What has impacted us (the business community) most since the new government took office is the emphasis on 'public-private cooperation,'" and added, "Since President-elect Yoon has announced the establishment of many public-private joint committees for national governance, it seems that the private sector is experiencing a 'role change.'"

He also expressed the opinion that economic organizations should actively participate from the policy formulation stage rather than passively delivering government policies to companies. Chairman Choi said, "In the past, when the government set policies, economic organizations would collect opinions in the middle, but now I think it is necessary for the public and private sectors to work together in creating policies, and regulatory reform should also be included within that framework."

Transfer of Trade-Related Departments: "It's a Matter of Whether Those Who Understand Business Manage It"

Yeo Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy (right), poses for a commemorative photo after a meeting with Don Graves, Deputy Secretary of the U.S. Department of Commerce, on the 3rd (local time) in Washington D.C., USA. (Photo by Yonhap News)

When asked about the government reorganization concerning trade-related departments, he did not give a direct answer. Chairman Choi stated, "I have no particular opinion on trade matters; it is a decision for those forming the government."

However, he also mentioned that understanding business management is essential since it is a critical factor for corporate management. Chairman Choi said, "From a corporate perspective, trade issues are very important, and the difference lies in whether those who understand businesses handle trade or not," adding, "I think most companies share similar views."

According to a survey conducted by the Korea Industrial Alliance Forum (KIAF) over two days starting on the 21st, involving 124 export manufacturing companies, 87.1% (108 companies) said, "Trade functions should remain within the Ministry of Trade, Industry and Energy."

"Post-Ukraine Crisis Raw Material Price Surge → Concerns Over Domino Effect on Social and Environmental Issues"

A man is seen looking at a deep shell crater in the city center caused by Russian shelling in Kharkiv, the second largest city in northeastern Ukraine, on the 22nd (local time). (Image source=EPA Yonhap News)

Regarding the supply chain crisis caused by the Ukraine situation, he did not foresee a catastrophic economic crisis due to a global demand slump. Rather, he diagnosed that after the war ends, there will be many risk factors such as soaring raw material prices depending on the responses of Russia, China, and others.

Chairman Choi said, "(As time passes after the outbreak) I do not see it as a threat severe enough to cause a drastic drop in global demand, but rather as an issue of increased payment costs," and added, "However, a bigger problem is the possibility of a negative 'domino effect' such as rising raw material prices and social and environmental issues depending on how Russia is treated by the international community and what stance China takes after the war."

Regarding the Serious Accident Punishment Act, which is expected to have a significant impact on corporate management in domestic regulations, he drew a line, saying, "The law is already in effect, so there is no special response plan." However, he cautiously mentioned that defining the law as criminal law could pose difficulties for corporate management. Chairman Choi said, "I regret why it was made a criminal law," adding, "(The reason is) because corporate issues are not treated economically but as criminal matters, which increases uncertainty."

"'Not Business Patriotism but Social Contribution'... Development of KCCI’s Own Projects"

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (center), is seen conversing with KCCI staff during the 'Town Hall Meeting' held on the afternoon of the 23rd. (Photo by KCCI)

Meanwhile, Chairman Choi emphasized the need to develop KCCI’s unique projects, such as the 'National Development Project Contest,' an audition to commercialize citizens' ideas, led by the KCCI.

Before the press conference, Chairman Choi held a 'town hall meeting' with about 200 employees and said, "In the past, it was thought that a company’s role and 'entrepreneurial spirit' was to export a lot and practice business patriotism (protecting the country through business), but today, it has become more important to contribute to society and be recognized by the public," adding, "KCCI should also expand support projects for the 'new entrepreneurial spirit,' such as the National Development Project and communication platforms."

He also said that through KCCI’s own 'communication platform,' the 10,277 proposals received from the public under the theme 'What We Hope from the 20th President-elect' will be delivered to President-elect Yoon’s team within this week.

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