Choi Tae-won: "No Rivalry with FKI... Conditions for SK's Rejoining Not Met" (Comprehensive)

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (left), and Huh Chang-soo, Chairman 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-ju doso7@

[Asia Economy Reporter Moon Chaeseok] Choi Tae-won, chairman of SK Group and head of the Korea Chamber of Commerce and Industry (KCCI), emphasized 'public-private collaboration' for the development of the Korean economy in the era of the Yoon Seok-yeol administration. Regarding the controversy over the leadership struggle among economic organizations that arose during the first meeting between President-elect Yoon and the heads of the six major economic organizations, he drew a clear line, stating that there is no rivalry with the Federation of Korean Industries (FKI) and that conditions for rejoining are not yet met.

On the 23rd, at a press conference marking his first anniversary as chairman held at the KCCI in Jung-gu, Seoul, Chairman Choi stated that the response to the Yoon administration’s policies requires expanding 'public-private collaboration.' Unlike in the past, when the government provided policy guidelines and economic organizations acted as intermediaries to convey them to companies in a 'passive communication' manner, he emphasized the need for active participation from the policy decision-making stage.

He said, "What has impacted us (the business community) most since the new government took office is the emphasis on 'public-private cooperation.' Since President-elect Yoon has announced the establishment of many public-private joint committees, it seems that a 'role change' has occurred from the private sector’s perspective."

Regarding the government reorganization related to trade being promoted by the Presidential Transition Committee, he viewed it as a matter for the government to decide. Chairman Choi said, "From a corporate perspective, trade issues are extremely important, and the difference lies in whether those handling trade understand companies or not," adding, "I think the opinions of companies overall are likely similar." This can be interpreted in the same context as the recent survey by the Korea Industrial Alliance Forum (KIAF), where 87.1% (108 out of 124) of export manufacturing companies judged that the 'trade function should be maintained within the Ministry of Trade, Industry and Energy.'

Regarding the supply chain crisis caused by the Ukraine situation and others, he expressed concern about a negative 'domino effect.' He said, "The issue is an increase in payment costs, not a severe crisis to the extent of worrying about a sharp decline in global demand," but also diagnosed, "A bigger problem is how Russia will be treated (by the international community) after the war, and depending on China’s stance, there is a possibility of a negative domino effect continuing, including rising raw material prices and social and environmental issues."

On the Serious Accident Punishment Act, he remarked, "It is regrettable that the law was made as a criminal law," adding, "Uncertainty has increased because corporate issues are not handled economically but through criminal law."

Meanwhile, a major topic of the press conference was the leadership struggle among economic organization heads and SK’s membership status. 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 Park Geun-hye government’s state corruption scandal in 2017.

He said, "If conditions permit, we might consider rejoining," but indicated that "currently, none of the conditions are met," suggesting no plans to join at this time. He added, "There is no concept of rivalry between the FKI and the KCCI at all," and said, "Now is the time for economic organizations to unite and work well together, and there is no discord or conflict among the organizations."

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