FKI Rebrands as Korea Entrepreneurs Association after 55 Years... Kim Byung-joon "Deep Reflection on the Past"

Held a Press Conference on the 18th and Announced the 'FKCCI Innovation Plan'
4 Major Directions, 6 Innovation Proposals
Name Changed for the First Time in 55 Years
As a 'Think Tank-Type Economic Organization'

The Federation of Korean Industries (FKI) will change its name to the "Korean Business Association" for the first time in 55 years. The name Korean Business Federation was the designation used when the FKI was established in 1961. The FKI has committed to returning to its original purpose and transforming itself into a think tank-style economic organization.

Kim Byung-joon, Acting Chairman of the FKI, held a press conference on the 18th at the FKI Conference Center in Yeouido, Seoul, announcing the FKI innovation plan, stating, "We deeply reflect on the past roles and practices where the FKI was operated with an emphasis on government relations, centered on the chairman and secretariat."

Kim Byung-joon, Acting Chairman of the Federation of Korean Industries, is speaking at the 'Press Corps Meeting' held at the Federation of Korean Industries Conference Center on the 18th.
[Photo by Federation of Korean Industries]

Acting Chairman Kim said, "The FKI has missed the flow of history. While the market and civil society have grown significantly, focusing too much on government relations led to incidents such as the Mir Foundation scandal," adding, "Based on this reflection, we will discuss new roles and future development directions."

The four major innovation directions proposed by Acting Chairman Kim Byung-joon are ▲rejecting undue external pressure from political and administrative powers and establishing a decision-making system that reflects member companies' opinions ▲strengthening research and information functions on the global economy and major countries' economic policies ▲enhancing efforts to develop a free market economy through calls for deregulation, supporting corporate social contributions, and expanding communication with the public ▲and spreading the values of liberal democracy and free market economy.

The innovation plan includes six measures, including the institution's name change, ▲absorption and integration of the Korea Economic Research Institute ▲establishment of an ethics management committee ▲expansion of the chairman group ▲activation of various committees led by member companies ▲and public communication.

Kim Byung-joon, Acting Chairman of the Federation of Korean Industries, is speaking at the 'Press Corps Meeting' held at the Federation of Korean Industries Conference Center on the 18th.
[Photo by Federation of Korean Industries]

Acting Chairman Kim explained, "The benchmark for preparing this innovation plan was the U.S. Business Roundtable," adding, "During my recent visit to the U.S., I observed that various subcommittees of the Roundtable produced many research-centered outcomes, which inspired our ideas."

The FKI plans to proceed with legal procedures related to the innovation plan through consultations with the competent authorities, the board of directors, and the general assembly.

Regarding the rejoining of the four major conglomerates, he avoided specific comments. Acting Chairman Kim said, "The innovation plan has not only been approved by the chairman group but also involved communication with the working-level staff of the four major groups during its preparation," emphasizing, "Just as good products sell well, if we successfully implement the innovation plan, the four major groups will naturally take a favorable stance toward rejoining."

On the issue of integration with the Korea Employers Federation, he responded, "It is not appropriate at the moment." Acting Chairman Kim explained, "While integration could happen in the long term, if we merge with the Korea Employers Federation amid severe labor-management conflicts like now, the FKI's research functions could be overshadowed."

When asked about the next chairman, he drew a line, saying, "Nothing has been decided." Acting Chairman Kim's term is scheduled to end at the end of August.

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