4 Major Groups Federation of Korean Industries 'Rejoining in August' Difficult...? Kim Byung-joon Says "No Deadline"

Kim Byung-joon "Rejoining Talks Underway... Early August Leadership Opinions Gathering"
Chung Eui-sun and Cho Hyun-joon Reserved on Next Chairman Question... Ryu Jin Absent

Kim Byung-joon, Acting Chairman of the Federation of Korean Industries (FKI), said on the 28th, "We are having many consultations with the four major groups (Samsung, SK, Hyundai Motor, LG)" and added, "We have not set a deadline." This leaves the door open for the four major groups to rejoin the FKI even after the FKI general meeting on the 22nd of next month.

Acting Chairman Kim made these remarks at the 'FKI-Japan Economic Friendship Association Dinner Meeting' held at Lotte Hotel in Jung-gu, Seoul, in the afternoon. Kim said, "We have sent a request for the four major groups to rejoin, and we expect a response," but added, "However, they (the four major groups) also need to go through internal processes." He reiterated, "We have not set a deadline."

Kim said, "Isn't the issue of whether the four major groups will rejoin being viewed too sensitively (by the media and others)?" He added, "We think the bigger issue is creating reform plans that all, including the four major groups and emerging large corporations, can participate in together." He further stated, "The FKI is not led solely by the four major groups."

Kim Byung-joon, Acting Chairman of the Federation of Korean Industries (FKI).
Photo by Yonhap News

The FKI plans to elect a new chairman at the general meeting next month due to the expiration of Acting Chairman Kim's term. They intend to handle agenda items such as the appointment of the chairman and the change of the organization's name. Encouraging the four major groups to rejoin would greatly help restore the FKI's status as the 'eldest brother' of the business community.

Regarding the next FKI candidate, Acting Chairman Kim said, "We plan to ask for opinions on the next chairman candidate at the chairman's meeting in early next month (before the general meeting on the 22nd)." He added, "Most of our chairpersons have common sense and insight and experience in economics, so each will have their own internal criteria for candidate selection." He also mentioned, "I understand that many recommendations are currently coming in."

Chung Eui-sun, Chairman of Hyundai Motor Group. [Photo by Yonhap News]

The meeting was attended by Hyundai Motor Chairman Chung Eui-sun Hyundai Motor. Among the 11 FKI vice chairpersons, four (Shin Dong-bin, Chairman of Lotte Group; Kim Yoon, Chairman of Samyang Holdings; Cho Hyun-joon, Chairman of Hyosung; Lee Jang-han, Chairman of Jongkundang) also participated. Although Ryu Jin, Chairman of Poongsan Group and a member of the FKI vice chairpersons, is known to be a strong candidate for the next chairman, Chairman Chung and Chairman Cho are also consistently mentioned.

At the venue, Chairman Chung responded with "Thank you" to a question about record-high performance. He did not comment on the issue of the four major groups rejoining. Chairman Cho briefly replied "No, no" regarding rumors about running for the FKI chairman position.

Chairman Cho Hyun-joon of Hyosung Group (second from left) and Chairman Ryu Jin of Poongsan Group (to the right of Chairman Cho) are applauding after President Yoon Suk-yeol's remarks at the Korea-Japan Business Roundtable held on March 17 at the Keidanren (Japan Business Federation) Hall in Tokyo.
[Photo by Yonhap News]

The meeting was an official Korea-Japan economic exchange and cooperation event held following the resumption of shuttle diplomacy between the two countries, after the Korea-Japan Economic Council (May 16), Korea-Japan Chamber of Commerce Chairpersons' Meeting (June 9), and Korea-Japan Industrial Cooperation Forum (July 6). The Economic Friendship Association is one of Japan's three major economic organizations established in 1946. It has 1,527 members. Unlike Korean economic organizations where companies join, it operates on a system where individual chairpersons join. A business community official described it as "equivalent to Korea's Korea Employers Federation (KEF)."

In his welcoming remarks at the meeting, Acting Chairman Kim said, "As the normalization of Korea-Japan relations has just entered the main track, companies from both countries should actively broaden the base of mutual cooperation with the mindset of 'Seize the opportunity' (Deuk-si-mu-tae)." He added, "If Korean and Japanese companies strengthen cooperation in advanced industries and global fields such as joint development of core resources, it will create great synergy effects for both economies."

In this regard, recently, South Korea's Lotte Chemical and Japan's Itochu Corporation agreed to establish a cooperative system in the hydrogen and ammonia sectors.

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