[Exclusive] FKI Requests Membership from HYBE... Driving Expansion of Its Network

Official Membership Request Letters Sent to Naver, Kakao, and HYBE
Expanding Beyond the 4 Major Groups into Various Industries
New Chairman Ryu Jin Begins Official Activities

The Korea Economic Association (KEA), formerly known as the Federation of Korean Industries (FKI), has expressed its intention to embrace even BTS.

Hive, a leading domestic entertainment company, announced on the 24th that "FKI has requested membership."

(Right) Ryu Jin, the newly appointed chairman of the Federation of Korean Industries.

FKI has sent membership request letters not only to Hive but also to leading domestic portal companies such as Naver and Kakao. It is evaluated that Ryu Jin, the newly appointed chairman of FKI, has revealed to the world his ambition to completely transform FKI through this new membership request approach.

By bringing in Hive, the leader of K-pop which has become a representative Korean product, as well as Korea’s leading IT companies Naver and Kakao as members, FKI’s conservative and old-fashioned image could also change.

Industry insiders see a high possibility of Naver and Kakao joining FKI. Since Naver and Kakao have increasing issues requiring communication with the political sphere, such as portal regulations, joining FKI could make various responses somewhat easier. Companies that received the letters are reportedly reviewing membership internally.

FKI plans to expand its scope beyond the four major conglomerates to various fields and serve as a communication channel for the business community. On the 22nd, FKI welcomed back the four major conglomerates that had withdrawn six years ago, coinciding with its relaunch. Some affiliates of the four major conglomerates, which were members of the Korea Economic Research Institute (KERI), are expected to join KEA once the Ministry of Trade, Industry and Energy approves amendments to FKI’s articles of association.

Chairman Ryu Jin stated, "We cannot just watch as IT and entertainment industries are rising," indicating a high likelihood of encouraging other major IT and entertainment companies to join as members.

Recently, EcoPro, a secondary battery company incorporated into a large business group, also made headlines by submitting a membership application to FKI.

Ryu Jin, the new chairman of the Federation of Korean Industries (right), and Sohn Kyung-shik, chairman of the Korea Employers Federation (left), are seen having a conversation on the 23rd at the Korea Employers Federation building in Mapo-gu, Seoul.
[Photo by Korea Employers Federation]

Meanwhile, Chairman Ryu Jin held consecutive meetings with heads of economic organizations as his first official schedule after taking office.

On the 23rd, Chairman Ryu met sequentially with Koo Ja-yeol, chairman of the Korea International Trade Association (KITA), Kim Ki-moon, chairman of the Korea Federation of SMEs, and Sohn Kyung-shik, chairman of the Korea Employers Federation (KEF). He also plans to arrange a meeting with Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), at a later date.

Chairman Sohn Kyung-shik congratulated Chairman Ryu on his inauguration, saying, "We support the new start as the Korea Economic Association, and we expect Chairman Ryu to successfully lead the organization based on his outstanding leadership and rich experience." He added, "The roles and cooperation of economic organizations must be further strengthened to create a business-friendly environment and enhance the global competitiveness of our economy."

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