'Reelection' Ryu Jin, Chairman of Hankyung Association, "Korean Economy on the Brink... Will Revive Growth Engine"

Diagnosis of Crisis in the Business Environment
Call for Easing Regulations on Advanced Industries and Companies
Large Corporations and IT Companies Join En Masse
Response to the Second Trump Administration and Unveiling of New CI

Ryu Jin, chairman of the Korea Economic Association (Hankyunghyeop), who was unanimously confirmed for reappointment, pledged in his inauguration speech on the 20th to "take the lead in reviving the growth engine of the Korean economy," promising to restore entrepreneurial spirit, improve the business environment, and respond swiftly to global changes.

Chairman Ryu pointed out the poor domestic business environment, saying, "In my New Year's address, I mentioned that Korea stands at a crossroads between growth and stagnation, but a more honest expression is that we are at the edge of a cliff."

Ryu Jin, Chairman of the Korea Economic Association, is delivering his inaugural speech at the 64th General Assembly held on the 20th at the FKI Tower Conference Center in Yeouido.

He continued, "In an era where institutional competitiveness is national competitiveness, our business environment is incomparably poor. It is worse than during the IMF crisis," emphasizing, "Old and excessive regulations are holding back companies, and basic strength is being depleted due to low birth rates and the aging of key industries."

He also stated, "Bills to foster advanced industries are drifting in the National Assembly, and political conflicts are blocking national unity," adding, "Discussions on amendments to the Commercial Act are making normal board operations difficult, and there is serious concern about side effects as foreign speculative capital could easily attack management rights."

Referring to the case where Samsung Electronics was overtaken in market capitalization by Nvidia and TSMC, he said, "This is a scene showing that the growth engine of the Korean economy is facing a crisis," and added, "There are countless signs of crisis."

Chairman Ryu said, "Without companies, there are no jobs or national income. The crisis of companies is the crisis of the people and the nation," emphasizing, "There is little golden time left to revive the growth engine. Unity among the government, National Assembly, and the people is absolutely necessary."

On the same day, Hankyunghyeop held its 64th regular general meeting at the FKI Tower Conference Center in Yeongdeungpo-gu, Seoul, confirming Chairman Ryu's reappointment. Thus, Ryu will serve as the 40th chairman of Hankyunghyeop following his 39th term. The term is two years.

Since changing its name from its predecessor, the Federation of Korean Industries (FKI), Hankyunghyeop is evaluated to have restored its status with Chairman Ryu being the first to serve as chairman under the new name.

The four major groups?Samsung Electronics, SK, Hyundai Motor Group, and LG?that had left the association rejoined as members, and the association also took the lead in revitalizing overseas networks by organizing economic delegations for presidential overseas visits.

At the regular general meeting, 46 new memberships were confirmed. Major information technology (IT) companies such as KT, Kakao, Naver, Dunamu, Megazone Cloud, and Korea IBM joined, along with entertainment and e-commerce companies like HYBE and Oasis.

Additionally, SK Hynix, POSCO, Korea Zinc, Korea Investment Holdings, HS Hyosung, and Jin Air were newly added as members.

Chairman Ryu evaluated, "The joining of companies from various industries is a very positive change from the association's perspective." He also announced that a delegation to the United States related to the Donald Trump administration is scheduled for next month.

Hankyunghyeop also unveiled a new corporate identity (CI) on the day. The association explained, "The blue color in the CI symbolizes the global market that our economic community must pioneer, as well as creativity and trust, while the green circle represents sustainable growth with the people and the role of a global think tank encompassing the global village."

This year, the three major focus projects were selected as expanding growth engines, responding to the second Trump administration, and restoring the livelihood economy.

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