KEA Marks Second Anniversary of New Beginning: From U.S. Specialist to Global Think Tank

Kim Changbeom: "Private-sector economic exchanges are becoming increasingly important"
First economic delegation organized under the Lee Jaemyung administration
Shaping public opinion through joint research with major U.S. think tanks

On the occasion of its second anniversary, the Korea Economic Association (KEA) announced plans to strengthen its role as a diplomatic bridge by leveraging its accumulated international network. In particular, the association intends to focus on conducting joint research with major U.S. research institutions to promote balanced public opinion locally whenever trade issues arise.

Kim Changbeom, Executive Vice Chairman of the Korea Economic Association, said in a phone interview with Asia Economy on September 18, "The diplomatic and trade environment is becoming increasingly complex due to the rise of global protectionism and nationalism." He added, "The Korea Economic Association will build trust with major countries through private exchanges and contribute not only to bilateral cooperation but also to enhancing the status of Korea's business community in the international arena."

Ryu Jin, chairman of the Korea Economic Association, and Evan Greenberg, chairman of the Korea-US Business Council, are shaking hands at the "Korea-US Business Council Hosted Networking Reception" held at the FKI Tower in Yeouido, Seoul, on November 20 last year. Korea Economic Association.

The predecessor of the association, the Federation of Korean Industries, once served as a representative economic organization for the business community and acted as a channel for trade with the government and the United States. However, its activities were effectively suspended after it became embroiled in the 2016 government corruption scandal. On August 18, 2023, the organization was renamed the Korea Economic Association, with Ryu Jin, chairman of Poongsan Group, taking the helm to lead its reform. Over the past two years, Chairman Ryu has worked to change the association's conservative image by establishing an ethics committee and recruiting member companies from new business sectors such as IT and gaming. At the summer forum in Jeju this July, Ryu stated, "I have worked over the past two years to bring the association back to where it belongs."

Since its reorganization, the Korea Economic Association has focused on maximizing its external network, which has been maintained since the Federation of Korean Industries era, to serve as a national industrial asset. Since the 1980s, the association has played a diplomatic bridging role during periods of Korea-U.S. trade friction through working-level contacts and lobbying activities in the United States. Most recently, during the Trump-era tariff disputes, the association organized the first Korea-U.S. economic delegation under the Lee Jaemyung administration and facilitated meetings between entrepreneurs from both countries through the "Korea-U.S. Business Roundtable" held in Washington, D.C. last month.

Kim Changbeom, Vice Chairman of the Korea Economic Association, is speaking at the Economic Organizations Meeting for Enhancing Shareholder Rights and Corporate Value held at the National Assembly on February 26. Photo by Kim Hyunmin

The association plans to pursue a strategy of forming favorable public opinion in the United States through joint research. The Korea Economic Association is currently partnering with leading think tanks such as the Peterson Institute for International Economics and the Center for Strategic and International Studies (CSIS) through joint research initiatives. An association official explained, "We believed that simply echoing the same voice as the government or other institutions on trade issues would not be persuasive. By holding seminars and publishing research materials together with credible institutions in the United States, we aim to influence local public opinion-a method that is being attempted for the first time by a domestic organization." Through these efforts, the Korea Economic Association aims to establish itself as a global think tank-style private platform representing Korea's business community.

In addition, the association is working to strengthen its foundation for cooperation with Japan. It operates the "Korea-Japan Startup Cooperation Forum" to promote collaboration and exchanges between innovative startups and large companies from both countries, as well as the "High School Teacher Exchange Program" to build a future-oriented relationship between Korea and Japan. Currently, the Korea Economic Association maintains 34 private economic cooperation channels with 32 major countries worldwide, including the Korea-U.S. and Korea-Japan business councils.

Korean Businessmen's Association Monument. Photo by Yonhap News.

Although the association's close coordination with the government was greatly restricted after the government corruption scandal, the Korea Economic Association continues to represent the voice of the business community and create an environment conducive to corporate activities. This year, it launched the "Entrepreneurship Power Plant" to promote entrepreneurial spirit and established the "Artificial Intelligence (AI) Committee" in March to contribute to discussions on new growth industries.

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