[Asia Economy Reporter Changhwan Lee] Sohn Kyung-shik, chairman of the Korea Employers Federation (KEF), has asserted the need for a merger with the Federation of Korean Industries (FKI). Sohn reportedly proposed the merger to the FKI, but the FKI declined, making a merger unlikely at this stage.
On the 24th, after the 52nd regular general meeting held at the Chosun Hotel in Jung-gu, Seoul, Sohn told reporters, "I believe a merger (between economic organizations) is necessary."
Sohn explained, "I made two proposals regarding the merger: one is for the FKI and KEF to merge to strengthen their influence and address various economic issues. The other is to establish a think tank to discuss how to maintain a liberal democracy and capitalist system for the country's long-term prosperity."
He also cited the passage of the three Fair Economy Acts and the Labor Union Act despite opposition from economic organizations, as well as the recent widespread anti-business sentiment, as reasons why a merger is needed. He said, "In some ways, (economic organizations) may have been too powerless," adding, "I have long proposed this to unite economic organizations and foster a business-friendly atmosphere."
However, contrary to Sohn's proposal, the FKI is reportedly negative about merging with the KEF. Sohn also explained regarding his merger proposal, "I heard from the FKI side that the timing is not appropriate."
In fact, within the FKI, there is a stance that they have never seriously considered a merger. An FKI official said, "We have never officially received a merger proposal nor reviewed it," adding, "At present, the possibility of a merger is low."
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