, Acting Chairman Kim Byung-joon Takes Office... First Step Toward Reform

Regular General Meeting Held on the 23rd
Second Details of the 'New Way Plan' Also Revealed

[Asia Economy Reporter Han Yeju] The Federation of Korean Industries (FKI) has appointed Kim Byung-joon, chairman of the Community Chest of Korea, as the chairman of the Future Development Committee and acting chairman.

On the 23rd, the FKI held its regular general meeting at the FKI headquarters in Yeouido, Seoul, and announced the inauguration of Chairman Kim Byung-joon.

Kim Byung-joon, former chairman of the Federation of Korean Industries Future Development Committee and acting president. [Photo by Federation of Korean Industries]

With this, Huh Chang-soo, who has led the FKI since 2011, stepped down after 12 years. Chairman Huh strongly expressed his intention to resign ahead of the expiration of his term this month, and accordingly, a chairman candidate recommendation committee was formed with Lee Woong-yeol, honorary chairman of Kolon Group and a member of the vice-chairman group, as the chairman.

Chairman Kim served as the Chief of Policy Office at the Blue House, chairman of the Presidential Advisory Policy Planning Committee, and presidential policy special advisor during the Roh Moo-hyun administration. He was active as the emergency committee chairman of the Liberty Korea Party from 2018 to 2019, participated in Yoon Seok-youl’s People Power Party presidential campaign in the last election, and after Yoon’s election, served as chairman of the Special Committee on Regional Balanced Development of the Presidential Transition Committee.

Chairman Kim will lead the innovation of the FKI over the next six months and prepare organizational operation plans. He will also search for the next chairman candidate through the Future Development Committee, which will lead the FKI’s reform efforts. Previously, Lee Woong-yeol, honorary chairman of Kolon, served as the chairman of the FKI chairman candidate recommendation committee and proceeded with the chairman selection, but it is reported that most of the leading candidates declined.

In addition, Chairman Kim has taken on the heavy responsibility of improving the FKI’s public perception, promoting the return of the four major conglomerates, and seeking ways to strengthen its status within the business community. Chairman Kim plans to announce his future plans at the inauguration press conference scheduled after the general meeting.

On the same day, the FKI also unveiled the second phase of the 'New Way Initiative,' a development plan for the FKI. As previously disclosed on the 6th, the Future Development Committee (hereinafter Future Committee) reviewed and reported to the general meeting, consisting of three pillars: △ Public Communication △ Future Leadership △ Global Leap.

The FKI decided to consider fostering its affiliated economic research institute, the Korea Economic Research Institute (KERI), into an internationally recognized think tank. The concept is to reorganize it not as a simple research institute focused on report publication but as a hub of knowledge networks, promoting key projects such as economic education and talent development.

Along with this, the FKI is considering establishing a Business Roundtable, a global issue consultative body composed of chairmen of major groups. Its main function is to discuss and implement joint responses from the business community when global issues arise, and when issues occur with partner countries, the FKI will form an optimal member group through the Economic Cooperation Committee (Gyeonghyeopwi) it operates to engage in dialogue.