Possibility of Reappointment for Chairmen of Korea Chamber of Commerce, Federation of Korean Industries, and KITA...Will Business Community Voices Grow in Election Year?

Chairmen Son Kyung-sik and Koo Ja-yeol Retain Positions
Growing Need Within Organization
Chairman Chey Tae-won Also Intends to Renew Term

The heads of major economic organizations whose terms end this year are increasingly likely to be reappointed. This means that all five major economic organizations will experience an unprecedented year without any leadership changes. The business community anticipates that the voices of these economic organizations will grow louder, especially in conjunction with the general elections.

According to the business community on the 29th, Son Kyung-sik, Chairman of the Korea Employers Federation (Chairman of CJ Group), and Koo Ja-yeol, Chairman of the Korea International Trade Association (Chairman of LS Group Board), whose terms end at the end of next month, are reportedly facing calls for reappointment within their respective organizations.

The Korea Employers Federation recently emphasized the necessity of Son’s reappointment, citing urgent issues such as the expansion of the Serious Accident Punishment Act to workplaces with fewer than 50 employees that require immediate response.

Chairman Son Kyung-sik of the Korea Employers Federation. Photo by Dongju Yoon doso7@

Chairman Koo recently secured his reappointment as Chairman of the Korea-Arab Society Board. Inside the Korea International Trade Association, this move has been interpreted as increasing the possibility of his reappointment as association chairman. Notably, as his term nears its end, there has been no speculation about potential new candidates, which adds weight to this interpretation.

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (Chairman of SK Group), whose term ends on March 25, recently expressed his willingness to continue when speaking to reporters, saying, "If asked, I will do more." A business community official said, "Above all, the chairmen have a strong desire to be reappointed."

If the three chairmen are reappointed, all five major economic organizations will maintain their current leadership without any changes this year. Ryu Jin, Chairman of the Korea Economic Association (Chairman of Poongsan Group), and Choi Jin-sik, Chairman of the Korea Federation of SMEs (Chairman of Simpack), have terms ending in August 2025 and March 2025, respectively.

The business community views the reappointment of the heads of the five economic organizations as a positive factor in amplifying their voices. If Son Kyung-sik, Choi Tae-won, and Koo Ja-yeol succeed in their reappointments, it will reaffirm the support and trust of their member companies. Meanwhile, Ryu Jin and Choi Jin-sik are expected to actively engage until their terms expire. In particular, they are anticipated to proactively express their opinions to the newly formed 22nd National Assembly after the general elections.

Recently, the Korea Chamber of Commerce and Industry and the Korea Economic Association jointly recruited an economic delegation to be dispatched to Berlin, Germany, and Copenhagen, Denmark. Companies selected for the delegation will participate in various business events such as business forums and on-site memorandum of understanding (MOU) signings from the 19th to the 22nd of next month. Given the considerable costs and schedules involved in dispatching the delegation, which would be difficult for a single institution to handle alone, the two organizations reportedly decided to recruit and manage the delegation together.

A business community official evaluated, "This is clearly a different situation from the past when there was competition over the representation of the economic sector."