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Ryu Jin, chairman of the Korea Economic Association (KEA), has once again urged the leaders of the four major conglomerates (Samsung, Hyundai Motor, SK, and LG) to return to the association's executive board. This "love call" came just one day after Lee Jae-yong, chairman of Samsung Electronics, was cleared of a decade-long judicial risk on July 17.

Ryu Jin, chairman of the Korea Economic Association, is speaking at a press conference held at a restaurant near Seogwipo City, Jeju, on the 18th for the '2025 Korea Economic Association CEO Jeju Summer Forum.' Photo by Korea Economic Association

On July 18, at a press conference held at a restaurant near Seogwipo City, Jeju, as part of the 'KEA CEO Jeju Summer Forum,' Ryu stated, "I hope that the leaders of the four major groups will join the executive board at the general meeting scheduled for February next year. I believe Chairman Lee will no longer have any burdens. While we need to observe the situation further, I hope we can all discuss and make a decision together." He further emphasized, "My term ends in February 2027, so achieving the return of the four major group leaders to the executive board by then is my mission."

The four major groups, after withdrawing from the KEA's predecessor, the Federation of Korean Industries (FKI), in December 2016, effectively returned in October last year by paying membership dues to the KEA for the first time in about eight years. However, the heads of these groups have not yet participated in any official activities related to the KEA, including joining the executive board.

As he approaches the second anniversary of his appointment next month, Ryu has consistently regarded the return of the four major group leaders to the executive board as a long-cherished goal. He believes this is essential for the KEA to regain its former status as the "elder brother" of the business community. There is also a precedent: the late Lee Byung-chul (Samsung), Chung Ju-yung (Hyundai), Koo Ja-kyung (LG), and Choi Jong-hyun (SK), the former leaders of each group, all served as KEA chairmen and led the organization from the front. Ryu believes that the current leaders should carry on this legacy. This is why, just four months after taking office, at a press conference in December 2023, Ryu boldly announced a plan to increase the executive board to as many as 25 members through the return of the four major group leaders. With little progress since then, Ryu appears to believe that now, following Chairman Lee's final acquittal by the Supreme Court, is the right time to renew his call for their return.

Ryu Jin, chairman of the Korea Economic Association, is speaking at a press conference for the '2025 KEA CEO Jeju Summer Forum' held at a restaurant near Seogwipo City, Jeju, on the 18th. Photo by KEA

Ryu's willingness to sound out the return of the four major group leaders reflects his assessment that the KEA has successfully overcome the mistakes and controversies of its FKI era and made a strong comeback. He explained that public trust has also been somewhat restored. Ryu said, "There was a time when the FKI was at a crossroads, facing the possibility of either surviving or disappearing, but I have always hoped that it would regain its place during my term." He particularly reflected, "Establishing the Ethics Committee was the best thing I did during my term," and explained, "To prevent past problems from recurring, all important issues must now pass through the Ethics Committee."

Ryu also pledged that, amid the uncertainty in the global market caused by U.S. government tariff policies and the resulting anxiety among Korean companies, the KEA will take the lead in the second half of the year to promote international cooperation and boost domestic demand. The KEA aims to leverage its long-established overseas networks to help companies address trade issues. There is particular interest in Ryu's role, as he is known for his expertise in U.S. affairs. Ryu said, "I am willing to use my network to help anyone who asks."

Earlier this year, Ryu attended the inauguration of U.S. President Donald Trump, and in mid-June, he traveled to Washington, D.C., to meet with U.S. lawmakers at the Congressional Charity Baseball Game, where he discussed ways to enhance economic cooperation between Korea and the United States. Nevertheless, there is still widespread concern about the future of the Korean economy. Ryu emphasized that the next two weeks, during which Korean government officials will travel to the United States to focus on issues such as reciprocal tariffs and trade and security matters, will be "a very critical period that could determine the fate of our economy." He added, "If we can identify what the Trump administration wants and secure better conditions than other countries, it will be a 'head start' for us. Even if we suffer some losses, I think we should be willing to make concessions for the future."

Regarding President Lee Jaemyung, who took office last month, Ryu expressed high expectations, describing him as "a leader who knows how to listen." Ryu said, "President Lee and I are both from Andong, North Gyeongsang Province," and added, "He listens to many people's opinions before expressing his own and works diligently, which makes him quite different from other leaders I have met." However, regarding the 'Commercial Act Amendment' currently being promoted by President Lee and the ruling party, Ryu suggested, "For the sake of our economy, it might be better to slow down the pace." The amendment, which passed the Cabinet on July 15, includes measures such as expanding the so-called '3% rule,' which limits the combined voting rights of the largest shareholder and related parties to 3% when electing auditors or audit committee members. Before adding further provisions like cumulative voting and separate election of audit committee members, the government is currently gathering opinions from various sectors. Kim Changbeom, KEA vice chairman, who attended the press conference, commented, "The Commercial Act is a kind of constitutional system for companies, so any changes have a huge impact. While we agree with the intent of the amendment, our economy is currently facing a complex crisis, and as there are moves to add more provisions to the amendment, companies are very concerned. We plan to continue explaining our position to the government and ruling party and to request that they reconsider."