Huh Chang-soo of GS Group elected as head of FKI

The Federation of Korean Industries (FKI), South Korea's most powerful business lobby, found its long-sought new chairman on Thursday, over seven months after its incumbent chief offered to resign.

Huh Chang-soo, the chairman of energy and construction giant GS Group, was elected the new FKI chief in a general assembly of the organization, attended by heads of some 200 members of the country's 600 largest business groups.

Huh, 63, replaces outgoing FKi chief Cho Suck-rai, who offered to step down in July due to an illness.

"First of all, I will work to help our country's people and business circle share a same vision for the country's future and work together toward the same goal," Huh said in his acceptance speech.

He added the FKI will work to develop South Korea, ranked as the world's 15th-largest economy in terms of gross domestic product last year by the International Monetary Fund, into the world's 10th-largest economy.

"I believe the FKI's worth only comes from its role in promoting a free market economy and improving economic conditions of the people. I, as the new chairman of the FKI, will try my utmost to realize those goals," Huh said. (Yonhap)