Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
FKI vows drastic reform to invite more member firms
Federation of Korean Industries (FKI) Acting Chairman Kim Byung-joon speaks about the FKI's reform measures during a press conference at the FKI building in Seoul, Thursday. Courtesy of FKI
By Kim Hyun-bin
By Kim Hyun-bin
The Federation of Korean Industries (FKI) will take drastic reform measures to attract more member companies, including affiliates of Samsung, SK, Hyundai Motor and LG, by transforming into a think tank-type economic organization, equipped with new roles, functions and governance, its interim head said Thursday.
During a press conference at the FKI building in Seoul, Kim Byung-joon, the acting chairman of the FKI, announced a series of organizational changes. First, the FKI plans to expand the current executive committee, which consists of 11 groups, to include representatives from new industries and younger generations. In addition, the lobby group will form industry-specific and issue-specific committees to promote the participation of member companies and enhance their engagement.
It also plans to absorb and integrate its subsidiary, Korea Economic Research Institute (KERI), to significantly enhance its research capabilities. Specifically, it aims to shift from passive research on corporate-related issues to proactive policy development and alternative proposals at a global level.
To strengthen research capabilities, the organization will enhance networks by identifying domestic and international experts in the fields of economics, industry and business, and actively pursue outsourced research projects.
“It would be great if FKI could establish a truly world-class research institution or research-focused organization similar to the Brookings Institution or the Heritage Foundation in Korea,” Kim said.
The FKI has been regaining its status as a representative economic organization in the country, hosting President Yoon Suk Yeol's economic envoy team for visits to Japan and the U.S. The organization is under discussion for the potential return of four major conglomerates, including Samsung, Hyundai Motor, SK and LG, along with other large companies.
“As the FKI implements reform measures, it has the potential to evolve into an institution that strongly advocates economic liberalism, particularly a free market economy, and enhances its member services. This transformation could foster a more amicable and collaborative relationship with the four major business conglomerates, naturally increasing their interest in the FKI,” Kim said.
The return of Samsung, Hyundai Motor, SK and LG, is critical to FKI to regain its status as the leading business lobby group. The four companies withdrew from the FKI due to its involvement in a national corruption scandal that put former President Park Geun-hye behind bars.
To prevent such mishaps from occurring in the future, the FKI plans to establish an "Ethics Charter," that will allow the entity to firmly reject pressure from politics and administration. They also plan to establish an ethics management committee to ensure governance that prevents corruption. This committee will review the association's ethical management status, and examine external projects involving significant amounts of money.