Sakong Il to Head Country’s Largest Trade Group
By Jane Han
Staff Reporter
Sakong Il, President Lee Myung-bak's economic adviser and one of his most trusted aides, was elected Friday to head the country's largest group of trading companies, turning around earlier expectations that a candidate from the corporate realm would be tapped.
The Korea International Trade Association (KITA) said Sakong, who most recently served as chairman of the Presidential Council on National Competitiveness, was unanimously elected as its 27th chairman, succeeding the outgoing Lee Hee-beom.
Considering Lee also had a government background, there was a degree of consensus that the new head should have more prominent business experience, which led Sajo Industries Chairman Ju Jin-woo to emerge as his likely successor.
However, KITA officials said member companies and executives eventually sided with Sakong as they anticipate more guidance from a politically connected leader at a time when the country's trading firms are suffering from slumping overseas demand.
KITA, which represents more than 65,000 companies involved in international trade, often makes policy recommendations to the government on trade-related issues.
The group is one of the country's top four business lobby groups but is most closely linked to Cheong Wa Dae, as the majority of its past chairmen served in government positions.
Sakong will be officially appointed to a three-year term on Feb. 24 at KITA's general board meeting, according to the trade group.