FKI to boost business partnerships with US, Japan in 2024

Federation of Korean Industries (FKI) Chairman Ryu Jin speaks during a press conference at its headquarters in Seoul, Wednesday. Courtesy of FKI

The Federation of Korean Industries (FKI) has pledged to strengthen business partnerships with the United States and Japan next year, as part of its top priority to tackle escalating global economic uncertainties.

“We will engage in talks to host the Korea-U.S.-Japan Business Summit by forging a trilateral business partnership with them,” FKI Chairman Ryu Jin told reporters during a year-end press conference in Seoul. “This is aimed at tightening practical collaboration among the three nations in their supply chain and the high-tech industry.”

The FKI shared the plan to hold the summit in partnership with the American Chamber of Commerce in Korea and the Japan Business Federation.

The remark came amid worsening supply chain bottlenecks here and abroad. As the Korean economy is heavily reliant on exports of some state-of-the-art tech sectors, including semiconductors, the country remains vulnerable to any external economic shocks sparked by unexpected risk factors, such as the break out of war.

The FKI is moving to regain its identity as one of the nation’s most influential business lobby groups, after Ryu took office as its new head in August. Korea’s top four conglomerates, such as Samsung, SK, Hyundai and LG, also made renewed entry into the business lobby group this year after a six-year hiatus. Ryu said their decision was very inspiring, as they are willing to help other smaller members of the FKI.

He said the FKI will also increase efforts to expand its global networking.

“We will keep scouting more innovative companies in new industries, and clinch more memorandum of understandings with overseas think tanks for joint research and human resource exchanges,” he said. Under the plan, the business lobby is ready to contact companies in areas, such as IT, platform, biotechnology and entertainment, according to the FKI.

The business lobby has also pledged to present ways to invigorate momentum for Korea’s economic growth next year.

“We will devise practical measures to resolve the nation’s structural problems triggered by the aging population and key industries getting obsolete,” he said. “Toward the end, the FKI will help increase the labor force participation rate for women here, while at the same time securing more technological competitiveness by diversifying industrial structures.”