Ringing in the
new year, I wish you and your families joy and happiness all through the
Last year, the whole nation witnessed really
tough times. At home, we were faced with snowballing household debts and the
worst ever domestic demand due to corporate restructuring. On the international
front, major industries could go through what would amount to 'an export crisis'
spawned by protectionism. Consequently, Koreans are suffering from a huge social
and political setback at this moment.
We at FKI hereby
deeply apologize for the great disappointment and the grave concern to the
people created by the influence-peddling and corruption scandal which had
allegedly been perpetrated by President Geun Hye Park and her civilian
confidante Soon Sil Choi.
Now, we solemnly accept the
voices of the people, while trying our best to reflect them in seeking ways for
redefining and charting the future path of FKI at the earliest possible date. We
will be working to reinvent the organization which best serves the interests of
the national economy and ultimately be loved by the
Obviously, there are bumpy roads ahead this
year. Uncertainty is looming large in export, among others. The Trump
administration is poised to champion protectionism and China is expected to
experience a business slump as a result of corporate debts and a reduction in an
At home, low levels of an income
increase and consumer confidence could end up with a sluggish private spending
in the new year. The construction industry, a traditional driving force of
economic growth, is projected to go downhill this year. Much to our dismay, the
economy is expected to grow merely by two percent in 2017 as it did over the
last two years.
Times are especially hard for Korea. No
doubt about it. Yet, at this time of peril, we all need to go back to basics.
The business community will be committing itself to its duties by sharpening
competitiveness to survive the cut-throat global business arena. At the same
time, we will be doing the best we can to create quality
Last but not least, I would hope each member of
our society, sharing a greater sense of oneness, will get out of this turmoil. I
earnestly hope you will make the new year full of hope and
Happy new year!
FKI Chairman Chang Soo Huh