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FKI announces drastic reform plans
| 2017-03-24
[Chairman's statement]

Dear members and fellow citizens:

I would like to start by deeply apologizing once again for causing grave concerns to our members and the people which had been created by the influence-peddling and corruption scandal last year.

At the general meeting in February, we made public a three-pronged reform direction: entirely severing the collusive ties between politics and business; enhancing transparency of our activities; and beefing up our function as a think-tank.

At the same time, we promised to bring up reform plans that our members and the people could recognize at the earliest possible date.

To this end, we organized a reform committee to which we have invited professionals of great eminence and taken extensive opinions from various strata of society into consideration.

Our plans boil down to the following four points:

First, FKI will never be part of any project that serves a political purpose. By closing a social cooperation accounting and the social affairs division, we will proactively ban any attempt to involve us in politics. The Federation would reject any unlawful requests for sponsoring and fund-raising. It will enhance transparency in its accounting details by disclosing them on a regular basis.

Second, except for functions for communication with its members and for private economic diplomacy, we will drastically undergo an overhaul which would be tantamount to virtual dissolution. We will single-mindedly live up to roles as a business organization. Accordingly, we will scale down any unnecessary divisions.

Third, we will replace our name which has been used for over 50 years by 'Hangiryeon' literally meaning the Association of Korean businesses. By abolishing the council meeting of the chairman and deputy chairmen, we will try to quell any concern that the Federation is operated solely by owners of big businesses. Roles of the secretariat will be limited to assisting the board of directors which will be at the center of FKI activities. By running subcommittees under the BOD, we will keep encouraging the members to join more in our activities.

Last but not least, we will put more emphasis on strengthening our role as a business and industrial think tank which serves the interests of national development and openly takes part in sound policy debates by integrating our research programs into those of KERI. Moving beyond issues dealing with big businesses, we will work on solutions to national agendas like the fourth industrial revolution.

Our commitment to reforms shall not be a simple slogan or lip service. Devoting ourselves to bringing these ideas to fruition, we will help achieve yet another economic take-off in the days to come. We will spare no efforts to reinvent ourselves until we will be able to win back support and trust from our members and the people.

Thank you.
FKI holds 56th general meeting on Feb. 24
| 2017-02-24
The council of FKI chairman and vice chairman recommended Chang Soo Huh, the current chairman of FKI, serve as the 36th chairman of the federation at the 56th general meeting held at the FKI Tower Conference Center on February 24. Up until the meeting, senior members of the business community, including the council members and honorary chairmen of FKI, had held a series of meetings to find a new man at the helm of the federation, sharing the view that Chairman Huh would be the right person to steer the organization in times of trouble.

In his inaugural address, Chairman Huh said, "Once again, we at FKI truly apologize for causing grave concerns to the people and promise to completely reinvent the federation in the days to come."

To do so, we will be doing the utmost to entirely sever the collusive ties between politicians and businesses, enhance transparency of the federation's activities and build up its functions as a think-tank."

"FKI will squarely confront any unreasonable external pressure and work on a system to prevent recurrence of government-business collusion," he stressed, noting, "For better transparency, all the activities and accounting of FKI will be disclosed in detail." "We will also come up with a variety of ideas for national economic development by enhancing functions as a think-tank," the chairman asserted.

Meanwhile, Kwon Tae Shin Kwon, President of the Korea Economic Research Institute(KERI), a research arm of FKI, was appointed the federation's vice chairman.
First Korea-Cuba business conference in Havana
| 2016-10-31
In cooperation with KOTRA (Korea Trade-Investment Promotion Agency), FKI and the Cuban business community hosted the 1st Korea-Cuba private conference on economic cooperation in Havana, Cuba. The participants sought areas of cooperation in electric power, energy, biomedicine and food. The gathering was the first of its kind in 57 years since the bilateral relations were ruptured in 1959 by the socialist revolution in the meso-American country.

In his opening address, FKI Chairman Chang Soo Huh in his capacity as head of the delegation said, "Although we have not yet established diplomatic relations, today's meeting bears a great significance in that it would serve as the first private channel for economic cooperation. The bilateral committee, I assure you, will play a leading role in promoting our cooperation in the future."

Chairman Jang Han Rhee of Chong Kun Dang Pharmaceutical Corp., chairman of the Korean chapter of the committee, predicted that cooperation with Cuba which has world-class medical bio technologies will bring advances in Korea's medical bio industry. In his acceptance speech, Lee asked business leaders of both sides to share information on business opportunities with high future growth potential and work closely to enhance the understanding of each other as cultural and business partners."
FKI, local governments ink MOUs on child care
| 2016-10-26
FKI and the Community Chest of Korea signed MOUs with 12 local governments on the 2016 Bodeumi Nanumi (or caring and sharing) child care center project at the FKI Tower Conference Center on October 26. The project is designed to build 101 child care centers across the nation.

The council of FKI chairman and deputy chairmen decided to launch the project in November, 2008, to build 100 facilities from 2008 to 2016. It was aiming at providing the people in the low income bracket with a quality child care environment and dealing with low fertility.

In his address at the signing ceremony, FKI Chairman Chang Soo Huh said, "We have been able to achieve our goal of building 100 centers thanks to enthusiasm and support of local governments, the National Assembly and businesses." "The business community will be in the forefront of ushering the nation to the future and solving social issues in the days to come," he added.
FKI dinner marks 20th anniversary of Korea's accession to OECD
| 2016-10-24
FKI held a dinner meeting in commemoration of the 20th anniversary of Korea's accession to the OECD on October 24. The event, hosted by FKI Chairman Chang Soo Huh, was attended by 100-odd dignitaries, including directors of the OECD-Business and Industry Advisory Committee (BIAC), ambassadors and business leaders.

In his welcoming address, Chairman Huh pointed out, "Since we jointed the OECD, the scale of our economy has grown more than twice and exports have quadrupled. Today, however, we are faced with a business slump." "For the global economy to survive, it is imperative to create a favorable business environment in which businesses of the OECD members can focus on their own job. The commitment of the BIAC is crucial in this process," he asserted.