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FKI News
2024 FKI CEO Jeju Summer Forum Held
The 2024 FKI CEO Jeju Summer Forum took place from July 10 to 13 at Jeju Lotte Hotel, under the theme “The Age of Great Transformation: Becoming a World-Class Company Through Challenge and Innovation.” Now in its 37th year, this forum serves as a hub for knowledge exchange within the business world, offering CEOs insights and strategies for business growth and new ventures from leading experts while also providing a variety of cultural events and networking opportunities. Approximately 500 business leaders attended the forum to explore sustainable growth strategies and discuss new leadership approaches that will shape the future in a rapidly changing environment. During the keynote speech, former President Lee Myung-bak shared his experiences and insights gained from his roles as businessman, Seoul Metropolitan City Mayor, and President of South Korea, offering guidance on the roles and future directions of Korean companies.
FKI and MEDEF Co-host the Korea-France Business Dialogue for Our Future
FKI, in collaboration with the Movement of the Enterprises of France (MEDEF), jointly held the inaugural Korea-France Business Dialogue for Our Future on May 23. The two organizations launched this dialogue as a private economic consultation body between Korea and France, reactivating existing cooperation channels. They also agreed to develop a new blueprint for economic cooperation between the two countries, fostering deeper ties in the business community.
FKI and Key Business Organizations of Three Nations Co-host Inaugural Korea-US-Japan Business Dialogue
FKI, the US Chamber of Commerce, and the Japan Business Federation (Keidanren) jointly hosted the “inaugural Korea-US-Japan Business Dialogue” at the US Chamber of Commerce in Washington, D.C., on June 26. This marked the first private consultation body between the business communities of the three nations. The meeting came in conjunction with the first Korea-US-Japan Industry Ministers’ Meeting, which was also held in Washington on the same day. During the meeting, the three major business organizations announced the launch of this private economic consultation body to build on the economic cooperation achieved since the trilateral summit and agreed to hold regular meetings in the future.
Korea-Japan Future Partnership Foundation Hosts the 2nd Korea-Japan High School Teachers’ Exchange Program
To foster a future-oriented relationship between Korea and Japan for the younger generation, the Korea-Japan Future Partnership Foundation organized the “2nd Korea-Japan High School Teachers’ Exchange Program” by inviting 50 Japanese high school teachers to Korea.
In the first program held earlier this year from January 15-19, 50 Korean high school teachers were sent to Japan. As part of the 2nd program, Japanese high school teachers visited Korea for six days from August 24 to 29, participating in activities such as school and corporate visits, traditional Korean cultural experiences, and networking dinners with Korean teachers. The foundation plans to continue this reciprocal exchange program for high school teachers next year.
FKI Submits 110 Legislative Proposals for the 22nd National Assembly
FKI delivered on May 22 a set of 110 legislative proposals to both parties in the National Assembly, based on feedback from its member companies and other major domestic firms.
The proposals focus on six key areas, including revitalizing investment. Key recommendations include extending the tax credit sunset period for national strategic technologies, increasing subsidies and support for advanced strategic industries, allowing online deliveries from large supermarkets, reforming mandatory closure regulations, expanding the unit of management for extended work hours, and eliminating the 3% cap on major shareholders’ voting rights.
FKI Hosts Seminar on Scaling Up Business Growth
A call for easing regulatory discrimination unique to Korea and based on company size has been made to ensure smoother growth for companies and boost economic vitality. In response, FKI co-hosted a seminar with the Korean Academy of High Potential Enterprises and the Federation of Middle Market Enterprises of Korea on June 3 at the FKI Tower Conference Center. Titled “Scaling Up Business Growth,” the seminar discussed the need to improve regulations on business diversification for medium-sized companies, systematize the scope of medium-sized enterprises through the enactment of the Framework Act on Middle Market Enterprises, and reduce the excessive tax support gap based on company size.
Six Economic Organizations Including FKI Publish Joint Report Calling for Inheritance and Gift Tax Reform
As asset prices continue to rise and generational transition in corporate management accelerates, public and corporate interest in inheritance and gift taxes has also grown. In response, six major economic organizations including FKI jointly called for reforms to inheritance and gift taxes. On June 28, these organizations published a report titled “Inheritance and Gift Tax Reform: The Key to Sustaining Century-Old Companies.” Outlining the problems with Korea’s current tax system and suggesting reform directions, the report has been distributed to the government, National Assembly, and FKI members.
Survey of Large Companies’ 2H2024 Investment Plans
FKI commissioned Mono Research to survey the top 500 companies in terms of revenue (132 respondents) on their domestic investment plans for the second half of 2024. The survey found that 74.2% of respondents plan to maintain similar levels of investment as in the first half of the year, with 16.7% planning to increase investment and 9.1% seeking to reduce it. Despite concerns over prolonged high interest rates, high exchange rates, and global uncertainty, 3 out of 4 major companies plan to maintain first-half investment levels in the second half. Additionally, more companies plan to expand investments than reduce them, suggesting that corporate investments may improve in the latter half of the year compared to the first.
FKI, Ministry of Patriots and Veterans Affairs, and Hanwha Aerospace Launch “We, Together” Project
FKI, the Ministry of Patriots and Veterans Affairs, and Hanwha Aerospace held a launch ceremony for the “We, Together” project on June 7. This initiative gifts family portraits to bereaved families of fallen military and police heroes as a gesture of support from both the state and the business community. The project was designed to stand by the families, especially young children, so that they can grow up with hope and dreams despite their loss. Through this initiative, FKI honored and remembered these heroes and delivered heartfelt gifts to 31 families of fallen service members.
Chairman Jin Roy Ryu Visits Aeseowon, a Support Facility for Unwed Mothers in Jeju
FKI Chairman Jin Roy Ryu visited on July 10 “Aeseowon,” a facility in Jeju that supports unwed mothers, delivering childcare support funds and offering words of encouragement. The visit was part of FKI’s “A Happy World for Children” project aimed at creating a safe environment for childbirth and child-rearing for at-risk pregnant women in Jeju. FKI began this initiative by signing an MOU with the Seoul Metropolitan Government in May, and is now collaborating with Korea Crisis Pregnancy Support Centers nationwide, with Jeju selected as the second region following Seoul.
FKI Chairman Jin Roy Ryu Visits Leading Advisory Firm Geumzin
FKI Chairman Jin Roy Ryu visited Geumzin, a wallpaper manufacturer based in Cheongju, Chungcheongbuk-do, on June 17 to review the achievements made through a decade of collaboration with FKI’s Business Advisory Group. Recognized as an excellent advisory company and awarded a plaque during the visit, Geumzin first connected with the FKI Business Advisory Board at the Chungbuk Business Advisory Consultation Meeting in 2013. Over the past ten years, the company has received vital support during critical moments. With guidance from the FKI’s advisory team on key areas such as superior product quality, operation system, and starting new overseas markets, Geumzin turned crises into opportunities and laid the foundation for sustainable growth.
FKI Center for Large and Small Business Cooperation Celebrates 20th Anniversary of Business Advisory Board
The FKI Center for Large and Small Business Cooperation held a ceremony on July 17 to celebrate the 20th anniversary of its Business Advisory Board, which has provided tailored solutions to 15,000 SMEs over the past two decades. The Center plans to enhance its role further as a platform for mutual growth by strengthening its hub function for large and small enterprise collaboration, supporting SME competitiveness, and building infrastructure to promote a culture of talent donation. Prior to the ceremony, FKI and the Ministry of SMEs and Startups signed a Memorandum of Understanding (MOU) to expand collaboration between large and small enterprises. The two organizations agreed to cooperate on issues such as ESG compliance across supply chains, supporting SMEs in entering overseas markets and increasing exports, and promoting a culture of creative, voluntary mutual growth.
FKI and Lotte Host 2024 Vision-Preneur Camp
From June 23 to 25, FKI held a 3-day entrepreneurial camp called the 2024 Vision-Preneur Camp at the Lotte Talent Development Center in Osan. The camp was attended by 200 university students who had completed the FKI’s Young Leaders Club (YLC) economic education program. Special guest speakers, including Young-min Jeon, CEO of Lotte Ventures, and Se-jin Ahn, CEO of Lotte Institute of Economy and Business Strategy, delivered lectures on “My Entrepreneurial Spirit,” capturing the attention of participants. They emphasized creativity as the key distinction between AI and humans, and introduced “Failing Upwards” as a core concept of entrepreneurship, highlighting the importance of learning and growing through failure.
