‘Hangyeonghyup,’ Formerly FKI, Aims to be Transformed into Think Tank

Chairman Jin Roy Ryu of Poongsan Group has a meeting with reporters after he was elected as chairman of the Federation of Korean Industries (FKI) at a general meeting at the FKI building in Yeouido, Seoul, on Aug. 22. (Photo: Yonhap News Agency)

The Federation of Korean Industries (FKI) convened a general meeting at the FKI building in Yeouido, Seoul, on Aug. 22 and elected Chairman Jin Roy Ryu of Poongsan Group as FKI chairman.

The assembly approved changes of articles of incorporation to FKI’s consolidating of Korea Economic Research Institute (KERI) and inaugurating a new entity, dubbed “Hangyeonghyup.”

The nation’s top four conglomerates, including Samsung, will become Hangyeonghyup member companies.

The changes to the articles of incorporation are expected to be approved by the Ministry of Trade, Industry and Energy (MOTIE).

In a meeting with reporters after he took office as Hangyeonghyup chairman, Chairman Ryu said, “I’ve been working at the rear, and it is the first time I’ve stepped up at forefront.”

Chairman Ryu said he felt a heavy responsibility after taking the helm of Hangyeonghyup, ex-FKI, which was shaken with a scandal involving Choi Seo-won.

Ryu said he had confidence not to repeat the past’ mistakes since he had been with FKI as vice chairman for 20 years.

He said, “Hangyeonghyup will be transformed into a global think tank to take its cue from the Center for Strategic and International Studies (CSIS) of the United States.”

Currently, Chairman Ryu serves as a director with CSIS, and the center appears to correspond to the direction of Hangyeonghyup, he said.

CSIS is evaluated to be neutral, unlike the conservative Heritage Foundation and the liberal Brookings Institute.

CSIS, in which Chairman Ryu has served as a director since 2020, has dealt with many areas in a neutral fashion and studied national top issues, and the center’s many studies on Korea, including North Korea, so it may be a partner of Hangyeonghyup, he said.

Chairman Ryu, with much knowledge of Japan and the United States, said he wanted to create a window for the United States to help about 4,000 Hangyeonghyup member companies, small in size, hold talks with U.S. counterparts.

As for the inauguration of the Ethics Committee, Chairman Ryu said the committee was to be created in a perfect fashion and decision-making on all major things will be left to the committee, the reason for the top four conglomerates agreed to reenter Hangyeonghyup.

As for worry about cozy relations between politics and business, Chairman Ryu said everyone might make a mistake once, and Hangyeonghyup will have tools in place to prevent mistakes.

Chairman Ryu said Hangyeonghyup will be made into an entity beloved by many companies.

He said Hangyeonghyup tries to have young businessmen from IT companies elected as its vice chairmen.

Hangyeonghyup has sent requests to Naver and Kakao to enter the entity.

As for the top four conglomerate leaders’ agreeing to reenter Hangyeonghyup, Chairman Ryu noted, “They had sympathized with my initiative of working together for the nation and the national economy,” saying that he was well aware of their parents and founders, including the late chairman Choi Jong-hyun of SK and the late chairman Lee Kun-hee of Samsung, who had contributed to the development of the national economy.

Kim Byeong-joon, former acting FKI chairman. (Photo: FKI)

Kim Byeong-joon, former acting FKI chairman, will be appointed to be an advisor of Hangyeonghyup, he said.