Ryu Jin reappointed as FKI chief

Business lobby to form delegation for US visit in March

By Lee Min-hyung

Federation of Korean Industries (FKI) Chairman Ryu Jin, who extended his term for another two years on Thursday, said the business lobby will form a special delegation for its United States visit in March.

The move is seen as part of its efforts to minimize possible damage to Korean firms as U.S. President Donald Trump moves to engage in an all-out trade war against countries with a high trade surplus with the world’s largest economy.

“We will form a delegation for the U.S. [trip] next month,” he told reporters ahead of its regular general meeting. Ryu is considered a U.S. expert with a strong network there. The chairman was even invited to Trump's inauguration ceremony last month.

Ryu also pledged to stand at the forefront and “revive the growth engine of the Korean economy.”

“The Korean economy is on the edge of a cliff,” he said. “There are no jobs without companies. Corporate crises can be translated into public and national crises. We do not have enough time to rekindle the growth engine. The government, the National Assembly and the public should be united.”

He will lead the business lobby until February 2027. Ryu was reappointed as the head of the FKI in recognition of his achievement in revamping its once-tainted image after major conglomerates withdrew their membership from the lobby group due to its involvement in a nationwide political scandal in 2017.

But after Ryu took office as the chairman of the FKI in 2023, he focused on rebuilding its reputation by attracting big companies not just from the manufacturing sector, but also the emerging tech sectors as members.

Last year, the four conglomerates — Samsung, SK, Hyundai Motor and LG — returned as members of the FKI.

A group of 46 new companies were also included as new FKI members during the general meeting. They include internet companies Naver and Kakao, crypto operator Dunamu and leading music label HYBE.

“It is a very good sign for us to attract many companies from various industrial sectors as members,” Ryu said.

The FKI also picked three core agendas for 2025. These include the expansion of growth engines, agile response to the Trump administration and recovery of the public economy.