Hyundai CEO to join business lobby

Chung Mong-koo

Chung Mong-koo, chairman of Hyundai-Kia Motor Group, will appear at the formal meeting of executive members of the Federation of the Korean Industries slated for today, for the first time in two years.
The business lobby, consisting of Korean conglomerates including Hyundai and Samsung Group, said Chung is expected to take part in the meeting for the first time since June 2005. He has missed the past two meetings for various reasons, including frequent overseas business trips and involvement in corporate scandals.
Chung’s decision stems from the fact that the key issue of the meeting will be joining forces to help Korea host the 2012 Yeosu Expo and 2014 Winter Olympic Games in Pyeongchang, said a source at the federation.
Chung has been an avid supporter of the Yeosu international exposition since President Roh Moo-hyun late last year requested the support of business leaders for the international event.
The meeting today marks the first official gathering of high-ranking members of the business lobby group since the new head, Hyosung Group Chairman Cho Suck-rai, was elected in late March.
Immediately following the meeting, the business leaders will meet with Prime Minister Han Duck-soo to exchange views on major economic issues including follow-up measures for the Korea-U.S. free trade agreement.
About 10 conglomerate heads are scheduled to attend the meeting, although a number will be absent.
Samsung Group Chairman Lee Kun-hee, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Bon-moo will be on business trips and attending to other appointments.
Koo severed contact with the federation in 1999, when the lobby played a key role in marrying the then financially stricken semiconductor unit of LG to Hyundai Semiconductor, now known as Hynix.

By Seo Ji-eun Staff Writer [spring@joongang.co.kr]