After political scandal, FKI transforming into think tank

Korea’s most influential corporate lobbying group is transforming itself into a think tank following accusations of a role in decades-long illicit ties between the country’s politicians and businesses.

The Federation of Korean Industries said Friday it will regularly provide possible action that can be taken by the country on outstanding issues such as record-low birth rates, the rapidly aging population, widening income gap and how it copes with changes associated with the fourth industrial revolution.

In the past, the Korea Economic Research Institute, the 180-member FKI’s research unit, has mainly published reports that promote the interest of conglomerates and their business operations.’

In March, the FKI came up with a set of “drastic” reform measures to transform itself into a transparent, consensus-seeking and research-focused entity.

The FKI came under fire as chief executives of member conglomerates such as Samsung, Lotte and SK Group were accused of being involved in the corruption scandal surrounding impeached then-president Park Geun-hye.

The unprecedented political scandal involving former chief executive laid bare deep-seated ties between those in top political positions and business leaders. YONHAP