Korea-U.S. council names new president
Hyun Jae-hyun, chairman of Tong Yang Group, has been named Korean president of the Korea-U.S. Business Council, the local organizer said yesterday.
A 60-year-old prosecutor-turned-businessman, Hyun will replace Cho Suck-rai, chairman of the Federation of Korean Industries, in the post, the federation announced in a statement.
The FKI manages the business council from the Korean side. Hyun served as honorary chairman of the CEO Summit at the Asia-Pacific Economic Cooperation forum and other similar posts, according to the federation.
Established in 1988, the Korea-U.S. Business Council has played an important role in Korean trade and in the launch of free trade talks with the U.S.
Korea and the United States signed a free trade agreement in 2007, but the deal is still awaiting full ratification in the legislatures of both countries.