FKI plans to rebrand as research-focused organization
Published: 18 May. 2023, 18:23
Updated: 18 May. 2023, 19:05
The Federation of Korean Industries (FKI), a major business lobby, hopes to turn into a research-focused organization, in an effort to rebrand itself after a corruption scandal seven years ago.
The business lobby will also change its official name back to the initial Korean name it had at the time of its foundation in 1961, 55 years after it renamed itself as the FKI.
Whether its English name will also change is yet to be decided, according to the organization.
FKI acting Chairman Kim Byong-joon announced the plan for the lobbying group during a press conference held at the FKI headquarters in western Seoul on Thursday.
“The FKI has not been able to pay enough attention to the market and community, focusing solely on its relationship with the government, falling behind the flow of the era,” said Kim, promising to prevent any corruption or unfair practices.
The FKI’s plan includes: setting up an ethics committee to avoid any unjust external interference: absorbing the Korea Economic Research Institute, a research organization that has been under the FKI, strengthening its role as a think-tank; and changing its Korean name.
The FKI was formerly the Korea Businessmen’s Association, with the late Samsung founder Lee Byung-chul leading the foundation in 1961 modeling it after the Japan Business Federation.
It became a leading economic organization in the business community as major corporations, financial institutions and state enterprises joined as members after changing its name to FKI in 1968.
But its prestige began to falter in 2016 when it was caught up in the Park Geun-hye administration’s corruption scandal.
Four major conglomerates — Samsung, Hyundai Motor, SK and LG — withdrew their memberships in 2017.
BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
with the Korea JoongAng Daily
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