FKI Holds Jeju Forum

Former U.S. President George W. Bush among guests at annual summer event held by Federation of Korean Industries

The Federation of Korean Industries (FKI) held its annual Jeju Summer Forum at the Habichi Hotel on Jeju Island from July 29 to Aug. 1 with over 1,200 officials of its member firms, academics, media and other business related areas in attendance, along with special guest former U.S. President George W. Bush. Other dignitaries included Minister Lee Youn-ho of the Ministry of Knowledge Economy, Minister of Strategy and Finance Yoon Jeung-hyun and Chairman Diego Visconti of Accenture Corp.
Chairman S.R. Cho, in his opening speech, said the economic crisis is at a point where it has begun to recede, giving credit to the early execution of stimulus packages by the government and facility investments by the business sector. He said the depreciation of the Korean won vis-a-vis the U.S. dollar has also been of tremendous help in spurring exports to turn the economy around.
Former U.S. President George W. Bush in his speech on Aug. 1 at the forum, said the Korea-U.S. alliance should be further strengthened as he tried during his administration. He also urged the U.S. Congress to approve the Korea-U.S. free trade agreement as soon as possible, as he had while he was in the White House because, he said, the FTA is not just a trade agreement, but also an instrument that will further enhance Korea-U.S. relations.
FKI chairman Cho, who also is chairman of the Hyosung Group, said business investments should continue to be made in order to create jobs and keep the growth momentum for the economy going until a full economic recovery is made.
He said the government and the business community should get together to spur the growth of the economy and improve the environment for investments as businesses need a proper stable social environment to open their pockets to invest in business.
Society should be stable and the entire nation should cooperate with each other as the global competition age is not only among businesses, but also among nations. But the current situation is not so in Korea, Cho said, urging political stability so that politics can readjust all kinds of demands to refine them into a single issue representing all the interests of a diverse society.
But when you look at politics today, it gives an impression that it creates problems rather than solves them, and businesses can't make investments to last for more than 10 or 20 years. Cho said he had the impression that the National Assembly has turned into an arena for arguments, rather than sound political activities with the strong labor unions dominating the country.
Under such conditions, businesses can't put their money into businesses, as there are no guarantees that they will last for more than 10 or 20 years. He said he often wondered what the political circles have done to help ease the situation for the business community. The business community should come forward to solve the problem, but they also have their own problems including the non-regular employment law, where only the demands of the labor unions are heard, while the voices of the business community have been muted.
Labor unions are there only when businesses are open for business, Cho said. Public funds cannot go to save businesses because it's against market economy principles and economic activities should be made within those principles, he said. "Us businessmen are ultimately responsible for the economy and, therefore, we should learn from each other during the forum to overcome the economic crisis for good by taking advantage of the crisis as if it is an opportunity," Cho said.
He then welcomed former U.S. President George W. Bush and other invited guests to the forum. Founded in 1961, the FKI has championed the principles of free enterprise to achieve the wholesome development of the national economy. The FKI stands at the forefront of the endeavor to build an advanced society in the 21st century by prioritizing stronger industrial competitiveness and fully responding to the requirements of globalization.
Globalization today requires assuming a higher profile in the international arena and pursuing ever more substantial cooperation among nations.
Recognizing the social responsibility of corporations, the FKI is committed to maintaining an improved socio-economic climate at home and to eventually bring prosperity to all mankind. nw

Chairman S.R. Cho of the Federation of Korean Industries delivers a speech to open the FKI's summer forum on Jeju Island July 29- Aug. 1.

Chairman Cho shakes hands with former U.S. President George W. Bush after introducing the invited guest to the forum

Minister Lee Youn-ho of the Ministry of Knowledge Economy speaks at the forum.