KEBA Chairman Ryu Jin: Goal is to Bring Top 4 Group Leaders Back to Council During Term

Ryu Jin, the chairman of the Korea Economic and Business Association (KEBA), has reiterated his goal to persuade the leaders of South Korea's four largest conglomerates, Samsung, SK, Hyundai Motor, and LG, to rejoin the KEBA's chairman's council before his term ends. Ryu stated his commitment to fulfilling this pledge, which was a key part of his election platform.

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It was one of my pledges, so I will definitely bring them in before I step down. I believe it is my mission to step down after keeping my promise.

"It was one of my pledges, so I will definitely bring them in before I step down," Ryu said during a press conference at the KEBA's summer forum in Jeju. He acknowledged, however, that the final decision rests with the chairmen of these major groups, especially given their current focus on critical sectors like semiconductors. Ryu took the helm of KEBA, formerly known as the Federation of Korean Industries (FKI), in August 2023. His tenure has focused on normalizing the organization and reintegrating the top four groups, which have rejoined as members but not yet as part of the chairman's council.

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I feel apologetic, so I cannot bring myself to mention it first. Given that the four major groups are at a crucial time with semiconductors, etc., it is a decision for each group's chairman.

Ryu expressed confidence that KEBA has stabilized after facing a crisis that threatened its existence. He noted the recovery in membership to over 500 companies, broadening its scope beyond traditional manufacturing to include tech firms like HYBE, Naver, Kakao, and Dunamu. Ryu's term concludes in February next year, and he indicated a preference for stepping down while the association is in a strong position, discouraging a third term.

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I think we have come to our senses now, although we were on the verge of disappearing.

Regarding his own company, Pungsan Group, Ryu dismissed any plans to sell its defense and ammunition division. He revealed that while the profitability of the defense sector had prompted discussions about its value, the decision is now to retain it. Ryu intends to leverage the profits from this division to fund development projects in Busan and pursue new business ventures, including a golf resort in his hometown of Andong, Gyeongsangbuk-do. He plans to finalize the project details by next year, with construction potentially starting by the end of the year.

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Defense is doing well, so I was curious about its value and had talked about selling it, but we decided not to sell it now.