More and More are Advocating Disbandment of FKI

Moon Jae-in, former head of the The Minjoo Party of Korea, said on October 6 that the Federation of Korean Industries (FKI) has acted as a source of funding for those in power based on political privileges and the organization should be disbanded. Kim Moo-sung, former head of the ruling Saenuri Party, made similar remarks on that very date, mentioning, “Established in 1961, the FKI played a very important role during the growth of the South Korean economy in the past, but it has no role to play as of now.”

Kim Jong-in, another former head of the The Minjoo Party, said in a recent interview that the FKI can be disbanded depending on its members’ decision. People’s Party policy committee chairman Kim Seong-shik advised the FKI to transfer its rights and functions to the Korea Chamber of Commerce & Industry and the Korea Employers Federation.

Saenuri Party lawmaker Yoo Seung-min echoed by saying, “In improving the market economy in South Korea, the FKI would be well advised to undergo a reform for co-prosperity with small and medium enterprises and better research functions.” He directly mentioned the dismantlement of the organization at the parliamentary inspection of the administration on the previous day.

The same view is spreading in the business community as well. Even the Samsung and LG Groups are saying that today’s FKI is a kind of spokesperson of the South Korean government instead of local enterprises.