The Federation of Korean Industries (FKI) is expanding its influence as leading tech firms and major business players join its ranks. Naver and Kakao, South Korea’s top internet and mobile platform operators, and HYBE, the powerhouse behind K-pop sensation BTS, have applied for membership. Dunamu, the company behind the Upbit cryptocurrency exchange, is also set to become a member, shifting FKI’s focus beyond traditional industries.
According to industry sources, FKI will hold a general meeting on the 20th to approve the new member applications. The Korea Businessmen’s Association (Hankyunghyup), which operates under FKI, is broadening its scope from manufacturing to IT, welcoming companies from the tech and gaming sectors.Â
The FKI is set to approve these companies’ membership during its general meeting on Thursday. Once a dominant business lobby, FKI saw its influence decline after major conglomerates—Samsung, SK, Hyundai Motor, and LG—left in 2017 due to a political scandal linked to former President Park Geun-hye’s impeachment. However, the organization has been working to regain its standing by expanding its membership, which peaked at 639 companies in 2016 but now stands at 420.
Last year, the four major conglomerates rejoined the FKI, marking a turning point in its revival. With Naver, Kakao, HYBE, and Dunamu expected to join, the business lobby is broadening its reach beyond traditional industries. The inclusion of these tech and entertainment giants aligns with FKI Chairman Ryu Jin’s strategy to diversify membership, particularly in emerging sectors like AI, gaming, and cryptocurrency. Wemade, a game publisher, was the first company from the gaming industry to join last year under this initiative.
The FKI aims to expand its membership back to over 600 companies while reshaping its image into a more dynamic and forward-thinking organization. This effort is part of Chairman Ryu Jin’s broader strategy to modernize the business lobby and make it more inclusive of emerging industries. His leadership has been credited with driving these changes. At the upcoming general meeting, he is expected to be reappointed for another two-year term as his current tenure ends in February.
In addition to attracting new corporate members, Ryu has strengthened the FKI’s leadership by bringing in key business figures, including Kim Nam-gu, chairman of Korea Investment Finance Holdings, Kim Jung-soo, vice chairman of Samyang Round Square, and Sung Rae-eun, vice chairman of Yeongwon Trading Group. His reappointment is seen as a continuation of the organization’s transformation, with the Korea Economic Association also set to confirm him as its 40th chairman during the meeting.
